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…
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…