Federal Tax Liens Vs Mortgage: Which One Takes Priority?

Types of Tax Liens in Real Estate

When it comes to managing different tax-related issues such as paying dues, filing returns, and handling liens, levies, and mortgages, it is extremely important to set the right priorities to avoid IRS tax problems. Two of such issues that demand immediate attention are tax liens and mortgages. A tax lien refers to the government’s right to claim your property due to the failure to pay your taxes, while a mortgage is a legal agreement through which you take a loan from a lender while putting up your property’s title as security. In this blog, we take a look at Federal

Read the full article…

All You Need to Know about the New IRS ‘Tax Pro Account’ Feature

IRS launches 'Tax Pro Account' feature

The Internal Revenue Service (IRS) always works to enhance and simplify their tax-related services and help individuals manage various financial aspects of their lives. In its latest effort to simplify digital interactions, and as the first step towards fully digitizing and automating the tax system, the IRS launched a ‘Tax Pro Account’ feature in July 2021. Keep reading as we discuss everything you need to know about the latest ‘Tax Pro Account’ feature launched by the IRS. What is the Purpose of a ‘Tax Pro Account’? The new ‘Tax Pro Account’ aims to assist taxpayers looking for IRS debt relief

Read the full article…

All You Need to Know About Tax Fraud Investigations

Tax Fraud Investigations

IRS tax investigation is a very tiring process not only for the directors, officers, and employees in a corporation that is the subject of investigation, but for their legal advisors as well. Although investigators aren’t always aware of exactly what or who they are looking for, they are extremely cautious about sharing sensitive information, which ends up troubling legal advisors pertaining to if and what they should be preparing for. In this blog, we explore the proceedings of IRS tax investigations to help you get a better understanding of the legal actions taken in such conditions. What is Tax Fraud?

Read the full article…

Answering Frequently Asked Questions About Unfiled Taxes

Answering Frequently Asked Questions About Unfiled Taxes

Unfiled taxes can attract the wrath of the IRS through various collection methods and penalties. Some taxpayers miss out on payments due to unavoidable reasons, while others believe they can evade the IRS and do not pay their dues for several years. While the IRS provides a helping hand to taxpayers troubled by unavoidable issues, there are numerous penalties that can be levied against defaulters. In this blog, we answer some of the most frequently asked questions related to unfiled taxes. What are Unfiled Taxes? Failing to pay your taxes, file tax returns, present accurate tax or financial documents may

Read the full article…

All You Need To Know About Payroll Taxes

5 Ways to Handle Unpaid Payroll Taxes

The taxes withheld from employees to be used to pay FICA taxes and income tax by the employers are known as payroll taxes. It is the employer’s responsibility to maintain an accurate record of the funds deducted from employee salaries, and it is mandatory for them to pay their share of taxes as an employer. Employers must take care when dealing with payroll taxes to avoid getting in any trouble with the Internal Revenue Service. Keep reading to learn all you need to know about IRS payroll taxes. Employer’s Responsibilities Towards Payroll Taxes Employers not only have to worry about

Read the full article…

Debt Settlement and Its Implications on Taxes

Debt Settlement: A Guide for Negotiation

Getting overwhelmed by debts and tax dues is quite a common issue faced by millions of people in the country. People facing a difficult time paying what they owe the IRS or some other creditor can turn to a debt settlement facility, which can help them clear all dues in a very short period. For tax debts, this can be in the form of an IRS installment agreement. While debt settlement is an excellent solution when looking for debt relief, there are some implications to availing this option. Let’s take a closer look at some of them. What is meant

Read the full article…

Important Tax Debt Relief Strategies to Consider

How to Remove An IRS Tax Lien

Tax debt is the difference between the tax someone owes to the state and what they have actually paid. Every year, thousands of Americans end up in IRS debt exposing themselves to a range of IRS problems. In 2019, the national average tax debt was at USD 16,849. Left unresolved, it could lead to a host of complex IRS issues ranging from hefty interest, seizing of assets, or even an international travel ban. Tax debt could further require you to deal with IRS revenue officers or debt collectors continually, which can be a cumbersome experience for anyone. While the implications

Read the full article…

Guide To Requesting IRS Penalty Abatement

Requesting IRS Penalty Abatement

Although the Internal Revenue Service (IRS) is extremely strict when it comes to paying taxes and filing returns, it understands the possibility of taxpayers encountering unavoidable issues that render them incapable of managing these essential tasks. It is always recommended to inform the IRS about your situation and apply for abatement before being considered as a potential tax evader and attracting several penalties. Here is a guide to help you when requesting IRS penalty abatement. Avail of First Time Penalty Abatement Whether you qualify for reasonable cause abatement or not, you are allowed and should prefer availing first time penalty

Read the full article…

Spotlight on IRS Interest & Penalty Abatement

Spotlight on IRS Interest & Penalty Abatement

Paying taxes and filing returns is a responsibility that must be taken care of timeously to avoid any issues with the IRS. Action that can be taken against defaulters include the charging of interest and penalties. While the government agency is quite determined about collecting taxes from defaulters, it offers several options to help taxpayers avoid any severe action that might potentially be taken against them. One of the avenues is IRS interest and penalty abatement. What is IRS Tax Abatement Tax abatement refers to getting exemption from penalties that have been levied against you for missing out on payments

Read the full article…

How Much Do You Actually Pay For IRS Offer In Compromise

How Much Do You Actually Pay For IRS Offer In Compromise

When taxpayers are incapable of paying their tax dues through their monthly income and assets by the end of the given time period, the IRS may consider them eligible for the “Offer In Compromise” program. Under this program, eligible candidates can settle their tax dues by paying a fraction of the actual amount. The IRS also allows people to go with this option if paying the due amount can potentially create financial hardships or the total amount is somehow found to be unfair and unreasonable. Very Few Applications Are Approved Although there are unsurprisingly millions of people that face IRS

Read the full article…