Debt Settlement with the IRS - will it go away? Tax debt occurs when taxpayers do not pay the full amount of taxes they owe on their income. If taxpayers do not address their tax debts promptly, they can face penalties and interest on the unpaid balances, or even have their assets seized. Thus, the [...]
What is our Tax Resolution Process? Our tax resolution process is broken down into four different steps to help the taxpayer find a solution to their current taxes issue. By hiring a tax expert the main benefit is to negotiate on your behalf on reducing the tax debt amount, removing any penalties and avoiding any [...]
Intent to terminate your Installment Agreement If you have received a CP523, CP523 (SP) or a CP623 notice the IRS is intending to terminate any installed agreement agreed between you and the IRS. Fortunately, the IRS is giving you 30 days to take action by either contacting them directly or hiring a tax expert to connect [...]
IRS Notice CP 523 is the letter you get from the IRS when you default on an IRS payment plan. This notice spells out your payment plan is in default and that the IRS may end it if you fail to act within 30 days. After thirty days they can seize your wages and property [...]
What is a Notice of Deficiency? A Notice of Deficiency is a formal written letter by the IRS indicating that they believe you owe additional income tax. This letter is sent after the IRS reviews tax returns and determines that the amount of tax reported doesn’t match with their records. This notice officially informs you [...]
IRS Wage Garnishment Table for 2024 How much can the IRS Garnish? The amount the IRS will garnish from your wages are dependent upon different factors like your marital status and other personal financial obligations. If you’re single, married or have a family to support, your garnished amount will vary. Why Is It Important To [...]
Injured Spouse vs Innocent Spouse Tax Relief for Spouses Receiving a notice indicating that you owe additional tax on a joint return can be a bit scary. Fortunately, when the IRS mails out this notice, commonly known as the Notice of Offset, it includes clear instructions and enough information to help you understand whether you [...]
What’s the Offer in Compromise pre qualifier? IRS has a direct site directly to prequalify a taxpayer and asks for status, basic information, assets, income, expenses, proposal. We will be helping you get started, but first you will need to schedule a consultation and understand more about your situation. 4 reasons the IRS will pre [...]
What are the qualifications for the Fresh Start Initiative? The qualifications of the Fresh Start Program initiative are as follows, and you must at least meet one: You must have experienced a 25% income reduction if you are self employed. Earning less than $100,000 in income and must be single. Earning less than $200,000 in [...]
How much will the IRS usually settle for? You owe back taxes to the IRS and you want to explore options for debt settlement. You want to eliminate the outstanding tax debt as much as possible. Luckily, there are options for you to consider. “How much will the IRS usually settle for?” For a short [...]
