Taxpayers can seek the Currently Not Collectible (CNC) or Hardship Status when their financial condition leaves them with no money available to pay back taxes. Qualifying taxpayers can often can delay IRS collection action for up to 18 to 24 months […]
One of the most powerful collection tools the IRS uses is the wage garnishment. Wage garnishments are usually applied where the taxpayer has not been responsive to previous collection procedures. Garnishments can happen suddenly and sometimes leave you without enough […]
Companies using QuickBooks, Peachtree or other popular accounting software have greater risk in IRS audits, or IRS examinations than ever before. Previous IRS Examination Procedures Previous to new IRS procedures, IRS examinations of Company records would generally be limited to […]
The Internal Revenue Service (IRS) has recently begun a 3-year National Research Program to randomly select and intensely audit approximately 6,000 companies to focus on employment tax issues to include review of independent contractor status, executive compensation, fringe benefits and […]
The Internal Revenue Service continues to ramp up the number of tax liens and levies it files against taxpayers, despite a high number of Americans who are unable to pay their taxes. The government agency filed liens against 1.1 million […]
What Are the Effects of A Federal Tax Lien? When the IRS files a Federal Tax Lien, it makes a claim to a taxpayer’s property as security or payment for a tax debt. As this notice becomes public record, it […]
If you owe back taxes to the IRS, the IRS often files a tax lien against you to help secure their interest. This may happen regardless of any IRS negotiated settlement such as an installment agreement, offer in compromise or […]
You’re now almost four times as likely to conduct your tax audit by mail, as you are to sit down with the tax man. More than 1.6 million Americans who were slapped with audits last year, 78% dealt with correspondence […]
Al Pacino ” The Godfather”, movie-star of Scarface and Scent of a Woman (just to name a few of my favorites), is currently being muscled by the Internal Revenue Service to pay up. Allegedly, a $189 thousand tax lien has been […]
In bad economic times, few of us have any extra cash laying around after we pay our monthly living expenses. If you can’t pay yourtax debt and can prove it – the IRS will stop attempting to collect the debt from […]
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