Author: Tax Consultants
What is Tax Debt Relief?
It is important to keep in mind that the IRS does not advertise any type of tax debt relief. The IRS does, however, have incentives and programs that will lower a taxpayer or business owner’s tax bill such as tax credits and other temporary incentives, allowable deductions for retirement, tax debt forgiveness and the removal […]
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Small Business Tax Debt Relief
If you are a small business owner struggling to pay back taxes, do not throw your hands up in despair. There is light at the end of the proverbial tunnel.Many small business owners have access to numerous tax debt relief programs that are similarly available to individual taxpayers. Let’s take a look at a few. […]
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Change in IRS Policy on Offer-In-Compromise Program
If you have an outstanding tax debt that will create financial hardship at the attempt to repay the debt; you could consider utilizing the “Offer-in-Compromise” program. Taxpayers who are eligible for the offer-in-compromise program must meet specific prerequisites. Most importantly, there needs to be evidence that the taxpayer suffers from financial hardship to the point […]
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Achieve Tax Debt Relief by a Reduction in IRS Penalties and Interest
In 2020, the Internal Revenue Service (IRS) assessed more than $14 billion in civil penalties related to delinquent taxes. If you are struggling with back taxes and are seeking assistance with obtaining tax debt relief, there are numerous options to help you reduce or remove your IRS penalties, depending upon meeting certain qualifications. IRS Penalties […]
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Three Reasons to Obtain Tax Debt Relief Immediately
If you are staring at a significant amount of tax debt, it can feel as though you are lugging around a giant boulder each and every day. The weight of significant tax debt is oftentimes a burden that may even break a person’s spirit. Do not let this happen to you. Take action and retain […]
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IRS Tax Liens on Property
If you have a significant amount of tax debt that remains unpaid, an issue that can arise is the IRS deciding to place a lien on your property. If you received a notice from the IRS related to a lien, it is important to understand the different types of liens and the ramifications of a […]
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Understanding the Interplay Between Bankruptcy and IRS Tax Debt
When someone reaches a point where they are bogged down with so much debt, including IRS tax debt, that they can barely afford making minimum payments to service the debt, it may be time to consider filing for bankruptcy. If you are in this position, you may be wondering whether filing for bankruptcy will enable […]
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IRS and Unemployment Fraud Has Run Rampant in 2020
This has led to the loss of billions of taxpayer dollars and the swamping of IRS agents with ‘scam’ tax returns. To establish tax refunds and unemployment claims, valid tax returns must be submitted. Changing laws and a lack of some oversight has had the unfortunate effect of taxpayers either not receiving their returns, or […]
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Intermediate Tax Debt Relief is Now Extended Even Further
Tangling with any tax debt owed to the IRS is always complex even when societal issues are not present. The IRS itself, because of Covid-19 restrictions in 2019 and 2020 found itself backlogged with not only 2019 returns, but also an influx of new 2020 returns. For the most part, IRS agents and state tax […]
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Can Bankruptcy Provide Tax Debt Relief?
Many people mistakenly believe that tax debt and other tax liens are not dischargeable in bankruptcy. This is a complete misconception (and one that the Internal Revenue Service probably enjoys perpetuating). When it comes to getting tax debt relief through bankruptcy, there are a myriad of technical rules and regulations that must be followed, but […]
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