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IRS Lien Releases
QUESTION: I owe the IRS a substantial amount of money, but I do not have any money left over at the end of the month after I pay my bills to be able to afford to pay anything on my taxes. I could...
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Definitely Not Rescue 911
I was on a conference call yesterday with several other practitioners who practice in the area of tax problem resolution because I had a specific question that I was hoping to get answered but also...
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Can the IRS Levy My Wages when I submit an Offer in Compromise
When you submit an offer in compromise to the IRS future active collections against you will be stopped and the IRS will not come after you to collect what you owe. The IRS will let you work on trying...
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Can You Get the IRS To Release A Levy if I Have Unfiled Returns
I was recently contacted by someone who just received notice from their employer that their wages were going to begin being garnished by the IRS. Basically, we were on a deadline of the next payday...
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Avoid the Failure to File Penalty by Filing Your Returns On Time Today!
Just a friendly reminder that today is Tax Day in the the U.S. Today is the deadline to file your individual income tax return or your extension. Just remember that if you file an extension that that...
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New Series: Are You Ready to File an Offer in Compromise
We are starting a new series examining several factors to determine if you are ready to file an offer in compromise. In other words, are you a good candidate for a successful offer in compromise. We...
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Are You Ready to File an Offer in Compromise: Are You Financially Strapped?
This is the first post in a series helping to determine if you are a good candidate for an offer in compromise to settle your tax debt with the IRS. Are you financially strapped? The IRS is going to...
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Are You Ready to File an Offer in Compromise: What is Your Net Worth?
We are continuing in our series determining if you are a good candidate for an offer in compromise. Today’s topic: What is your net worth? Last time we talked about how the IRS will consider your...
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Are You Ready to File an Offer in Compromise: Is Now the Best Time to File an...
We have been in a series about offers in compromise and trying to determine if you should seek an offer in compromise to settle your tax debt with the IRS. Today, we are going to discuss the timing of...
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Are You Ready to File an Offer in Compromise: Have You Considered All of Your...
We are continuing in our series asking if you are ready to file an offer in compromise to settle your tax debt with the IRS. Today’s question is: Have You Considered All of Your Options? When you are...
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When You Should Consider Not Filing an Offer in Compromise
Having an offer in compromise accepted by the IRS to settle your tax debt sounds like a dream come true to many people. You can pay some amount, stay current with your tax payments and filings going...
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IRS to Begin Accepting E-filed Returns on January 30th
The IRS announced this week that they will begin accepting your e-filed 2012 returns on January 30, 2013. While that may frustrate some people because they are ready to go ahead and file and receive...
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What if You Don’t Qualify for an Offer in Compromise?
Most people I meet with to discuss they IRS tax problems want to talk about how I can help them qualify for an offer in compromise so they can pay less than what they actually owe to settle their tax...
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Can the IRS Levy my Social Security Benefits?
Occasionally, I receive a call from a prospective client who has just found out that his/her Social Security benefits are being levied by the IRS for back taxes. Most of the time, the factual...
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Using Home Equity to Pay an Offer in Compromise
Question: Can I use the deed to a house we own free and clear to make an offer in compromise to the IRS for back taxes? Answer: The short answer is no. Basically, in determining whether you qualify...
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Taxes from 401(k) Distribution
A recent question from a reader: Last year, I moved from Georgia to South Carolina because I was laid off from work and wanted to move to be a little closer to family. When I left my job I withdrew...
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Why does the IRS ask for my spouse’s financial information?
Question: I am filing an offer in compromise for taxes that I owe by myself. I was married after my tax problems so my wife does not owe any of the taxes. Why does the IRS want me to include her...
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What is Currently Not Collectible Status?
When a client owes money to the IRS, the two most common ways we attempt to resolve their problem is either through an offer in compromise or by negotiating a reasonable and affordable installment...
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Reviving Your credit after resolving your IRS Tax Debt
When you owe the IRS there is a “silent” tax lien that automatically attaches to a taxpayer when the IRS has assessed the tax against you, notified you of the tax that you owe and you have failed to...
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Tax Problems: Shouldn’t I wait until I get back on my feet to start fixing...
Tax problems are sometimes the outward symptom of some other financial issue. Perhaps, the business entered into a bad deal and got cheated out of money they were due by an unscrupulous supplier and...
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