By law, the IRS may attempt to collect taxes up to 10 years from the date of their assessment. During these ten years, many things may occur as the IRS tries to collect while a taxpayer tries to pay or find some other solution. Taxpayers are not without rights in this...
When You Have Serious Tax Issues, You Need Someone Who Knows Tax Law
Atlanta Tax Attorney
REASONS THE IRS WILL LEVY PROPERTY
There is not much more the Internal Revenue Service can do to unnerve a taxpayer than levy his or her property. A levy by the IRS permits it to legally seize the property of a taxpayer to satisfy a tax debt. The IRS may use a levy to garnish wages, take money in a...
USING AN INSTALLMENT AGREEMENT TO REPAY TAXES
Taxpayers who fail to file a tax return or fail to pay taxes by the deadline are subject, by law, to penalties assessed by the IRS. Taxes unpaid by the original filing due date are subject to interest and a monthly late payment penalty. The failure to file a tax...
WHAT HAPPENS DURING THE OFFER IN COMPROMISE PROCESS?
Once a taxpayer successfully submits an Offer in Compromise (OIC) application to the IRS, certain events occur as the IRS considers whether to accept the OIC. Offer in compromise applications typically require specific IRS forms and substantial paperwork to document...
APPLYING FOR AN OFFER-IN-COMPROMISE
The IRS will settle unpaid tax debt with taxpayers for less than the full amount owed through an agreement known as an Offer in Compromise (OIC). Thus, an offer in compromise may be a realistic option for taxpayers hoping to resolve a tax balance due. Taxpayers who...
CONGRESS AND IRS IMPLEMENT HISTORIC CHANGES TO ASSIST TAXPAYERS
As Congress has enacted legislative measures to address the economic impact of COVID-19, the Internal Revenue Service has established procedures to assist taxpayers. In addition to compliance activities and examinations, the IRS encourages taxpayers to respond to any...
THE CARES ACT MAKES SIGNIFICANT CHANGES TO SBA LOANS
With the enactment of the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act, Congress appropriated $350 billion for Small Business Administration (SBA) Paycheck Protection Loans of up to $10 million to small businesses impacted by COVID-19. The Act...