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…
IRS Notice CP 504 is a Notice of Intent to Levy. However, it’s not exactly what it sounds like. This document is actually the final reminder of your past-due tax bill from the IRS. While you should immediately pay (or make arrangements to pay) your tax debt, the only property…
Tax planning is part of a healthy, strategic financial plan. It’s a great way to take a step back and consider how all facets of your finances and even your lifestyle as a whole have the potential to impact your tax burden from year to year. The goal of tax…
As part of its oversight role, Congress is constantly assessing the economic health of the United States, so hearing from Internal Revenue Service Commissioner Chuck Rettig that the country may be losing up to $1 trillion a year in evaded taxes is an obvious cause for concern. This estimate is…
At $54,000 (as of 2021 and adjusted each year for inflation), your tax debt—which includes penalties and interest—becomes “seriously delinquent” under Internal Revenue Code 26 USC 7345: Revocation or denial of passport in case of certain tax delinquencies. At this point, the IRS has filed a lien or issued a…
Tax debt doesn’t go away on its own. There is a solution to every tax problem, but finding the right resolution for your situation requires a thorough understanding of your circumstances and a comprehensive look at potential solutions. These three steps are essential to resolving tax debt when you owe…
Sometimes, a complex tax issue—such as a lien or wage garnishment due to tax debt—can’t be resolved by working with the IRS alone. In these situations, the Taxpayer Advocate Service (TAS) acts as “your voice at the IRS.” The TAS is an independent branch of the IRS that, in our…
In 2011, the IRS announced its Fresh Start Program to mitigate the lasting effects of the Great Recession. The goal of the IRS Fresh Start Program is to make it easier for taxpayers to obtain relief from tax debt with more reasonable payment alternatives than in the past. Here are…
As U.S. businesses continue to recover from COVID-19’s economic devastation, the U.S. Small Business Administration (SBA) is expanding COVID-19 EIDL loans opportunities.