Tax problems are a common issue for small business owners. While you’re spending so much effort trying to grow your business and increase profits, it’s easy to fall behind on tax payments, payroll taxes, or filing your tax returns. Watch out for these common tax...
Month: November 2019
WHAT TO DO IF YOU TAX REFUND IS SEIZED
Some people count on their tax refund checks to make major purchases or catch up on debt payments. When their tax refund is seized, this can create severe financial problems. Find Out Why the Tax Refund Was Offset Refund offsets can occur due to many types of debt. It...
HOW LONG DOES CURRENTLY NOT COLLECTIBLE STATUS LAST?
Currently Not Collectible (CNC) status gives a taxpayer a reprieve from many types of IRS collection activity. Once your CNC status is approved, you won’t have to worry about IRS levies or wage garnishments, at least temporarily. Benefits of Currently Not Collectible...
HOW TO FIND OUT YOUR IRS TAX DEBT BALANCE
It’s important to know how much you owe the IRS when you have tax debt problems. You may have balances from several tax years, and the balance owed may increase every month due to penalties and interest. There are several ways to find out how much you owe. The easiest...
HOW LONG SHOULD YOU WORRY ABOUT UNFILED TAX RETURNS?
The IRS has an unlimited amount of time to assess tax for a period where no return was filed. Technically, you should keep your records forever for any tax year where you did not file a return, but in practice the IRS doesn’t commonly go back more than six years when...
HOW TO REQUEST A REVERSAL OF IRS PASSPORT ACTIONS
IRS passport actions are a relatively new enforced collection tactic used by the IRS. If you have delinquent tax debt and meet certain other conditions, the IRS can inform the State Department of your tax debt problems, resulting in a passport revocation or a denial...
IRS WAIVES 2018 ESTIMATED TAX PENALTY FOR ALL QUALIFYING TAXPAYERS
The IRS has granted an automatic estimated tax penalty waiver to more than 400,000 eligible taxpayers. This penalty relief is being provided as a response to the widespread tax underpayment caused by changes made under the Tax Cuts and Jobs Act (TCJA). Who Qualifies...
CAN YOU NEGOTIATE TAX PENALTIES?
Tax penalties may be negotiated, reduced, or even totally eliminated in some cases. There are a number of IRS programs that can be used when you have significant tax penalties and want some kind of relief. Reasonable Cause Penalty Relief If you missed a tax filing or...
WHAT TO DO IF THE IRS IS GARNISHING YOUR WAGES
Before the IRS garnishes your wages, you should receive a notice in the mail. The Notice of Intent to Levy should inform you of your right to request a hearing. It’s critical that you react quickly if you receive this notice because it is your last chance to stop the...
CAN YOU GET RID OF TAX DEBT IN BANKRUPTCY?
It is possible to have some tax debts discharged in bankruptcy. However, not all tax debts can be discharged, so you should discuss these issues with a bankruptcy attorney and a tax attorney prior to filing bankruptcy. Bankruptcy and Tax Debt The automatic stay in...