How to Get an IRS Payment Extension Taxpayers can request a payment extension of six months or more if paying the tax on time will cause an undue hardship. Use Form 1127 to file this request extra time to pay your taxes without incurring late-payment penalties.
If you’re having tax problems
Instead of receiving the nice tax refund check you’ve been expecting, you get a notice in the mail. It says your tax refund has been offset. What does this mean? A refund offset means the government has determined that you owe a debt and has applied your tax refund towards this debt. Tax refunds… Read more »
IRS Forms 433-A, 433-B, and 433-F – An Overview The IRS has three information collection statement forms namely IRS Form 433A, IRS Form 433B, and IRS Form 433F. Their basic function is to relay to the IRS your financial assortments in a structure of the IRS’s choosing. That way the IRS is able to… Read more »
IRS Levy Procedures The IRS must follow certain procedures before seizing your property. Typically, that process goes something like this: You receive a notice stating that tax has been assessed and asking you to pay it. You don’t pay or resolve the matter by the deadline. A Final Notice of Intent to Levy is… Read more »
All you need to know about appealing your IRS findings The Internal Revenue Service better known as the IRS is the governmental agency that ensures that you “give Caesar what belongs to Caesar”. In other words, it conducts the fundamental function of tax collection on a nationwide scale. And so given the importance of… Read more »
To get a levy released, you’ll need to contact the IRS and give them an acceptable reason for releasing the levy. Generally, you can request a levy release if you’ve worked out a payment arrangement, are experiencing an economic hardship due to the levy, or the IRS failed to follow the correct procedures.
When Will the IRS Levy Retirement Accounts? The IRS can levy the assets in a qualified retirement account, such as a 401(k) or an IRA. However, the IRS will only levy retirement funds as a last resort. They would rather levy other assets, such as a bank account. Before the IRS will levy a retirement… Read more »
Get a Grip on your Tax Debt….or Risk Losing your Passport Failing to pay off your tax debt could now cost you your passport. Beginning in 2018, the IRS began sending certifications of seriously delinquent tax debt to the State Department. If the IRS certifies your tax debt, the State Department will generally deny your… Read more »
Temporary Inability to Pay IRS Debt In many cases, financial relief has at least something to do with merit. Bankruptcy is a good example, as debtors who racked up hundreds of thousands of dollars in medical bills are more likely to qualify than debtors who charged luxury items on credit cards and refused to pay… Read more »