Let’s talk about the offer-in-compromise for a moment. It’s a program you hear a lot about. You hear the term pennies on the dollar quite often in advertisements for companies wishing to help you settle your IRS debt. They are alluding to the Offer in Compromise. It is a program by the IRS to help tax payers settle their entire … Read More
Owing 941 Payroll Taxes
Question: I own a small business and we were forced to close due to the Pandemic and in order to keep afloat, I did not pay our payroll taxes for a few quarters. How much trouble am I in? Answer: Owing 941 payroll taxes is very different from owing personal income taxes. Not only can the IRS padlock the doors … Read More
Help With Penalties & Interest
Question: I do not have the funds to pay what I owe for my 2019 income tax return. I also was late in filing the return. Not only is the IRS demanding the tax I owe, but they have slapped on these huge amounts for penalties and interest. I had extenuating circumstances that caused all of this. This isn’t fair…what … Read More
Paperwork Needed For Tax Problem Resolution
Question: I’ve finally decided to seek help from a Tax Professional who specializes in Tax Problem Resolution. I want to start getting my paperwork together for the appointment; what will I need to bring with me? Answer: It’s very important to have certain documentation with you for the initial interview. Your tax resolution specialist will need this info to determine … Read More
What is a Notice of Federal Tax Lien (NFTL)?
Question: I received a Notice of Federal Tax Lien via certified mail for unpaid taxes and I’m scared and don’t know what to do. How do I get this situation resolved? Answer: A Notice of Federal Tax Lien (NFTL) is public record and is generally filed with the County Recorder where you reside. It’s a formal notice to all your … Read More
Owing 941 Payroll Taxes
Question: I own a small business and we had to shut down due to the Pandemic and in order to keep afloat, I did not send the IRS my employee’s withholding (941) taxes for a few quarters. How much trouble am I in? Answer: Owing 941 payroll taxes is very different from owing personal income taxes. Not only can the … Read More
Innocent Spouse Relief
Question: I’m currently separated from my spouse, who owns his own business, and we are in the process of getting a divorce. I have always filed jointly with my husband and now the IRS is sending me notices stating I owe $65,000. I have no idea how they are coming up with this amount as my spouse said he was … Read More
Abatement of Penalties
Question: I do not have the funds to pay what I owe for my 2018 income tax return. I also was late in filing the return. Not only is the IRS demanding the tax I owe, but they have slapped on these huge amounts for penalties and interest. I had extenuating circumstances that caused all of this. This isn’t fair…what … Read More
All About IRS Tax Seizures
The final step in the IRS collections process is a seizure. At this point the IRS will take everything you have left to satisfy the debt they believe you owe! What Can the IRS Do? Unlike an IRS levies which involves intangible assets such as your bank account, a seizure is the taking of physical assets, including your home, cars, boats, jewelry, motorcycles, insurance … Read More
Read About Taxpayers with IRS Problems & Find Out How to Solve Them
Timeshare Salesman Now Sharing His Time in Jail Cell A timeshare salesman in Virginia, Gregory Overton Powell, 62, was charged with evading his federal income tax obligations for approximately 13 years. Powell made roughly $300,000 a year between 2006 and 2016, but neglected to file his tax returns on time and made minimal payments towards his tax liabilities. He owed … Read More