Category: IRS Tax Consultant
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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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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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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When Do You Need a Tax Professional?
There are over 62,600 tax preparers in the U.S. alone. They help you navigate through all the overly complex codes that regulate how and when you need to file. Hiring someone to do your taxes may seem unnecessary if you have plenty of free time and a simple return, but it’s helpful if your situation […]
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What Is an Offer in Compromise With the IRS?
Recent IRS data shows that Americans owe $131 billion in back taxes, penalties, and interest. That’s an incredible number, and it illustrates how easy it is to fall behind. When you fall behind, it’s even easier for your back taxes to snowball out of control. The notices are too easy to ignore, but that’s not […]
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Staying Compliant with FBAR (Report of Foreign Bank and Financial Accounts)
If you have an account with a financial institution based in a foreign country if, for any calendar year, the aggregate value of your foreign accounts exceeds $10,000 at any time during the year, you are required to complete an annual report to the IRS. This is because an account based in a foreign country […]
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Innocent Spouse Rule
(Important Info to Not be Hindered By Your Spouse’s Tax Debts) The vast majority of married couples file their federal taxes jointly. The joint filing of taxes is actually encouraged by the tax by providing certain benefits and advantages to joint filers, as opposed to a married couple that opts to file separately. However, a […]
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How To Stop a Tax Levy from the IRS
If you receive a tax levy notice from the IRS on your property, do notfret. A tax levy notice is not irrevocable. In fact, the IRS possesses the discretionary authority to affirmatively release you from the tax levy. Factors Considered in Releasing a Tax Levy The IRS may consider releasing you from the tax levy […]
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What Happens If You Fail to Make an Installment Payment to the IRS?
When someone owes back taxes to the IRS, it is quite common that they lack the available funds to pay the debt in full. Hence, the Internal Revenue Service (IRS) routinely agrees to an installment payment plan for people who owes back taxes. When an installment plan is agreed upon, the IRS allows you to […]
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