Category: Blog

All You Need to Know about IRS Cancelled Debt

Cancellation of Debt

Most taxpayers believe that the IRS only charges taxes on income from a regular job or business, stock sale, or sale of an asset, however, it may also levy income tax on canceled tax. According to tax rules specified by the IRS, if a taxpayer’s debt is canceled, discharged, or forgiven, they must include the canceled amount in their gross income and pay taxes on it unless they qualify for an exemption or exclusion. In case they haven’t paid taxes on the canceled debt and have received notice from the IRS, they must immediately seek IRS tax help from an

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Dealing with IRS Bank Levies

IRS Bank Levy Concerns

Dealing with the IRS about back taxes can be tricky although there is always a way out when you decide to take immediate action. The IRS has the authority to take money from your bank account in respect of outstanding taxes but avoids taking such strict actions unless you haven’t made any effort to resolve the tax issues and tax debt case. The IRS only resorts to aggressive tax collection actions when it does not receive any reply to multiple notices asking a taxpayer to get in touch. If you don’t respond, the IRS can levy and garnish money from

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Common Solutions to Common Tax Problems

Common Tax Problems

Tax tax problems come in different forms. There are sales tax, state tax, and IRS tax problems that businesses and individual taxpayers face. Failure to file or pay taxes on time and in full, as well as any inconsistencies in the information provided can attract a range of tax related problems including tax audits. Whenever you receive a notice from the tax authorities for any issue, it is important to respond as soon as possible. You can also hire an IRS attorney that could help with any tax issues and increase your chances of getting resolutions such as IRS debt

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The Right to Finality: What Taxpayers Facing IRS Problems Must Know

The truth about IRS tax problems

Taxpayers interacting with the IRS about their tax issues, especially those who are being audited by the IRS, have the right to finality. The government makes sure that taxpayers know about their rights so that they can negotiate about IRS problems accordingly and avoid any misunderstandings. Continuing further on the topic, let’s look at what taxpayers facing IRS problems must know about the Right to Finality. Read on! The Taxpayer Bill of Rights The Taxpayer Bill of Rights, or TBOR, is a document consisting of ten fundamental rights every taxpayer should know when dealing with IRS tax issues. The Internal

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5 Lesser-Known Factors that Can Trigger an IRS Tax Audit

How to handle IRS tax audit

In 2017, the IRS selected over a million returns from 140 million taxpayers for a tax audit. Those chosen are for people who either made a mistake while filing their returns or did something else that triggered an IRS tax investigation or audit. Although the number of audits have since decreased, the government continues to pick some tax returns every year for additional review and scrutiny through computer algorithms. In this blog post, we discuss five lesser-known factors that can trigger an IRS tax audit. Read on! 1. When Taxpayers Fail to Report all Income According to tax law, individuals

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The IRS has Imposed a Tax Lien on my Property: What Should I do?

Understanding a tax lien

The IRS files almost one million tax liens every year. A tax lien is a document filed at the local county recorder’s office to help secure debt taxpayers owe to the IRS. When individuals fail to pay their taxes, the IRS can impose a tax lien on their assets and property which gives it the authority to seize and sell, making it difficult for the taxpayer to sell or refinance it. That is why it is important to settle the IRS problem immediately by seeking tax lien assistance from an experienced attorney. In this blog post, we discuss three things

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5 Possible Consequences of Unfiled Tax Returns

Need to know about unfiled tax returns

According to Forbes, about five percent of the population in the United States of America fail to file their tax return. Late or unfiled tax returns constitute a serious issue that can come back to haunt taxpayers and hit them with heavy interest and penalties. Whether you are entitled to a tax refund or owe the IRS, you must consult an experienced tax attorney who can help you in filing unfiled tax returns and save you from punitive measures. Let’s look at five possible consequences of unfiled tax returns. 1. You may Have to Pay Penalties The IRS can impose

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Answering Commonly Asked Questions About IRS Tax Debt Relief

Need to know about IRS Tax Debt Relief

Tax debt is a serious problem faced by millions of hardworking taxpayers in the US every year. It makes people lose their property, file for bankruptcy, and has led to many serious heartaches and headaches. If you are struggling to pay the money you owe the IRS, don’t panic. There are a few tax debt relief options that can help you settle your tax debt. Continuing on the subject, in this blog post, we answer some of the commonly asked questions about IRS tax debt relief. What is tax debt relief? Tax debt relief is a provision put forward by

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Understanding a Tax Lien and How to get it Removed

Things to know about Tax Lien

A lien, by definition, is a hold on property imposed by the government in a scenario of accumulated back taxes by a taxpayer. A lien is designed to protect the interest of the government as well as forewarn the creditor that the IRS has a legal right to their property. Apart from personal property, a tax lien is applicable to real estate, vehicles, and financial assets. If a federal tax lien isn’t taken care of by the taxpayer, the government may impose a tax levy which is the actual seizing of property, assets, and bank accounts to cover the taxes

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Understanding the Types of Penalty Relief Offered by the IRS

Types of penalty relief

A vast majority of taxpayers in the US end up paying hefty IRS penalties, because of lack of knowledge and understanding about penalty relief options offered by the IRS. The IRS uses penalties to discourage people from committing any sort of tax evasion, but also offers abatement of penalties and interest to those who try their best to comply with the law but somehow fail to meet tax obligations due to circumstances beyond their control. If you are dealing with tax penalties, in this blog post, we discuss the penalties that are eligible for relief and the types of relief

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