back tax debt: Mount Laurel, NJ: Understanding the IRS Collection Process
- 01/24/24 04:47 PM
In Mount Laurel, NJ dealing with the IRS collection process can be frightening, but understanding it is crucial to resolving back tax debts effectively. Notice of Back Tax Debt: The process begins when the IRS sends a notice, detailing your tax debt and demanding payment from you. This is your cue to either pay the amount or explore other options if you're unable to pay in full. The clock is ticking: It's imperative to respond promptly. Ignoring the notice from the IRS can lead to added penalties and interest, increase your back tax debt. Keep in mind the IRS Payment Options: The IRS offers … (0 comments)
back tax debt: Mount Laurel, NJ: The IRS Statutory Lien
- 01/07/24 02:20 PM
Imagine opening your mailbox to find a notice from the IRS, declaring a lien on your assets. That's an IRS statutory lien, and it's something every taxpayer should be aware of. The Lifecycle of an IRS Lien: From Assessment to Resolution An IRS statutory lien is not a piece of paper but a legal claim against your property. It kicks in the moment you fail to pay your tax debt post the IRS's Notice and Demand for Payment. What does it cover? Practically everything: your house, car, bank accounts, and even future assets acquired while the lien is in place. Proactive Measures to Avoid … (1 comments)
back tax debt: The Problem with Giving a Bad Check for Payroll Tax
- 07/25/23 08:03 AM
As a non-filer, payroll tax can seem like an overwhelming and confusing topic. However, it is important to understand the consequences of giving a bad check towards payroll tax. The repercussions can not only be harsh but also have long-lasting effects. Whether it is due to financial hardship or simple oversight. It is essential to understand that the IRS takes tax evasion seriously. If your bad check bounces for your payroll tax, it is considered tax evasion, and the IRS will take this as a personal offense. The payroll tax is fundamental to the functioning of a business, supporting Medicare and Social … (1 comments)
back tax debt: Understanding the IRS Penalty When You Receive an IRS Notice in Mount Laurel, NJ
- 07/03/23 07:10 AM
Receiving a notice from the IRS can be a nerve-racking experience. It's never good news when you see that infamous letterhead in your mailbox. For non-filers, it's even scarier because it can come with a penalty. The IRS penalty can be steep, making it essential for you to understand how it works. What is an IRS penalty, and how does it work? When you owe the IRS money, you need to pay it back with interest. If you neglect to do so, the IRS adds a penalty for non-payment, which supplements the interest. The penalty is a percentage of the tax you owe … (1 comments)
back tax debt: How to Successfully Negotiate an IRS Payment Plan in Mount Laurel, NJ
- 06/26/23 07:32 AM
The mere thought of owing money to the IRS can send shivers down the spine of many Americans. Unfortunately, if you haven't been able to pay your taxes in full, the chances are that you could owe the IRS thousands of dollars that you simply cannot afford to pay back in one lump sum. Rather than risk facing steep penalties for late payment, negotiating an IRS payment plan in Mount Laurel, NJ, is key. If you're a non-filer worried about negotiating with the IRS, don't fret. 1. Contact the IRS One of the most significant mistakes taxpayers make is ignoring the IRS collection … (4 comments)
back tax debt: The Reality of Effective Tax Administration OIC in Mount Laurel, NJ
- 05/14/23 10:58 AM
Taxes can be incredibly intimidating and complicated for most taxpayers. It can be extremely frustrating and exhausting to deal with unending tax-related issues, especially when one finds themselves in a situation where they can’t afford to pay their back taxes in Mount Laurel, NJ. The IRS allows taxpayers to offer a solution by providing an Offer in Compromise (OIC) program. However, one of the OIC possibilities is known to taxpayers as the Effective Tax Administration (ETA) OIC, and it can be scarier than you can ever imagine. ETA OIC is one of the OIC programs offered by the IRS to help taxpayers … (0 comments)
back tax debt: Mount Laurel, NJ: Take Care of Back Taxes Sooner than Later
- 12/19/22 09:24 AM
Take Care of the back tax debt problem Sooner Rather than Later In Mount Laurel, NJ we often think we have a lot of time when it comes to our taxes; guess what? We do not. Time is of the essence when you owe money to the IRS. Once those back taxes are assessed, the clock is ticking, and every day that passes will mean higher penalties, and compounding interest. If you want to put your tax debt behind you once and for all, you will want to act fast. The sooner you can take your financial life back. To help ease the stress from … (0 comments)
back tax debt: Mount Laurel, NJ: Challenging IRS Tax Debt - It's Not Over Until It' over!
