Taxpayers who owe the IRS over $50,000 may have to deal with tax liens, tax levies, and IRS passport actions. There are many tax resolution options that can be used to protect your property and get the IRS off your back.
If you’re having tax problems
Category: IRS installment agreements
You may need to amend your tax returns and pay additional taxes, penalties, and interest if you have previously unreported Bitcoin income. If you fail to take action, the IRS may audit your returns as part of its Virtual Currency Compliance campaign.
There are several ways to avoid an IRS levy without paying your full tax liability. You’ll need to request a Collection Due Process (CDP) hearing before the appropriate deadline if you want to stop the bank levy, wage garnishment, or another type of IRS tax levy. The most common ways to stop a levy are:… Read more »
If you owe the IRS a substantial amount, be sure not to ignore it. Review options such as installment agreements, extensions, or personal loans, and always seek legal advice from a professional tax attorney.
It is the right of the IRS to seek payment for debt you owe to the government, but it can be difficult going up against the IRS alone. Therefore, it’s in your best interest to take advantage of knowledgeable, experienced, and professional tax attorneys. Not only will you receive expert guidance, but it could… Read more »
The IRS can be quite resourceful when it comes to collecting what they are owed. This allows them to even access and retrieve money from your salary to settle your tax debt. When it gets to this point one can feel confused and even financially invaded but this is only a last resort of the… Read more »
The IRS does offer tax debt forgiveness options that settle your tax debt for less than what you owe. However, eligibility for these programs is based on your financial situation, so not all taxpayers will qualify. Offers in Compromise The Offer in Compromise (OIC) program provides tax debt forgiveness if your offer is accepted and… Read more »
If you’re already having financial problems, IRS collection actions can make your situation even more difficult. Fortunately, the IRS will consider your financial issues if you ask for a collection alternative.
Owing money to the IRS is common for almost every working individual in the US. However, a lot of these affected individuals are not aware of the payment options available to them. The IRS has set up tax payment options that can be applied for people in different financial situations. This is established through… Read more »
Back taxes are bottomless pits. They come along when you fail to disclose all your income, don’t file your tax return, or don’t pay all your taxes. No matter how innocent you are, that first step toward back taxes can cost you much more in future. It can be a daunting task to try to… Read more »