IRS debt can be a stressful problem to handle for anyone especially if you are struggling financially. The IRS might have a reputation for being ruthless, but the government agency is not blind to the difficult circumstances taxpayers sometimes face. For this reason, the IRS is open to providing IRS debt relief for those that genuinely need aid to avoid extreme hardships. One of the available IRS debt relief options is an Offer In Compromise. An OIC involves debt forgiveness, allowing taxpayers to settle their debt by paying a lesser amount than what is owed. To learn more about the
According to a survey, the gap between the tax collected by the IRS and what it should rightfully collect is around $450 billion. It is a huge problem for the IRS knows and even threats of penalties and IRS tax investigation are not always enough to dissuade taxpayers from defaulting or committing tax frauds. To try and overcome this problem, the IRS uses a number of investigative techniques to identify tax evaders. If you are under any kind of IRS tax investigation, it is advisable to connect with a tax resolution attorney or IRS tax lawyer. Nick Nemeth can help
COVID-19, an infectious disease caused by the novel coronavirus, has infected a large number of people worldwide. The number of reported cases in the United States alone has shot through the roof with deaths currently around 50,000. People are facing a whole range of challenges, financial and otherwise in the fight against the pandemic. Keeping that in mind, the IRS has taken a few steps to mitigate the impact on taxpayers in the form of the new People’s First Initiative. The initiative is designed to provide some relief to taxpayers who are finding it difficult to meet their tax obligations.
Unplanned expenses, financial crisis, medical emergency – there are many scenarios that could make it difficult for individuals to pay their taxes. The IRS presents avenues such as IRS installment plans to allow defaulters to pay tax over time and avoid garnishment, collection, and other actions. Monthly installment agreements give taxpayers more time to pay outstanding taxes without having to worry about legal implications. You can apply for an installment agreement by filling-out IRS Form 9465 and sending it through email to the IRS. Continuing on the topic, in this blog post, we present an overview of the types of
There are times in life, when we find ourselves in a situation that may keep us from honoring our tax obligations. While there is no excuse for carelessness or deliberate avoidance; the IRS has various provisions for those who have a “reasonable cause” preventing them from paying their dues. IRS payment agreement is one such provision, under which you can pay your taxes in periodic installments. In such cases, it is important to have an IRS tax attorney on your side, who can help navigate the complex maze of the IRS taxation system and law. An IRS tax attorney can
The government’s claim against the property of a taxpayer when they fail to meet their tax obligations is known as a Federal tax lien. The lien protects the government’s interest in the property, including personal assets, real estate, and financial assets. It gets activated when the IRS assesses its books and discovers that you have defaulted on your tax debt. The next step is issuing a “Notice of Federal Tax Lien” to apprise creditors that the government has acquired a legal right over your property. You don’t need to panic if you find yourself in such a situation as a
A tax lien and a tax levy are two notable collection actions by the IRS against individuals with substantial tax debt. While a tax lien is the IRS officially exercising certain rights over your property as a result of unpaid taxes, a tax levy is the actual seizure of your property. Understanding both tax lien and levy, as well as their differences, puts you in a better position to protect your assets. Tax attorneys are best to help you resolve all types of tax issues. Continuing on the subject, we present a brief overview of a tax lien and tax
In the view of many taxpayers, the IRS is like some kind of “big bad wolf”. This fear of the IRS usually results from a general lack of information on the government agency and how it operates. One of the areas that confuse most taxpayers is that of IRS appeals. For this reason, we are going to answer 5 of the most common questions people have about the IRS and the IRS office of appeals. Question #1 Can you receive a tax refund if you’re currently making payments under an installment agreement or payment plan for another federal tax period?
The lower number of IRS audits and the agency’s shrinking staff leads many to believe that the risk of getting audited has diminished. Yet, as your Dallas-Fort Worth tax attorney can tell you, this couldn’t be further from the truth. Through automated processes, the IRS continues to keep close tabs on your tax returns. Any suspicious data can be enough to motivate the IRS to make inquiries, which can eventually lead to an audit. If you want to make sure your tax return is filed without any questions asked, read on! In this blog post, we’ll share the most common
Whenever you don’t pay your taxes, back taxes accumulate. Essentially back taxes are any previous taxes that haven’t been paid in time. As time passes, penalties and interest also pile on, making the overall debt grow significantly. Thankfully, those struggling with growing back tax debts have many ways to regain control over the situation. Alternatives such as the IRS Offer in Compromise, installment agreements, and penalty abatement can be great solutions depending on the specifics of your case. In today’s post, we explore each back tax resolution option to help you select the best one. Solutions for Back Taxes No