What is a Lien?A lien is a legal term that refers to a claim of legal right against assets that are used as collateral. A LIEN can be created by a lender or a court decision. A lien is utilized to provide a fundamental assurance on a major obligation. If the primary obligation is not [...]
Filing a tax return is an annual practice for most taxpayers, but not everyone is required to do so. In general, if your income is below a specific threshold, you may not be required to file a tax return with the IRS. Here's how much you have to earn to be able to submit taxes.The [...]
IRS Form 668 z What is IRS Form 668-Z? When a lien is satisfied or otherwise discharged, the taxpayer receives Form 668Z, Certificate of Release of Federal Tax Lien. The IRS will utilize Form 668-Z to notify you of a partial discharge of a lien that has been filed. This is a demanding task that [...]
Even the most conscientious small company owner can fall behind on their tax obligations. Every year, many are unable to pay the Internal Revenue Service on time due to unanticipated delays, fees, and other financial challenges. Regardless of how you accumulated the tax obligation, it is critical that you take action right now. While [...]
Types of GarnishmentsGarnishment, also known as wage garnishment, is the process through which money is lawfully removed from your salary and delivered to another party. It is a legal process in which a third party is instructed to deduct payments directly from a borrower's income or bank account. Typically, the third party is the borrower's employer, [...]
Some enterprises and law firms take advantage of individuals in severe need of assistance in addressing their back tax liability to the IRS by making false promises and employing misleading techniques. These businesses typically demand a large upfront fee, maybe in the hundreds of dollars, for their services. They inform customers that they can halt [...]
IRS Code 9001 What does reference number 9001 mean? Many IRS terms and codes continue to be a head scratcher to the typical taxpayer. The 9001 means that the taxpayer did not use the correct Social Security number or TIN. Tax terminologies may be perplexing, whether you're a first-time tax filer or have been doing [...]
Filing Taxes in Two States After Moving How does moving affect taxes? Have you relocated within the last year? If this is the case, it is critical to understand how your relocation may affect your taxes. While moving to another state is unlikely to have an impact on your federal taxes, it may have an [...]
CP504 Notice How to pay CP504 online? The Internal Revenue Service (IRS) has a single mission as a branch of the federal government: it collects and accounts for all tax monies owed to the government. The IRS gets all of its authority from the United States Tax Code, and all actions are carried out through [...]
IRS Notice CP504B Notice of intent to Levy CP504 Before you know how to respond to CP504, it is important for you to know about it in detail lest you end up messing up your matter. If you have received a notice from the IRS in your mailbox, it means that you have some IRS issues. [...]
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