Understanding Tax Debt
September 2, 2023
Being in debt with the IRS is a stressful situation to be in. When you owe money to the IRS you are at risk of the IRS placing a lien or levy on your assets or property. It’s safe to say that if you are in debt with the IRS, you are not alone. Every…
IRS Tax Levy Vs. Lien
August 30, 2023
Both the International Revenue Service (IRS) and state tax agencies use levies and liens when taxes are unpaid. Both Levies and Liens are unpleasant to deal with. Ideally the tax debt should be dealt with before a tax levy or lien is in effect. What is the difference between a Levy and a Lien? Both…
Why Do I Owe Taxes This Year? 7 Common Reasons
August 28, 2023
All taxpayers share the same obligation: to file your taxes before the given deadline. But what happens when you file your taxes and find out that you owe a large amount of money to the IRS? You may be asking yourself: Why do I owe taxes this year? Why Do I Owe Taxes This Year?…
Understanding Tax Settlement: The Offer In Compromise
August 18, 2023
Tax settlement is also known as an Offer in Compromise (OIC). It is a tax relief resolution that is offered by the Internal Revenue Service (IRS) and State revenue services to taxpayers who are unable to pay their full tax debt. It is a formal agreement between the taxpayer and the IRS or state that…
Navigating The Financial And Legal Challenges Of Not Filing Taxes Or Filing Late
August 15, 2023
Meeting tax obligations is a responsibility for both individuals and businesses. However, situations can arise that cause delays or lapses in filing. Missing the deadline can trigger financial and legal repercussions that deeply impact your financial stability. The IRS takes action to enforce compliance when taxes go unfiled. Late Filing Penalties and Interest Accumulation: When…