If you are behind on your IRS tax payments, it is important to be mindful of IRS penalties and interest charges. The longer your debt remains unpaid, the more penalties and interest can accumulate. If neglected for a long enough time, IRS penalties and interest can become a serious issue. In fact, IRS penalties can rise up to 25% of your debt and quickly make your debt balloon. Fortunately, there are IRS penalty abatement options available to select candidates. Wondering if you could be one of them? Read on to find out! IRS Penalty Abatement Are you looking to find
Debt is probably one of the most common concerns for most people today. Owing a significant amount of money to a bank or any other lender can be very stressful. However, most will agree that dealing with federal tax debt is the worst. The federal government takes your tax-paying duties seriously and has full power to collect on its debt. This means that tax debt collection is not only certain but also involves serious consequences. Defaulting taxpayers are frequently penalized with fines, interest, levies, liens, and even asset seizure. For most, facing such consequences are far more daunting as compared
It helps to be well acquainted with the different helpful programs offered by the IRS to taxpayers who owe taxes or have unfiled returns. One program you might be interested to learn more about is the IRS Fresh Start Initiative. If you have unfiled tax returns, you can find a program from this initiative to provide you with a beneficial alternative to settle your tax problems. Here is a closer look at the Fresh Start Initiative. What is The Fresh Start Initiative? Despite having a bad reputation in some circles, the IRS is actively working at introducing changes that make
If you haven’t been keeping on top of your tax debt, facing a tax lien is a real possibility. Through a tax lien, the government can legally claim any of your financial assets. This includes all real estate and personal property. Surrendering your legal claim over the assets you worked hard to acquire to the IRS is scary and frustrating. The best thing you can do to keep yourself stress-free is to avoid getting an IRS tax lien altogether. Doing so is simple. By filing your tax returns on time and paying your taxes accordingly you’ll steer free of trouble.
Are you feeling overwhelmed by your tax debt? What can you do if paying your tax debt quickly is simply not an option? For your fortune, the IRS allows taxpayers to pay off tax debt through an IRS installment agreement. Find out more about each type of IRS payment agreement. This way you can figure out which one is a good option for you! The 4 Types Of IRS Installment Agreements The IRS offers taxpayers four different types of payment agreements. These include: guaranteed, streamlined, partial payment and non-streamlined agreements. Let’s explore what each one of these entails. Related Blog:
Receiving the dreaded NTFL is always a reason for concern for a taxpayer. The Notice of Federal Tax Lien, or NFTL for short, is a public notification that communicates the government’s claim on a taxpayer’s assets or property, against an outstanding tax debt. According to the Internal Revenue Code, a tax lien cannot be released until it becomes “legally unenforceable”, the defaulter settles the liability, or a bond is provided. So, what can you do to obtain an IRS lien withdrawal for your active NTFL. Keep reading as we explore the answer in this blog post. The Law on Lien
There are two things in life that we cannot possibly escape – death and taxes. If you have an outstanding tax bill, it’s not unusual to feel uneasy and possibly stressed out until you get the burden off your back. Although the annual tax lien filed by the IRS has fallen by more than 50%, according to the IRS data book, there were more than 14 million open tax debt cases against businesses and individuals that entered 2018. Despite being in one of the biggest economies in the world, a lot of Americans find it hard to pay their taxes
Perhaps you might be more wary of checking your mail than your actual email. Yet, when the IRS sends you mail, you’ll want to get a hold on the situation as quickly as possible. In fact, regular mail is the IRS preferred method to reach out to taxpayers about IRS tax debt and other issues. If you’ve received a letter from the IRS, don’t panic. We’ll go over the possible reasons why you received the letter and what to do about it! Related Blog: Simple Ways to Settle IRS Tax Debts Why Did I Get A Letter From The IRS?
We all want a worry-free tax filing and paying experience. And in truth, taxes are simple when you fulfill your taxpayer duties 100% perfectly, 100% of the time. The thing is that, for most of us, being perfect 24/7 is not reality. We are all prone to forgetfulness, procrastination and external circumstances getting in the way. That means that we are all at risk of running into one, or a few, IRS tax problems during our lifetime. Understanding what these problems are, why they arise, and how to resolve them is key for a stress-free tax experience! 4 Common IRS
There’s nothing worse than opening your mail, only to encounter bad news. Even more so when that worrying news comes from the IRS. Receiving a Notice of Deficiency from the IRS is enough to get anyone’s stress levels through the roof! This is true, even when you don’t know what a “Notice of Deficiency” actually means. If you’ve recently received a Notice of Deficiency, finding out more about your IRS tax problems is a must to finding a solution. What is a Notice Of Deficiency? Basically, a notice of deficiency is the way the IRS gives you a heads up