You may be able to get IRS tax penalty relief simply by asking for it. If you meet the criteria for first-time penalty abatement (FTA), reasonable cause penalty relief, or other types of penalty relief, you will need to submit a request to the IRS in order to have your penalties reduced.
If you’re having tax problems
Category: IRS tax debt
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.
If for some reason, you find yourself defaulting on a tax payment or two, the IRS will take steps to recover that debt. This could be through IRS levies, allowing them to seize your assets, taking money from your accounts or through a Notice of Federal Tax Lien (NFTL). By law, the IRS must… Read more »
When people first hear about the IRS Offer in Compromise (OIC) Program, (depending on where they hear about it from), many common misconceptions may come with it. So, I am here to clear up some of the most common myths about the OIC Program
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 »
Owing taxes to the IRS is no joke. In fact, you could face severe penalties for not addressing outstanding tax liabilities. The good news is that there may be actions you can take that can help reduce your debt. However, due to the complexity of tax regulations, it can be difficult to know what… Read more »
Currently Not Collectible (CNC) status can provide you with temporary relief from tax debt collection efforts by the IRS. However, if you applied for but were denied CNC status, all hope is not lost, as you have the option to appeal this ruling. A tax attorney can be a great ally during this process… Read more »
As Ben Franklin once said, “In this world, nothing can be said to be certain, except death and taxes.” If you owe a tax debt to IRS, it can be a frightening experience. The IRS has the power to seize and sell your property, place a lien on your property, garnish wages, or even take… Read more »
IRS tax liens interfere with your ability to sell or borrow against your property. If you need to get around the tax lien, you have several options at your disposal. First and foremost, you can eliminate the lien by paying your tax bill in full. However, this may be unrealistic if you owe $25,000,… 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 »