As per the latest study by the ADP Research Institute, the IRS garnishes wages of around seven percent of workers in America every year. There are many types of debts which can result in wage garnishments, such as unpaid federal or state taxes, overpaid unemployment benefits or social security, alimony, credit card debt, child support, and personal bankruptcy. A garnishment order from the IRS is time-sensitive and may impose an extensive compliance burden on employers, making it critical to hire a wage garnishment lawyer who can help them take adequate steps to comply with garnishment orders. Continuing further, let’s discuss
Category: Blog
What is a Tax Lien, and How Long Does it Last?
One of the key responsibilities of the Internal Revenue Service (IRS) is collecting taxes, for which it can activate different collection measures. When it comes to collecting taxes, a federal tax lien is one of the most powerful tools in the armory of the IRS. Given the intricacies involved in dealing with a federal tax lien, it is advisable to hire an experienced IRS tax attorney that provides tax lien assistance according to your case. Continuing on the topic, read on, as we discuss the ins and outs of an IRS tax lien. Overview A federal tax lien is issued
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Pros and Cons of IRS Installment Agreements
There are very few experiences as dreadful as owing the Internal Revenue Service (IRS) a large amount of money without the ability to pay anytime soon. Not all hope is lost, however, as there are multiple IRS debt help options available to taxpayers in such a scenario, including IRS Offers in Compromise and IRS Installment Agreement. It’s worth noting that you cannot opt for both the Installment Agreement and Offer in Compromise to settle your taxes. It is crucial to understand which IRS penalty abatement options best suits you. For that, you will need a Dallas tax attorney who can
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All You Need to Know about US Tax Courts
The United States Tax Court is a Federal trial court that is an independent judicial forum, neither controlled by nor connected with the Internal Revenue Service (IRS). It was created by Congress as an independent judicial authority for taxpayers disputing certain IRS determinations. If an Internal Revenue Service (IRS) audit reveals that your tax return was inaccurate, you may face certain penalties, such as extra interest charges, civil penalties, civil fraud penalties, and criminal fines, among others. You have the option of appealing to get some relief that the auditor may have imposed. However, circumstances may also arise where an
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Tips to Deal With IRS Wage Garnishment
The Internal Revenue Service (IRS) has the legal right to garnish your wages if you have unpaid taxes. The government agency can deduct funds from your paycheck every month until your debt is settled. Unfortunately, depending on the amount you owe, it may seize as much as 70% of your income. The biggest challenge of wage garnishment is that you will most likely face difficulties paying your other debts, such as education or home loan EMIs. More importantly, the fines and interest that will have accumulated by the time the IRS begins deducting money from your paychecks will also be
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Understanding the Basics of IRS Penalty Abatement
Federal tax penalties are one of the most widely used tools deployed by the IRS on taxpayers that fail to file/pay their tax returns. According to the IRS, FY 2021 observed a massive $37.3 billion collected in civil penalties. Federal tax penalties can be problematic for taxpayers as they accumulate interest over time, aggravating the situation with the potential to push taxpayers towards bankruptcy. An IRS tax attorney can help you request an IRS tax penalty waiver or penalty abatement to reclaim your financial health. Continuing on the topic, read on as we discuss the ins and outs of IRS
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What to Do if You Get a Reduced Refund
If you have received a reduced refund from the Internal Revenue Service (IRS), chances are you are confused about why this happened in the first place. Generally, if you receive a reduced refund, the IRS itself or a Financial Management Service (FMS) is behind the move. The refund is generally received to cover overdue child support, unpaid federal agency non-tax bills, unpaid state income taxes, or unpaid state unemployment compensation debts. In case any organization filed a claim against your debt, an FMS will deduct the necessary amount from your refund to settle the claim. You will receive the balance
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All You Need to Know About Federal State Local Employment Tax (FSLET) Examinations and Compliance Checks
Employers must adhere to several obligations under the Tax Code, one of which is timely compliance with various taxation protocols such as calculating taxes to be filed and making appropriate deductions from employees’ paychecks, filing tax returns, and making timely payments. One such tax is the Federal State Local Employment tax (FSLET). When it comes to federal taxes, timely filing & paying, and maintaining transparency with the IRS are the best way to attain full compliance. Any discrepancies can lead to an IRS tax investigation. Continuing on the topic, let’s look at a comprehensive guide to FSLET. Which type of
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A Look at the IRS’ Operation Hidden Treasure
The Internal Revenue Service (IRS) is always on the hunt for new tax revenue sources. This time, the tax regulation agency has turned its attention on taxpayers who under-report their crypto-related transactions. It has been a difficult time for cryptocurrency lately. While larger investors wait anxiously, some smaller players have even lost their life savings. Amid all these financial concerns, the IRS is quietly pursuing Operation Hidden Treasure. If you have been investing in crypto, it is important to regularize your affairs and seek IRS debt relief, if required. Hiring an experienced Dallas tax attorney is the best way to
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Can You Buy a House While Owing the IRS?
Homeownership ranks among the top aspirations for people all over the world. A massive 35% of Americans are either renting, living with family, or homeless. IRS tax problems can be an impediment for people looking to buy a house due to a fear that it may be forfeited to the government agency. One IRS tax problem that affects many taxpayers is that of unpaid taxes. In this blog, we explore whether it is possible to buy a house while owing the IRS. Is it possible to buy a house while owing taxes? It is possible to buy a house while