irs: 8 Common IRS Tactics You Need to Know - 01/16/24 03:49 PM
The IRS is known for its formidable reputation when it comes to collecting taxes and pursuing non-compliant taxpayers.
However, there are common misconceptions about the extent of their powers and the severity of the tactics they can pose.
In this article, we'll shed light on some common IRS tactics and what the IRS can actually do, providing valuable insights from a tax relief professional's perspective.
If you have dealt with any of the common tactics listed below, contact our office today at (860) 580-5183 for a free, no-obligation consultation to review your options.
 
Tactic #1: Seizing Your Home or Assets
One of the most … (0 comments)

irs: Everything You Need To Know About Back Tax Relief... - 01/16/24 03:25 PM
Back tax relief is a lifeline for individuals and businesses burdened by unpaid or delinquent taxes.
As tax relief professionals, we understand that navigating the IRS maze of complexities of back taxes can be overwhelming.
In this article, we'll provide an in-depth perspective on what back tax relief is, its significance, and how it can transform your financial outlook. Contact our office today at 860-580-5183 to understand how exactly back tax relief pertains to your situation.
 
What Are Back Taxes?
Back taxes, sometimes referred to as delinquent taxes or tax arrears, are taxes that have not been paid by the due date.
They … (0 comments)

irs: Gig Workers on the Radar: How on Demand Workers Can Reduce Their IRS Audit Risk - 09/07/23 11:40 AM
The gig economy has been around a lot longer than the term, which was coined in 1915, according to some sources. While the gig economy has been growing for decades, the pandemic saw a boom in the number of traditional 9-5ers shifting to self-employment and business ownership.
The IRS has noticed the shift to gig work, freelancing and self-employment, and their auditors and agents are increasingly focusing on those brand-new small business owners. Taxpayers, holding a traditional job that issues a W-2, have less than a 1% chance of getting a notice from the IRS; the audit rate is on the … (1 comments)

irs: Avoid Tax Troubles: How Amended Tax Returns Can Save Your Day - 07/13/23 08:30 AM
Filing your tax return accurately is crucial to avoid unnecessary tax troubles. However, it's not uncommon to discover errors or overlooked information after you've already filed. Fortunately, the Internal Revenue Service (IRS) allows taxpayers to amend their returns using Form 1040X.
In this blog post, we'll explore how amended tax returns work, the importance of seeking professional assistance, and how our firm can help you navigate the complex world of tax resolution.
 
Uncovering Missed Income and Deductions:
Sometimes, taxpayers file their returns only to realize later that they omitted certain sources of income, such as earnings from temporary jobs or side gigs. This oversight … (1 comments)

irs: Important Factors to Consider When Choosing a Tax Resolution Firm - 06/19/23 02:35 PM
  Nobody wants to find themselves at odds with the IRS, yet countless taxpayers face this situation every year. With increasing enforcement efforts by the IRS, more individuals are receiving notices and communications from the agency, and you could be one of them.
      If you receive a notice from the IRS stating an amount you cannot afford to pay, it is crucial to take swift action. While the temptation to do nothing or ignore the situation may arise, each passing day only worsens an already challenging predicament. The good news is that you may not have to pay … (0 comments)

irs: IRS Offers Several Ways to Pay Off Delinquent Tax Debt - 02/22/23 11:00 AM
 
It's no secret that millions of taxpayers struggle to pay their taxes. The IRS is unyielding when it comes to collecting money, they think is theirs, so if you're facing back taxes owed the federal government highly advises seeking assistance as soon as possible before they resort to aggressive measures like taking money out of your bank accounts and seizing wages or property.
The IRS offers several different payment plans to help taxpayers pay off their tax debt. These plans include:
Guaranteed Installment Agreement: This plan is available to taxpayers who owe $10,000 or less in taxes. The taxpayer must agree to … (0 comments)

