IRS Tax Levy Vs. Lien
August 30, 2023
Both the International Revenue Service (IRS) and state tax agencies use levies and liens when taxes are unpaid. Both Levies and Liens are unpleasant to deal with. Ideally the tax debt should be dealt with before a tax levy or lien is in effect. What is the difference between a Levy and a Lien? Both…
Why Do I Owe Taxes This Year? 6 Common Reasons
August 28, 2023
Why Do I Owe Taxes This Year? 6 Common Reasons Taxes can be confusing and overwhelming, especially when you discover you owe money to the IRS. If you’re wondering why do I owe taxes this year, you’re not alone. Many people face unexpected tax bills because of changes in income, withholding errors, or other common…
Has An IRS Levy Caused You Economic Hardship?
August 23, 2023
When you owe back taxes, the Internal Revenue Service may place a levy on your wages or bank account. This can put those who were already facing financial hardship in a worse situation. The IRS does have the authority to garnish wages and place liens and levies on property but if it causes you a…
Understanding Tax Settlement: The Offer In Compromise
August 18, 2023
Tax settlement is also known as an Offer in Compromise (OIC). It is a tax relief resolution that is offered by the Internal Revenue Service (IRS) and State revenue services to taxpayers who are unable to pay their full tax debt. It is a formal agreement between the taxpayer and the IRS or state that…
Navigating The Financial And Legal Challenges Of Not Filing Taxes Or Filing Late
August 15, 2023
Meeting tax obligations is a responsibility for both individuals and businesses. However, situations can arise that cause delays or lapses in filing. Missing the deadline can trigger financial and legal repercussions that deeply impact your financial stability. The IRS takes action to enforce compliance when taxes go unfiled. Late Filing Penalties and Interest Accumulation: When…