Most people who have had the misfortune of getting behind with the IRS have heard about tax settlements, otherwise known as Offers in Compromise (OIC), as a method for repaying far less than the full amount owed. Fewer realize that there is an alternate method that can effectuate a similar result: the repayment of just
IRS Partial Payment Installment Agreements Read More »
To most people, the Internal Revenue Service is a mystery. It collects taxes and can make your life miserable. But beyond that, how the IRS operates is relatively unknown. This is one of the reasons why, when an individual or business owes a significant debt to the IRS, sleepless nights ensue. Yes, dealing with the
How to Negotiate IRS Debt & Get Relief Read More »
Tax Settlement Services Resolve your tax debt with our expert tax settlement services. Our team of experienced tax professionals works to negotiate and settle your IRS or state tax liabilities for a fraction of what you owe, helping you regain financial freedom. Contact us today for a free consultation! Key Benefits: Reduce your tax debt
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One of the most frustrating situations my clients confront is the IRS’s addition of large amounts of tax or Civil Penalties to tax periods that ended a long time ago. There can be several reasons for additions to tax or Civil Penalties, but the most common ones I encounter are reporting and reconciliation deficiencies across
How to Eliminate IRS Civil Penalties Read More »
You’ve been overpaying your taxes all year long, saving money in your IRS ‘refund account’ with the expectation that you will get that big fat juicy refund early next year. You get some software and prepare your own return or hire a tax preparer exclaiming big money is waiting for you. That vacation is just
Identity Theft and the IRS – Beware of Identity Thieves Stealing “Your” Tax Refund Read More »
Many people who owe taxes to the IRS are terrified that the IRS will swoop in and take their retirement nest egg or retirement income, thereby leaving them destitute for their golden years. Can the IRS really do that? Generally, such assets are “off limits” to creditors thanks to federal protections. But they are not
Can The IRS Take My 401K, Social Security, IRA, Pension & Retirement? Read More »
If you or your business have gotten behind with the IRS, a tax settlement, also known as an Offer in Compromise (OIC), might be the best way to get rid of your tax liability—if you qualify. There are three general categories of OICs: Doubt as to Liability (I don’t actually owe this tax), Effective Tax
Get a Tax Pro to Settle Your IRS Tax Liability (OIC) Offer in Compromise Read More »
Here is the revised and expanded section, with the link update and additional 300 words, structured for SEO optimization: — If you owe taxes but simply cannot afford to make a payment, there may be a solution for you in Currently Not Collectible (CNC) status. With CNC, the IRS recognizes that the taxpayer’s financial situation
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You may have heard about the screaming deals that some taxpayers have been able to take advantage of to resolve their tax liabilities with the IRS during the COVID era. Like just about everyone, COVID knocked the IRS on its heels. This along with loosened collection procedures has created an environment where indebted taxpayers have
2022 IRS COVID Tax Relief Programs: Is it Too Late? Read More »
Since March of 2020, the IRS and state tax collectors have shown an unprecedented level of leniency to tax debtors in response to the pandemic. However, the sleeping giant has awoken. If you or your business have unresolved tax liabilities, the time to act is now—before you fall victim to the aggressive enforcement that has
COVID-19 Tax Reprieve is Over: Aggressive Collections Return Read More »
One year into the COVID-19 pandemic, and two of the most frequent questions I am asked is “will the IRS levy my bank accounts or wages during a national crisis?” or “why is it taking so long to process [x, y or z]?” As with many questions about how the IRS does things, the answer
IRS Levy Enforcement Update – After 1 Year of COVID-19 Pandemic Read More »
Prior to the COVID-19 pandemic, there were already millions of individuals and businesses owing significant sums of money to the IRS or state taxing authorities. With the brutal economic fallout caused by the pandemic, that number has skyrocketed. This has changed the playing field—in terms of both risks and opportunities–for taxpayers who are in collections.
COVID Tax Relief Update Late 2020 Read More »
It seems like yesterday when the IRS suspended bank levies, liens, and wage garnishments at the onset of the COVID-19 pandemic. Now, that honeymoon is over, and the IRS will be as money hungry as ever. On the other side of that coin, there may be no better time than now to take advantage of
The IRS COVID-19 Honeymoon for Delinquent Taxpayers is Over: Why to Act Now if You Owe Read More »