irs: How to Avoid an Expensive Tax Bill… & What to Do If You Receive One - 01/06/23 01:22 PM
Tax season can be a time of great anticipation for millions of Americans with dreams of a nice, big, refund check coming soon. Yet this year, many Americans may find themselves surprised and coming up short on their refunds.
Many taxpayers have been shocked to find that this year, instead of a big tax refund check arriving in the mail, they are being saddled with an unexpected bill from Uncle Sam. The combination of recent tax law changes and updated employer withholding tables has left individuals scrambling to figure out how to pay for their new IRS obligations due at filing time.
If … (0 comments)

irs: What is a Federal Tax Lien Notice & What Should You Do - 01/04/23 02:16 PM
Ignoring your obligation to pay taxes can lead the federal government to conduct severe legal action against all your existing assets, current and future income, and assets you acquire in the future; this form of punishment is called a federal tax lien.
If you have received a certified letter indicating that the federal government has placed an unwelcome Federal 'tax lien' on your assets, this article can provide insights into what it means and how to remedy the issue.
 
What is a Federal Tax Lien?
When a taxpayer falls behind on their federal taxes, they are at risk of having an official public notification … (0 comments)

irs: What to Do if You Owe Back Taxes - 12/08/22 10:47 AM
Paying taxes is a fact of life, but when the amount is excessive, you may not have the funds to pay in full. Making a mistake on your taxes can be costly as well, and if you plug in the wrong numbers, the IRS will surely come calling.
Whether you owe money to the IRS due to an innocent oversight, a lack of funds, or something else, ignoring the problem will not make it go away.
Once you owe money to the IRS, the clock is ticking, and all the while penalties and compounded interest will be piling up. So, what should you … (0 comments)

irs: Filing Taxes When You Owe Money: What to Do and What You Need to Know - 12/08/22 10:43 AM
The tax-filing deadline will be here before you know it and pretty soon, you’ll be gathering up your receipts and plugging in numbers. I know you’re hoping for good news, and praying for a big refund in the process.
If all goes well you won’t owe anything and you might even be getting back a nice refund. But, what should you do if you owe money? If you know you owe money to the IRS, you might be tempted to not file a return, but that is the worst thing you can do!
If you fail to file on time, the IRS will … (1 comments)

irs: The 2022 Inflation Reduction Act: How Will It Impact You If You Owe Money to the IRS - 10/04/22 02:25 PM
Working with the IRS has never been easy, and tax settlement agreements are always complicated affairs. If you are currently working to pay off your tax debt, you may wonder what the recently passed 'Inflation Reduction Act of 2022' has in store for you.
 
There has been a lot of back and forth about the Inflation Reduction Act and what it means to you. While the details of the agreement are still up in the air, there are a few concrete details you need to know about how this act could impact you as an American citizen. Here are some essential things … (2 comments)

irs: What to Do If You Receive a Collection Letter from the IRS - 10/04/22 01:12 PM
  You open your mailbox, expecting the usual mix of bills and catalogs, but what you find is a collection letter from the IRS. It’s a living nightmare that you can’t wake up from.     Even worse, that letter includes a demand for payment, which is the last thing you need to deal with. So, what do you do now? The steps you take could make all the difference, and here are some key things to do next.   Take a Deep Breathe It is easy to panic when you get a notice from the IRS but getting scared will … (2 comments)

irs: 5 Critical Reasons to Hire a Tax Resolution Professional - 09/06/22 08:59 AM
Dealing with tax issues can often be a challenging, and even overwhelming for many people. Choosing to work with a tax resolution professional is often a great choice if you are dealing with the IRS. Tax relief specialists can guide you throughout the entire process to help you avoid making costly mistakes. You will also have much less stress knowing that an experienced professional is working hard on your behalf.
 
