When your tax debt gets sufficiently large, or your plan to resolve that debt will take more than a few years to pay it off, the fact is that the taxing authorities will likely file Notices of Federal Tax Lien. The liens are intended to secure the debt, and they give notice of the government’s …
The Trust Fund Recovery Penalty (TFRP) is a critical component of the United States’ tax enforcement system. It was established to ensure the collection of unpaid 941-employment taxes by holding specific individuals responsible for the accrual of employment taxes that stemmed from a business. This penalty has been the subject of a fair amount of …
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 …
No single IRS resolution strategy is marketed with more verve and breathless urgency than the Offer in Compromise strategy (aka Tax Settlement). Tax relief companies tout this strategy as a surefire “pennies on the dollar” sweepstakes that you can’t afford not to pursue. You may have even heard first-hand stories from friends who owed six …
IRS Offer in Compromise: Common Challenges to Approval Read More »
If my spouse owes the IRS taxes can they come after me? The answer to this question will depend on whether the liability is a joint liability or separate liability and whether you live in a community property state or not. If the IRS liability is a JOINT liability then you and your spouse both …
Will The IRS Levy My Joint Bank Account With My Spouse? Read More »
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 …
How to Find a Reputable Tax Debt Relief Company – Tips and Tricks Are you struggling with tax debt and looking for relief? The good news is that there are many companies out there that offer tax debt relief services. However, with so many options available, it can be overwhelming to determine which company to …
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 …
If you receive a CP504 notice, you should take immediate action to address the unpaid taxes with the IRS and avoid the levy of your assets. What is a CP504 Notice? A CP504 notice is a notice issued by the Internal Revenue Service (IRS) indicating that a levy has been placed on a taxpayer’s property …
If you owe taxes to the IRS, you tend to receive a lot of unsolicited advice from friends, complete strangers, cold callers, mailings, and the internet. Sometimes that advice is to file an Offer in Compromise, and to settle your tax debt for “Pennies on the dollar.” But how can you know if an Offer …
When an IRS tax liability goes to collections, it will either be assigned to the IRS Automated Collection System (“ACS”) or to the Collection field function, where a Revenue Officer will be assigned and charged personally with attempting to collect the unpaid tax. Some delinquent accounts will initially be assigned to ACS only to be …
The first thing you need to understand is the mechanics of an IRS bank levy. When an IRS bank levy occurs, banks are required to hold onto your levied funds for 21 days before they can legally release them to the IRS. This 21-day count begins on the day that the bank processes the IRS levy or …
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 »
Fortress Tax Relief has caring and knowledgeable professionals on staff who would be happy to review your tax scenario over the phone, answer any questions you might have, assess your risk of enforced collections, and recommend a solution tailored specifically to you or your business. There is no charge for a telephone consultation, so pick …
7 Effective Methods of Avoiding IRS Levies and Garnishments 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 »
Divorce, death of a family member, cancer, and IRS levies–these are among the most dreaded and stressful events one can experience in life. As a tax attorney whose clients have been levied by the IRS, I can tell you it will be more than a little stressful for the IRS to clean out your bank …