- 11/15/22 12:35 PM
At OnPoint Resolution, the focus of our practice is solving IRS back tax issue. In Mount Laurel, NJ taxpayers come to our office with a federal or state tax debt they do not believe they owe to the IRS or the state. There are many opportunities to challenge a federal tax debt with the IRS or state, even after the opportunity to appeal has come and gone. Challenging tax debt include: Filling a timely appeal with the IRS within 30 days after the proposed assessment. Filing a protest with the United States Tax Court within 90 days after the Notice of Deficiency is … (0 comments)
back tax debt: Mount Laurel, NJ: Next Step After Receiving IRS Levy Notice!!
- 11/01/22 11:57 AM
What Is The First Step You Do When You Receive a Levy Notice From the IRS? Next Steps In Mount Laurel, NJ the next step you will want to do is gather all of your financial documents and call our firm at 973.840.7350. We will help put together your case to the IRS and represent you to let them know that a levy will cause hardship for you and your family. We will need documented evidence that they levy will cause financial hardship for you, and if you can prove this, the IRS will release the levy. However, this is just putting a … (0 comments)
back tax debt: Mount Laurel, NJ: What To Do If You Receive an IRS Levy Notice ?
- 11/01/22 08:49 AM
In Mount Laurel, NJ the IRS is not one to mess around with when it comes time for repayment. They are the least forgiving creditor when it comes to collecting what they think is owed to them. The IRS will seize assets including bank accounts and property such as wages or real estate. Contact a Tax Relief Firm The IRS is know for tricking taxpayers into giving incrimination answers. You should not represent yourself as you may end up in more trouble. Find someone who knows how to help! Finding a reputable tax resolution specialist is your best option since the average tax … (0 comments)
back tax debt: Mount Laurel, NJ: Which Documents Do You Need When It Comes Tax Debt
- 10/01/22 12:38 PM
In Mount Laurel, New Jersey a taxpayer asked an IRS question when it came to their back tax debt. Question: The IRS is hounding me for $67,263 and will not leave me alone, so I have finally decided to seek help from a Tax Resolution Professional who specializes in IRS problems. I want to start getting my paperwork together for the appointment. What will I need to bring with me? Answer: It is very important to have certain documentation with you for the initial interview with your tax resolution professional. Your tax resolution professional will need this information to protect your income and … (0 comments)
back tax debt: Mount Laurel, NJ: IRS Collection Alternatives
- 09/26/22 06:52 AM
OnPoint Resolution at Mount Laurel, New Jersey have helped many clients through their back tax issues. How you might ask? Well, there are three main collection alternatives to resolve a back tax debt: Installment Agreement:An installment agreement is an agreement to pay the taxes back over time. There are three variations of the installment agreement: Regular, Streamlined, and Partial-Pay. Which type of agreement works best for you will depend upon your personal circumstances and is something we can help you address when you are ready. Uncollectable Status: Uncollectable status is when the IRS determines that you are unable to make current tax … (0 comments)
back tax debt: Mount Laurel, NJ: Do You Have Unfiled Tax Returns? Here’s What To Do.
- 09/19/22 07:37 AM
As I represent taxpayers in Mount Laurel and the rest of New Jersey, we have noticed the IRS is always on the lookout for taxpayer’s who haven’t filed legally required income, payroll tax returns or other information tax returns. If you have unfiled tax returns, it’s only a matter of time before they find out and demand the return and their money with penalties and interest! When it gets to a point where the IRS contacts you, the amount they claim you owe will be far greater than the amount you actually owe if you haven’t filed. You don’t want this … (0 comments)
back tax debt: Mount Laurel, NJ: which IRS Offer In Compromise Program?