The IRS is no stranger to audits, and it can be a stressful process. If you've received a notice from them, don't panic! There are many things that could help relieve the … (2 comments)

irs: Do You Have Unfiled Tax Returns? Here’s What To Do. - 09/06/22 08:42 AM
Filing your taxes is never a fun thing to do, but if you don't file them at all then the IRS will come calling. They have unbridled power to file a return on your behalf in their, not your, best interest.
They have powerful collection tools and an unforgiving nature that makes this one of the worst mistakes anyone could make. Getting on their bad side isn’t easy; having years’ worth of unfiled returns only adds fuel to the fire!
The IRS is always on the lookout for taxpayer’s who haven’t filed legally required income or payroll tax returns. If you have unfiled … (2 comments)

irs: Small Business Owners: Owe Payroll Taxes? Here’s What to Do. - 07/11/22 10:31 AM
Unpaid payroll taxes are a serious matter to the IRS and are some of the worst kinds of back taxes you can owe. If you’re a small business owner with a payroll tax problem, read on to learn what you can do to avoid the IRS crippling your business or worse, shut your business down completely.
Already in payroll tax trouble? Contact us to schedule a free, no-obligation consultation and let’s get your payroll tax issue resolved.
Why Small Business Owners Get into Payroll Tax Trouble in The First Place
It’s hard being a small business owner today, trying to pay your … (1 comments)

irs: Do You Owe Money to the IRS? Possible Tax Resolution Strategies to Set Your Mind at Ease - 07/08/22 09:50 AM
Even for honest taxpayers, the IRS can be extremely frightening. Unlike most other government agencies, the IRS has unbridled power to attack your wages, freeze your bank account and even confiscate your property, and that is enough to send a chill up the spine of any taxpayer.
If you receive a letter from the IRS saying that you owe additional taxes, it is important not to panic. It may be a frightening situation, but there are things you can do to settle your tax debt and get back on the good side of the IRS. Taxpayers do have options when resolving tax … (2 comments)

irs: Don't Have the money to pay your taxes? You have options. - 06/21/22 11:00 AM
If you don't have money to pay what you owe the IRS, you have a few options to work with. Whatever you do, don’t ignore the letters from the IRS and don’t let your back tax problem go unattended. The IRS has a great deal of power when it comes to recovering money, they think is theirs.   When you owe the IRS money, they can garnish your wages, levy your bank accounts, put a lien on your home and seize other assets.   Here's what you can do if you find yourself not being able to pay your taxes. Note, … (2 comments)

irs: 7 Reasons to Work with a Tax Resolution Professional to Resolve Your Back Taxes - 05/19/22 11:43 AM
When you owe money to the IRS, it is hard to think about anything else. While being in debt is never fun, no matter who the creditor is, the IRS enjoys almost unlimited power to collect the money they are due.
Unlike your mortgage lender or credit card company, the Internal Revenue Service has the power to attach your wages, raid your bank account and even take your freedom. No other creditor even comes close in terms of its power and influence and taking on the agency on your own could be asking for trouble.
 If you have received a notice from the … (2 comments)

irs: Tax Relief Options for Small Business Owners - 02/18/22 12:02 PM
If you are running a small business, you have an unwanted, not so silent partner that will dig into your pocket every year: the IRS.
The IRS wants to know what you are doing, how much you are earning and most importantly how much you are paying in taxes. And the tax agency is becoming increasingly aggressive in this regard. While the audit rate for individual returns has been hovering at far less than 1%, the audit rate for small businesses can be as much as 10 times higher.
The IRS is watching what you do, and if they think you are not … (1 comments)

irs: Avoid the April 15 Blues - Take a Step-by-Step Approach to your Taxes - 02/16/22 11:26 AM
So many of us dread the April 15 tax filing deadline. The U.S. tax code contains more words than the Bible and hundreds of pages of new rules and regulations are often added. With so much complexity, it is no wonder so many of us put off filing our taxes until the last possible minute, but taking that approach introduces its own stresses and can potentially land you in hot water with the IRS.   What if you do not get it done on time? You can file for an extension, but you are still required to pay the taxes you … (1 comments)