If you’re wondering what comes next when the IRS sends you to a private debt collector, the short answer is maybe nothing. The long answer is much more complex, but if you receive a CP40 Notice from the IRS, you can breathe a sigh of relief. However, you must know…
The IRS Offer in Compromise program is popular with both tax resolution professionals and taxpayers dealing with back tax problems. The program allows qualifying taxpayers to settle their back taxes for less than the amount they owe. However, before submitting your Offer, you should be sure: It’s the best way…
There are many ways to resolve tax debt depending on your situation. The best way to settle with the IRS may even change with your circumstances. For example, this offer in compromise success story did not begin with an offer in compromise at all! What began as an installment agreement…
When a business employs people, they become responsible for employment taxes in two ways. First, the business must withhold part of an employee’s wages in order to pay income taxes, Social Security taxes, and Medicare taxes. These payroll taxes are referred to as trust fund taxes because the business holds the…
If your spouse owes back taxes, the IRS can and will keep any future tax refunds they’re due to pay their tax debt. Unfortunately, your refund can also be applied to other past-due obligations of your spouse even if the debt accrued before you were married and you’re not liable…
Sometimes, it can feel like filing taxes is more of an art than a science. Tax laws are constantly changing. You must also rely on employers, banks, and other organizations for accurate information about your income and deductions. Despite your best efforts, your tax return may have incorrect information. In this…
Over the last year, the IRS has recognized the financial burden many taxpayers are facing due to the COVID-19 pandemic. The agency modified a number of ways it collects back taxes, including the introduction of installment agreements that don’t require a financial statement for some taxpayers who owe the IRS…
You’re facing back taxes you don’t think you’ll be able to pay in full. You’ve done some research on your options. You may have even contacted a tax resolution professional for a free consultation. Now, you’re looking at an offer in compromise vs bankruptcy. Which is right for your situation? Offer…
The circumstances leading up to an IRS lien and levy are similar, and both are used by the IRS to satisfy tax debt. The two words even sound a little bit alike! It’s understandable that sometimes taxpayers facing IRS tax problems believe a tax lien to be the same as…
You are not alone. We’ve heard from some clients who are still waiting on refunds from returns filed early in the year. In normal times, unless there is an error, the IRS will issue most tax refunds in less than 21 calendar days. However, 2021 is far from being a…