Owing money to the IRS can be extremely stressful. If you’re in this situation, you’re probably wondering what’s going to happen. Is the IRS going to garnish your wages, take your assets, or put you in jail? Well, you are very, very unlikely to face jail time — that’s reserved for criminal cases of tax …
The IRS is one of the most effective debts collectors and is sometimes referred to as a “supercreditor” because they can force payment from a debtor without use of the court system. Chances are pretty good that if you have a legitimate tax debt with the IRS, they will get you to pay at least …
Generally speaking, the IRS sending you an IRS certified mail document is to show the IRS has attempted to give you notice of whatever tax debt issue the IRS wants to address with you. The IRS sent you an IRS certified mail because the IRS wants to protect itself in case, among other reasons, you …
If you owe taxes, you may wonder, “Can the IRS come after my assets?” The short answer is yes. The longer answer is that before coming after your assets, the IRS must, in almost all cases, issue you a final notice of intent to levy letter, usually titled, “Final Notice, Notice of Intent to Levy.” …
Will The IRS Seize My Assets, Business Or My Residence? Read More »
You’re probably wondering if there really are 5 ways to reduce a tax debt. It may come as a surprise, but the truth is that the law provides more than 5 ways to reduce (or avoid paying) the entire amount you owe. So, unless you love the idea of paying the IRS more than you …
Answer: Depending upon the specifics of your situation, it may be possible to avoid hundreds, or even thousands, of dollars in penalties simply by “designating” IRS installment payments applied toward your tax liability. Keep in mind that payments made in accordance with a formalized installment agreement are not considered voluntary, so you have no right …
IRS Installment Payments: Can I Avoid Back Tax Penalties Read More »
Getting behind on your tax obligations to the IRS is very stressful. Much of that stress stems from IRS collection notices. Not only is a delinquent taxpayer’s mailbox flooded with IRS mail, but that mail almost always contains scary, bolded “PAY NOW” demands, confusing language, and seemingly conflicting numbers. Clients often come to us overwhelmed, …
6 IRS Collection Notices You Absolutely Need to Notice Read More »
If you or your business owe taxes to the IRS or the state, you have probably wondered if it is possible to settle your tax debt for less than owed. You may have heard radio or TV ads promising to settle your taxes for “pennies on the dollar” if you “call now!” with The Price …
One of the biggest sources of anxiety for many who have fallen behind with their taxes is whether the IRS or state taxing authority will swoop in, zap their bank accounts, garnish their wages, and seize their home, investment accounts, or other assets. While this nightmare scenario can and does become a reality for some …
Notice of Levy: Will the IRS Seize My Assets Because of My Unpaid Taxes? Read More »
One of the very first things that any individual or business with a tax liability should consider is whether it is possible to obtain an IRS tax settlement that is less than the amount owed. Although it is not easy to reach a tax settlement agreement (aka Offer in Compromise or “OIC”) with the IRS—or …
If you or your business owe money to the IRS, the fear of a tax lien might keep you up at night. Will the IRS file a tax lien? When will the IRS do so? What will happen once the IRS files a lien? Before I answer these questions, is important to understand the following …
Before I answer this question, is important to understand the following definitions regarding liens: A “tax lien” means a taxing authority has a claim against all of the taxpayer’s rights to property. A “filed tax lien” means the taxing authority filed a public notice stating a taxpayer owes tax liabilities. The taxing authority usually files …
Let’s face it. No one likes paying taxes. Consequently, it comes as no surprise that one of the very first things that many individuals and businesses who have fallen behind with taxes ask is: How do I get my tax debt forgiven? You might wonder whether it is even possible to get an IRS tax …
For many reasons, business tax debts tend to be far more dangerous than individual tax debts. This is primarily because the IRS and state taxing authorities use a completely different playbook when it comes to collecting unpaid taxes from businesses than they do when collecting from individuals. With individual tax debts, the government is …
I Have a Business Tax Debt: Can a Business Tax Attorney Help? Read More »
IS IT REALLY POSSIBLE TO OWE THE IRS AND PAY NONE OF IT BACK? Do you owe money to the IRS but, right now, you cannot afford to pay? Are you worried the IRS will levy your paycheck or your bank account and leave you with nothing to pay your living expenses? If you answered …
Anyone who has fallen behind on taxes–whether IRS or state—knows how quickly the liability can snowball. With the double whammy of penalties and interest on top of the tax, what started as something manageable can quickly turn into a huge problem. Consequently, it comes as no surprise that savvy tax debtors want to do whatever …
Who can qualify for the IRS fresh start initiative in 2020?
You have probably heard one of the many radio or TV ads that gushes about the IRS tax debt relief program called “The IRS Fresh Start Initiative” and how it can result in a “pennies on the dollar” tax settlement.
The IRS and most state taxing authorities have radically altered the way they collect unpaid taxes during the COVID-19 pandemic. Simply put, this is by far the kindest and gentlest IRS that I’ve seen in my lifetime. However—and this is a BIG however—things are going to change soon. For reasons that I will explain, this …
Special Tax Relief Opportunities During Covid-19 Crisis Read More »
A minority of tax relief firms charge an hourly rate. However, most tax relief firms charge a contingent flat fee meaning that you pay a flat fee provided that you follow instructions, comply with tax laws, provide requested documents, respond within a reasonable time, and so on. These firms may also offer services at an …
How Do Tax Relief Firms Charge for Their Services? Read More »
With the brutal economic fallout of the COVID-19 pandemic, many people who owe taxes to the IRS or a state are wondering what to expect. It’s hard enough as it is for people to keep roofs over their heads and food on their tables. Should we also be worried that the IRS or state taxing …