- 08/17/22 01:24 AM
When I represent taxpayers in Mount Laurel and the rest of New Jersey, one of the IRS program taxpayers always ask me about is Offer in Compromise, OIC. What is the IRS program called offer in Compromise, OIC? The Offer in Compromise program allows a taxpayers to settle their IRS back tax debt for less than the amount owed under certain circumstances. For a taxpayer to obtain an Offer in Compromise, the taxpayer must be in tax compliance, meaning at least the last 6 years of their tax returns must be on file, and they must be making their current tax payments. What are … (1 comments)
back tax debt: Mount Laurel, NJ: Why You May Need to File an Amended Return
- 08/08/22 05:50 AM
At OnPoint Resolution, we represent taxpayers in Mount Laurel and the rest of New Jersey. Taxpayers look forward to tax filing season. Unless you are an accountant who loves tax season, you probably dread this time of year, and you are happy when your return is in and your refund is on the way or your tax debt is all paid off. At your tax preparer's office, when you sign your tax return and send it in to IRS, you may think that tax year filing season is finally over, and that the IRS will not be bugging you for another year. … (1 comments)
back tax debt: Mount Laurel, NJ: You Got a Tax Bill But You Know You Don’t Owe
- 08/08/22 05:24 AM
I represent taxpayers in Mount Laurel and the rest of New Jersey, NJ. This can be tricky and it’s best to have representation from a tax resolution firm like ours. If the IRS is sending you notice letters claiming you owe money, but you’re certain you don’t owe, then filing an amended return can sometimes do the trick. Another thing to note is that the IRS makes mistakes. So having an IRS Relief firm like ours on your side can help clear these mistakes and settle your tax debt. OWE BACK TAXES? OnPoint Resolution specializes in tax problem resolution. We serve clients virtually so fell … (1 comments)
back tax debt: Mount Laurel, NJ: When it comes to IRS, Do It Yourself Won't Do It
- 08/02/22 11:09 AM
3 Instances, when hiring a tax relief professional is the only way to go. When it comes to your money, there’s only one person that truly has your best interests at heart - and that person is looking back at you in the mirror. Handling your own finances and making your own decisions can give you peace of mind and help you avoid a costly mistake.
There is a lot to be said for the do-it-yourself approach to your money, yet the go it alone path does have its limitations, especially when it comes to the IRS and back taxes.
#1 You Just Received … (0 comments)
back tax debt: Mount Laurel, NJ: What is Tax Compliance and Why Is It Important?
- 06/20/22 08:50 AM
Most of my time is spent resolving taxpayer issues with the IRS in Mount Laurel and the rest of New Jersey. Most taxpayers wants to focus on making massive back tax debt go away for less than they owe, it actually all begins with Tax Compliance. You maybe asking yourself, what is Tax Compliance....that is a very good question! Tax Compliance means that you the taxpayer has filed all tax returns due and owing as of today (I am writing this for you non-filers!), defined as the last six years, and you are making your current tax period payments. So as I'm writing … (0 comments)
back tax debt: Mount Laurel, NJ: Avoiding a Levy
- 06/13/22 08:30 AM
Understanding IRS notices can be very challenging for taxpayer, which is one of the reasons why it's left un-opened. Not a good idea? Ignoring IRS as everything is quit is not the answer. I represent taxpayer in Mount Laurel and the rest of New Jersey. One of the IRS notices can say " Final Balance Due Reminder- Notice of Intent to Seize (Levy) Your Property or Right to Property. As a taxpayer, this is the opportunity to make things right. Remember John when he called me 2 weeks ago about his back tax debt issue when his bank account was levied? What did the … (0 comments)
back tax debt: Is it Bad to Settle With the IRS?
- 06/08/22 07:16 AM
As a local expert Tax Resolution Firm ourselves serving Mount Laurel and the rest of New Jersey, we encourage all readers facing a back tax debt to contact us for a consultation. It is important to know who to trust and get educated on what your options are to resolve your tax debt problem. You may have heard on the radio and online, that you can settle your tax bill for less than what you owe. But are these claims actually true? And can you really settle your tax debt without hurting yourself in the long run? The truth is that though it’s often … (3 comments)
In Mount Laurel, NJ dealing with the IRS collection process can be frightening, but understanding it is crucial to resolving back tax debts effectively.
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