IRS Underpayment Penalty: What It Is and How to Avoid It The tax system in the United States can be very complex. Taxes generally must be paid when income is earned, but these taxes are not always automatically removed from your earnings. In some cases, you may have to pay estimated taxes quarterly. The IRS [...]
Income Tax Debt Relief Options: Resolving IRS Tax Problems Delinquent taxpayers often look for a trustworthy company that provides services to alleviate income tax debt. The two most common tax problems taxpayers face are: first, not withholding enough federal income taxes, and second, finding a manageable way to get out of the resulting tax debt. [...]
IRS Offer in Compromise: Requirements, Process, and Eligibility An Offer in Compromise (OIC) is a great program offered by the IRS and some states to help taxpayers with financial problems re-comply with tax authorities. If an OIC is approved, it will allow you or a company to pay the taxes due for less. The IRS [...]
Tax Levy Help: How IRS and State Tax Levies Work A tax levy is one of the harshest collection mechanisms used by the IRS and state taxing authorities. A levy is the legal seizure of taxpayer’s assets to satisfy back taxes owed. This is different from a tax lien because a lien is only a [...]
CPA vs Tax Attorney: Which One Do You Need? This brings us to the matter of how to decide if you need a CPA or a tax lawyer. A decision can cause a considerable headache to many. Happily, some specific examples can help you determine whether you need a CPA or the servers of a [...]
Stop the IRS Wage Garnishment Yourself How Can I Get the IRS Garnishment Removed? This is one of many ways the IRS uses to garnish wages as a way to collect your unpaid tax debt. Although there are various ways of going after unpaid tax debt like liens and levies, the IRS wage garnishment is [...]
IRS Installment Agreements: Payment Plans for Tax Debt If you can't pay your taxes on time in the United States, you may file a so-called "installment agreement" with the Internal Revenue Service (IRS). If the IRS grants the request, the agency will establish a payment plan so that you can make monthly payments on your [...]
IRS CP523 Notice: What Happens When You Default on a Payment Plan? During the tax season, people may find that they owe more taxes than they can pay. When this happens, the Internal Revenue Service (IRS) allows taxpayers to establish payment agreements to pay their tax burden. In most cases, the taxpayer must make a [...]
IRS Payment Plans: Installment Agreements and Tax Debt Relief Options Form 9465 is what you need to fill out for your installment agreement request. The IRS will look over and review your request but don’t be deterred if your first request gets shot down. You are in a negotiation, so fight your corner and only [...]
IRS Tax Penalties: Failure to File, Failure to Pay & Penalty Relief The Internal Revenue Service (IRS) and State taxation authorities charge a variety of tax penalties in order to ensure taxpayers remain in compliance with tax law. Typically, the severity of tax penalties assessed depends on the violation at stake. Taxes are generally assessed [...]
