Understanding the IRS Tax Lien

It’s true that you can’t go to jail simply for not paying the IRS (though, you can go to jail for lying to the IRS or trying to cheat on your taxes), but the IRS has other methods it can use to get money you owe them, and understanding them is vital.  For example, the IRS can file a tax lien against your house (or other real property), which will make it difficult for you to sell your house or refinance your Read More

Remove a Tax Lien from Your Credit Report

An IRS tax lien does not need to ruin your credit score forever.  It is possible to have it removed so that you can qualify for a business loan or to allow you to qualify for financing for that new house you have been wanting to purchase. If a tax liability is not paid, the IRS will send a notice of the amount due and a demand that it be paid.  If it is not paid, a tax lien is automatically created by law.  To Read More

Attracting the Wrong Kind of Attention

Attracting attention can be a fantastic thing. You can attract the attention of a boss who notices all the hard work you’ve been doing and gives you a bonus or a promotion. As a young athlete or performer you can attract the attention of a talent scout who wants to sign you to a contract. You can attract attention to a charitable cause through effective marketing tactics and promotion. But when is attracting Read More

IRS Tax Relief Strategies: The Advantages & Disadvantages of IRS Installment Agreements

Most taxpayers do not realize that the IRS is surprisingly willing to work with them in order to help them find ways to satisfy their tax debts without placing an unreasonable financial burden on them and their loved ones. As we’ve discussed in a previous blog, one common relief strategy taxpayers can take advantage of when they are struggling to fulfill their tax liability is the “offer-in-compromise.” Another great Read More

The Three Types of IRS Audits

Receiving a notice that your tax returns are going to be audited by the IRS can be a daunting and confusing experience. What are you supposed to do?  How are you supposed to respond? How can you expect the process to play out? Audits should always be taken very seriously, but as long as you properly prepare yourself and set your expectations, they should not be a cause for panic. The scariest aspect of an IRS Read More

A Brief Q&A on IRS Levies and Wage Garnishments

When it comes to upholding and executing the US Tax Code, the Internal Revenue Service (IRS) has extremely broad powers. When you owe taxes, and you ignore or refuse to work with the IRS to satisfy your debts, they have the authority to employ some extreme measures in order to collect from you what is owed, including any interest and penalties that have accrued as a result of your unpaid tax debts. Some of the Read More

The Income Tax Lifeline: Understanding the IRS Offer-In-Compromise Program

So, it’s a brand new year and the due date to file your income taxes is just around the corner. But what happens when you can’t pay the IRS what you owe? The thought of not being able to afford one’s taxes oftentimes conjures images of a vengeful IRS seeking to ruin your life by taking everything you own. Certainly, if you try to hide from your tax bill things are only going to get worse for you. There will be Read More

How to Resolve Your Business’ Tax Troubles

What to do if Your Business Owes Outstanding Tax Liabilities to the IRS New businesses commonly face tax and liabilities problems. The IRS has entire Audit Technique Guides devoted exclusively to Architects and Landscape Architects, Art Galleries, Attorneys, Business Consultants, Child Care Providers, the Construction Industry, Farmers, Partnerships, the Retail Industry, and the Wine Industry. Small businesses Read More

The Freedom to Request Information

Among the several rights granted to United States citizens, the Freedom of Information Act (FOIA) is one that most people overlook. It is a significant privilege. In 1966, Congress enacted FOIA to provide individuals with access to “identifiable records.” Records could be obtained without the requirement to demonstrate a need or reason for the records. This means that the government had to show a reason for Read More

Identity Theft

The IRS on Identity Theft Be aware! The IRS has issued warnings to taxpayers to protect their tax-related information from thieves. These thieves may want to use an individual’s stolen Social Security number to file a tax return and claim a fraudulent refund. The IRS has issued warnings, in a series of news releases. IRS personnel are increasing awareness in order to keep taxpayers from becoming victim to the Read More