houston: Houston, TX & Lufkin, TX: IRS Tax Transcripts Matter
- 03/27/19 02:38 PM
The first thing we do when a new IRS Tax representation client in Houston, TX or Lufkin, TX retains our services is call the IRS for a tax transcript. Why is that? Because we need to know how much the client owes, when the tax liablity was assessed and what returns have been filed and/or are missing. And the tax transcripts give us all that information!
The balance due on a client's account determines which route we need to take when seeking to resolve the IRS tax debt. Is the balance over $10,000? Will the or has the IRS filed a NFTL … (0 comments)
houston: Houston, TX: The IRS 10 Year Collection Statute - Why It Is Important
- 03/27/19 02:08 PM
In my practice serving tax clients in Houston, TX and Lufkin, TX representing them before the Internal Revenue Service we often tell our clients about the 10 year collection statute and how it affects our strategy.
So what is the 10 year collection statute? Once the IRS has assessed you with a tax liability they have 10 years to collect your tax debt. In most cases, after that 10 years has expired so has your IRS tax debt.
Now there are actions that can be taken on a client's part that will freeze the statue and prevent it from running. Actions like filing … (0 comments)
houston: Tax Compliance - The Key to Resolving Your Tax Debt Houston, TX
- 01/27/19 04:59 PM
When we represent our Houston, TX clients before the Internal Revenue Service one of the primary concerns of the IRS is that the taxpayer is currently in Tax Compliance. We briefly mentioned Tax Compliance in a previous blog post, but we wanted to expound on this topic because it is a critical element of tax resolution. So what is Tax Compliance, and why is it so important to your IRS case? Tax Compliance means that the taxpayer: Has filed all tax returns for the last 6 years and Is making tax payments for the current year either through sufficient withholding from their paychecks … (1 comments)
houston: Resolving Your IRS Tax Debt Lufkin, TX
- 01/22/19 01:22 PM
Oftentimes in my practice in Lufkin, TX we meet with potential clients who have opted to employ the "ostrich strategy" to resolve their tax debts. They ignore the IRS letters and levy notices until something happens to yank their head out of the sand - like the IRS draining their bank account. The ostrich strategy, however, is not a good tactic to employ when dealing with the IRS (of all governmental entities), and we advise a more proactive approach. There are three key steps to resolving an IRS tax debt - contacting the IRS, getting in compliance and proposing a tax … (1 comments)
houston: How Does IRS Collection Work in Lufkin, Texas?
- 01/22/19 11:27 AM
In my practice we frequently help taxpayers in Lufkin or cities around East Texas who have gotten behind on their federal income tax liability and are in hot water with the Internal Revenue Service (IRS) . If you find yourself in that same situation it's helpful to understand how the IRS collection process works.
After a tax return is filed and processed the IRS will assess the taxpayer for any taxes due. A billing notice (or demand for payments) is mailed to the taxpayer. If the total due is not paid, then a silent federal tax lien arises automatically by law and … (4 comments)
The first thing we do when a new IRS Tax representation client in Houston, TX or Lufkin, TX retains our services is call the IRS for a tax transcript. Why is that? Because we need to know how much the client owes, when the tax liablity was assessed and what returns have been filed and/or are missing. And the tax transcripts give us all that information!
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