Many factors influence how long it takes to completely eliminate your tax debt. The length of your repayment period or settlement plan will depend on the following circumstances: How much tax debt you have and your financial conditions Which tax resolution options you...
Month: March 2019
How to Resolve Your Tax Problems in 2019
If you’re finally ready to resolve your tax problems in 2019, your first step should be to consult a tax resolution attorney. Every situation is unique, depending on your financial situation, how much you owe, which relief strategies you may qualify for, and other...
Filing Tax Returns When You Already Have Tax Debt
You are unlikely to receive a refund check if you already have a significant amount of IRS tax debt. The IRS will generally use the Treasury Offset Program (TOP) to seize your refund money before you ever get to see it. However, there are still many good reasons to...
Tax Law Changes That Could Affect Your Return
The 2019 tax season (for 2018 tax returns) brings several important tax law changes. Whether you’re single or married, an employer or employee, your tax return will almost certainly be different than it was last year. Here are some of the key changes to look for on...
5 Reasons to File Tax Returns on Time
Missing the tax return filing deadline can have serious consequences, whether you are owed a refund or have a balance due. If you haven’t yet filed your tax return this year, consider these five reasons to file your tax return on time. Get Your Refund (Before It...
Options If You Can’t Pay the Balance on Your Tax Return
Entrepreneurs, independent contractors, and other taxpayers may become accustomed to having a balance due when they file their tax returns. Even if you can’t pay your full balance right away, you should still submit your tax return on time to avoid the failure-to-file...
What to Do When You Owe a Balance on Your Tax Return
Although many people associate tax season with getting a nice refund check, some taxpayers do end up owing a balance when they file. A large balance due can put you in a difficult situation, especially if you weren’t expecting it. Double-Check Your Return Once you see...
Foreign Bank Accounts: OVDP and Streamlined Requests
The IRS closed the 2014 Offshore Voluntary Disclosure Program in September of 2018, leaving taxpayers with unreported foreign accounts with fewer disclosure options. In November of 2018, the IRS issued a new framework for resolving offshore voluntary disclosure...
How to Make Sure Your Tax Refund Isn’t Seized
Tax refunds can be seized when you owe back taxes or have other types of debt, such as student loans. You’ll need to talk to the agency responsible for collecting your debt in order to resolve the issue and start getting your tax refund checks again. IRS Tax Debts The...
Why Is Your Tax Return Being Rejected?
Tax return rejections are a frustrating, but fairly common experience. You may be able to correct the mistake that caused the rejection or submit a paper return if you can’t get an acceptance using e-file. Correcting Errors Probably the most common reason returns are...