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Posts Tagged ‘tax debt’

When Should You Expect an IRS Notice?

June 29, 2016  |   Tax Advice   |   Tags: , , , ,  

While the sun may have set on tax season, you may have a nagging feeling that you overlooked something important when you filed your return. You may be inclined to dismiss this feeling, assuming that the IRS would have immediately notified you of any problem with your taxes. There’s a chance, though, that you’ll be informed of a tax issue long after you filed. When You’re Notified In some cases, the IRS will send out prompt notice ...

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 ...

W-2 Changes & Filing Tips for Businesses for 2016

A guide to each new form related to the Affordable Care Act. Here's a guide on W-2 Changes & Filing Tips for Businesses for 2016. W 2 changes & filing tips for businesses for 2016 from Tax Assistance Group

What is a Lien and Why Should Anyone Care?

October 17, 2014  |   Tax Advice,Tax News   |   Tags: , ,  

“Lien” and “levy” are two terms the public hears thrown around a great deal, often within the same sentence. While both are collection measures taken by the IRS, they are very different. A levy often results a taxpayer’s money being taken from his or her wages or a bank account. This is a simple enough concept to grasp. Liens, on the other hand, are very rarely understood by even those who have one placed against ...

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 ...