Call Now: (833) 803-4222
Se Habla Espanol

Posts Tagged ‘internal revenue service’

What Does the IRS Consider a “Financial Hardship”?

The IRS considers a financial situation a ‘hardship’ when the taxpayer is not able to meet allowable living expenses. Taxpayers experiencing financial hardship may be able to obtain a reduction in tax debt or stop IRS collection actions against them. What Are Allowable Living Expenses? Allowable living expenses are those expenses necessary to provide for a taxpayer and his/her family’s health and welfare. These national standards apply to ...

The Uncertain Future of the IRS and the ACA

Recently, the state of Oklahoma won a lawsuit (Pruitt v. Burwell) against the United States Secretary of Health and Human Services challenging the legality of the IRS’s handling of Affordable Care Act subsidies to be paid out. Oklahoma State Attorney General Scott Pruitt successfully argued that that tax subsidies should not be issued to states such as Oklahoma that did not have a state-based healthcare exchange. Pruitt also was fighting against the employer penalties ...

The Truth About Bank Levies

October 02, 2014  |   Tax News   |   Tags: , ,  

A bank levy is a seizure of liquid assets from a financial account by the IRS on an individual who has either ignored her or his tax debt, or is delinquent with a formal payment agreement. The amount seized can be up to the full amount of the debt owed and can be taken from any financial account that has the debtor’s name on it. If, for instance, the taxpayer’s name is on a parent’s ...