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Posts Tagged ‘tax relief’
Taxpayer Relief When Disaster Strikes
Hurricane Ida left a path of destruction that stretched from the Gulf Coast up to the New England area. Although residents in Louisiana, Mississippi, Pennsylvania, and other affected areas are left to clean up after the storm, they can relax knowing that the IRS offers taxpayer relief when disaster strikes. Who is Eligible for Disaster Tax Relief? Before the IRS can provide any taxpayer relief, the ...
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Explore Your Tax Debt Relief Options
For most people, the stress of owing back taxes can be overwhelming- especially if you’re unable to pay. Ignoring the situation, however, will only make things worse. The IRS will not turn a blind eye to your tax debt. It will continue to send demands for payment and eventually place you in collections. This means your paycheck, bank accounts, and even your property could be at risk. Before things escalate to that level, ...
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Are You Currently Not Collectible?
Although you should plan on resolving any delinquent tax bill, you may not necessarily have to pay the entire amount at once. In fact, you may not be required to pay anything, depending on your circumstances. There are several items to consider when you receive notice of an IRS debt, beginning with what your letter actually means. Notice of Assessment In the event that you pay too little or simply fail to pay a tax liability, the ...
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What Does The IRS Consider a Financial Hardship?
The IRS considers a financial situation a “hardship” when a taxpayer is unable to meet their 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/or their family’s health and welfare. The IRS has established national standards for five (5) necessary expenses that are derived ...
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Choosing The Right Tax Resolution Company
Hidden among legitimate tax resolution companies are frauds that seem to operate only to scam their clients. Some well-known names such as J.K. Harris and Tax Masters turned out to be scams. In order to enlist an honest, reputable tax resolution company, you will want to do the following: Check the company’s background – The company should have been in service for years, preferably five or more, with a high success rate. Ask about the ...
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Bankruptcy and Tax Debt
If you are in bankruptcy proceedings and have tax debt, you can have your debt discharged under Chapter 7 and Chapter 13 of the bankruptcy code. Income tax debts, however, cannot typically be discharged under Chapter 13. For discharging tax debt, Chapter 7 is often preferred over Chapter 13. Chapter 7 allows full discharge of allowable debts whereas Chapter 13 offers the opportunity to repay part of the debt (some debts are dischargeable). Basic Rules for ...
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Frivolous Tax Arguments
Some taxpayers who are in tax debt try to avoid paying what they owe by using arguments that are not reasonable. A common example of a frivolous tax argument is that you don’t believe in taxes. Such arguments, when presented before the court, do not stand up, and therefore, should be avoided in the first place. The Right to Challenge The IRS Every taxpayer has the right to contest their tax liabilities and challenge the IRS in ...
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Why Your Tax Debt Might be Currently Not Collectible
You may feel a financial strain from day-to-day living from simply not making enough money or being stretched too thin with credit card debts. If you add a tax debt into the mix, it may push your finances to the breaking point. Fortunately, the IRS makes exceptions for those facing financial hardship as a result of having to pay back taxes. Depending on the severity of your circumstances, you may be eligible for Currently Not ...
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What is Penalty Abatement?
Owing tax debt to the IRS is a headache enough. Penalties make resolving a tax debt seem like fighting an uphill battle. A tax debt that might have been paid off with a bonus or an extra job during the holiday season can suddenly seem impossible to ever pay back when the following is added onto them: Failure-to-File Penalties ranging from 5% to 25% of the tax debt of that particular tax return Failure-to-Pay ...
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Innocent Spouse Relief and The IRS
Separation and divorce can be made even more difficult when an IRS debt is involved. Some spouses find out long after a marriage ends that they owe a joint tax debt with their former husband or wife. This shock is often compounded by the number of high-pressure notices they receive from the IRS. Those individuals who are aware of a tax liability during a divorce often try to obtain a judgment from a court regarding ...
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Although I was skeptical, they really came through for me. A large burden has been removed from my shoulder and I can now get on with my life with a smile on my face. The Team was always professional, friendly and knowledgeable. You have made my world a happier place to be.
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