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Recent Posts Tagged With irs problems
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About Worker Classifications, Contractor Fines and Penalties
If you are an employer it is crucial to understand the definition of 'full time employee' and 'part time employee' and distinguish those from the term 'contractor'. It is the ambiguity surrounding these terms that have ...
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The Case of Nonfilers wanting to File
There is a misconception that everyone needs to file their tax returns, no matter how much they earn simply to be accountable. The truth is, according to the tax code, millions of individuals every year do not need to file any tax returns. But with ...
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How to Beat an IRS Levy
An IRS levy is a wage garnishment on your salary that authorizes the IRS to deduct a substantial percentage of your wages to pay your tax debt. This happens as a last resort where the IRS will attempt to recoup the tax you owe them by taking upwards...
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Tax Levy? No Problem
Did you know the government has the authority to freeze your bank accounts under certain circumstances? If you owe the IRS for a prolonged period of time despite their best efforts to retrieve what is their due, they may slap you with a tax levy. B...
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What to Do to Discharge Late Filed Taxes
If you want to fully discharge your tax debt, you must have made your returns on time. However, fully discharging taxes that are from a return that was filed late is not possible. Tardy tax returns is likened to tax evasion; blaming a poor memory is...
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Understanding Reasonable Cause for IRS Audits
No one enjoys being the subject of an IRS audit. In order to keep on the right side of the IRS, it is important to know how to avoid being subjected to such an audit. So how do you determine what is deemed as a reasonable cause for an IRS audit? T...
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What do You Do with an IRS Levy?
Just what is an IRS levy? You would usually be subject to an IRS levy only when all efforts by the IRS to collect taxes from you have failed. Thus, an IRS levy is the last straw when it comes to collecting back taxes. It is a tool that will freeze ...
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All about Tax, IRS Levy and your Bank Account status
Prolonged refusal to pay your taxes will result in an IRS bank levy. This is a legal act in which the IRS freezes your bank accounts and deducts what you owe them from your bank balances. This is usually done only as a last resort after all other a...
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Getting on Top of a Correspondence Audit
Do you know there is more than one type of audit? A correspondence audit is one that is done entirely through correspondence and not in person.This is the easiest type of audit to go through. A correspondence audit is done by corresponding either t...
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Can the IRS Garnish Wages?
Can the IRS garnish your wages? You bet they can. Under the tax code, the IRS is authorized to take this drastic measure and your employer is obligated to comply. It is officially called a tax levy. A tax levy is one of the ways the IRS collects ...
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What if I Cannot Afford to Pay my Tax Lien?
If you have ever been issued a tax lien, you would know how dreadfully stressful it can be. In most cases, a lien is a last resort used by the federal government to obtain money that is legally theirs. If you want to know how to get yourself out of...
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Statute of Limitations on Tax Debt
Did you know that there is a time limit for the IRS to collect your tax debt? This is called the statute of limitation which at this point of time is 10 years. But this time can be extended by various factors. Also, the IRS knows exactly how much ...
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Offer in Compromise Florida
An Offer in Compromise is a provision in the tax code that permits you to pay less than the aggregate of your tax debts under certain conditions. There is a strict qualification process in place, however, so not everyone will qualify. If you are th...
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You Forgot to File Your Tax Return?!
If you forgot to file in your tax returns for one reason or another, there are two possible immediate results. The first is you might get audited and second is the IRS may not notice it because of the millions of returns they receive every year. Bu...
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Using a Penalty Abatement Letter
When you have been given an IRS penalty, you need to know what you can do about it. The vital instrument you need to challenge your penalty is called a Penalty Abatement Letter. There is no set wording to such a letter but here are a few tips that ...
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Tips and Tricks for IRS Debt Collection
Nobody enjoys dealing with an IRS debt collector. Some people try to lie their way out, while others behave rudely towards them. Here are some tips and tricks when you are confronted with an IRS debt collector or auditor. It could mean the differ...
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What is an Offer In Compromise
An Offer in Compromise is aimed at collecting as much taxes as a taxpayer is reasonably able to pay immediately rather than waste more time and money in attempting to retrieve the full tax amount and potentially be unsuccessful at it. This program a...
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What to Do about IRS Seizures
What can you do if the IRS wants to seize your property to pay off your tax debt? If you have found yourself in this situation, you most likely have been ignoring the IRS' phone calls and letters or you have challenged the IRS' assessment ...
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All about IRS Audit Documentation Requests
If you have ever received one of those dreaded IRS Audit Documentation requests, you'll know how trepidating it can be. It is common to find many taxpayers not be able to produce the documentation required to back up some of their claims in the...
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What is an IRS Problem Solver?
When you think of the IRS, what thoughts come to your mind? Money grabber? Iron-fisted revenue collector? Legalized robber? I'm not surprised. But of late, the IRS has taken lots of steps to change its unenviable image. If you are current...
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Right Attitudes when Negotiating with IRS Representatives
Negotiating with an IRS representative can either be a pleasant or absolutely harrowing experience. What happens depends a lot on you and your attitude towards the IRS. While there is no sure fire way to negotiate with IRS representatives, there ar...
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Solve your IRS Debts for Good
If you owe the IRS unpaid taxes, it is likely that you fall into one of these categories: • Those who did not file their taxes or filed them incorrectly or • Those who are audited because of fraud or some other cause or • Those who cannot affor...
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Offer in Compromise Problems You should Know about
Very often when you make an application for an Offer in Compromise, you will be confronted with various problems. Face it, the IRS does not like to accept less taxes than what they are due. But for you, knowing the potential Offer in Compromise probl...
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How to Avoid IRS Paycheck Levies
Every taxpayer should know about IRS paycheck levies. This is more so if you are presently contending with the IRS over your tax debts. According to current laws, the IRS can take up to 75 percent of your salary. The IRS will only allow you the amoun...
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How the IRS Locates Your Bank Account
Can the IRS locate your bank accounts legally and without your approval? The answer is yes if it is for the purpose of getting back the money you owe in taxes. They can put a levy on your bank accounts until your taxes are paid up. This is just one o...
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Discharge Your Taxes through Bankruptcy
Few people know that you can totally eliminate your taxes if you are declared a bankrupt. The fact is that you can discharge your taxes through bankruptcy, provided you adhere to a set of strict rules. Your bankruptcy lawyer can give you further deta...
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Guess Who thinks the Tax Code is ‘Complex’
Guess who thinks the tax code is complex and does not prepare his own tax returns? Doug Shulman, the IRS Commissioner! In a recent interview, Shulman confessed that he engages a professional tax preparer to fill out his tax forms, adding that he has ...
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Dealing with 401(k) Taxes
As a US citizen you are entitled to withdraw your 401(k) savings upon retirement. But did you know that it is subject to tax when you do so? The 401(k) retirement plan allows you to save up pre-tax earnings during your working career to provide for y...
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Who Owes the IRS
Waco, Texas will forever be etched in our memory as the town where a deranged leader of the Davidian sect, David Koresh and his followers held themselves up in a house for 51 days before federal agents stormed the place in a daring rescue exercise wh...
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IRS Puts Tax Preparers Under the Microscope
In a fresh move to instill greater accountability among tax preparers, the IRS is to implement certain measures to ensure greater professionalism and integrity in companies and individuals who provide tax preparation services. Under these new regulat...
