FATCA Compliance for U.S. Citizens Living Abroad People born in the United States, although people traveling away at a very young age, are often unaware that they are American citizens. The lack of this knowledge in many cases costs many thousands of dollars overseas because of the Foreign Account Tax Act, which forces banks to [...]
IRS Fresh Start Program: Eligibility and Tax Relief Options Are you struggling with tax debt? If you are, you’ve probably heard about the IRS’ Fresh Start Program and may be looking for further information on whether this scheme can benefit you or not. The answer to this question will depend entirely on you and your personal [...]
IRS Tax Filing Deadline Extension for 2020: What Taxpayers Need to Know A number of tax deadlines are being extended for individuals, estates, business corporations and other bodies by the Internal Revenue Service and the Treasuring Department due to the on-going corona virus pandemic. Tax payments were originally due on April 15th, 2020 but as [...]
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 [...]
