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Could the IRS Take Your Passport?
Unpaid taxes? Your passport might be at risk. Due to a new law expanding the Internal Revenue Service's power over your passport, there are things that you need to know if you owe the IRS and are planning to travel in the near future. IRC § 7345, enacted under the Fixing America's Surface Tra...
Offer in Compromise: What It Is and How We Can Help
You've just been through a wild ride. You not only had to deal with the IRS, but you got hit with back taxes. You feel like you're up against a wall with nowhere to turn and no way to pay. For some people, this is where an offer in compromise (OIC) comes into the picture. An OIC provides an agree...
Considering Filing a Currently Non-Collectible Status? What You Need to Know and How It Might Help You
You owe taxes to the IRS and you're probably thinking, "What do I do now?" While paying a tax liability in full is the quickest way to get out of tax debt, that is not always a possible choice. This leaves payment settlements that are reached between the taxpayer and the IRS. But what if it's mor...
Don't Live Off Half Your Paycheck! Wage Garnishment Risks and How We Can Help
One of the more aggressive tax collection tactics the IRS employs is wage garnishment. This tactic is a continuous tax levy on wages, salaries, and other income from the accounts of delinquent taxpayers. While the IRS will not generally garnish all of your wages, levies can go anywhere up to 70 perc...
Notice of Federal Tax Liens (NFTL): What It Is and How We Can Help
There may come a time when you, or your business, are unable to pay taxes owed to the Internal Revenue Service (IRS). When this happens, there are a number of ways for the IRS to respond. One of the most common IRS actions is a federal tax lien. An IRS tax lien is filed with local county governme...
What You Need to Know About The IRS 10-Year Statute of Limitations
You've been audited by the Internal Revenue Service (IRS) and it has been determined that you owe money to the government. A lot of money. So, you might be thinking that you're now on the debt hook forever. That, however, is not exactly the case. Though not widely shared by the IRS, each IRS audi...
Eliminating Tax Debts in Bankruptcy and How to Determine if It’s Right For You
There is a common misconception among those who owe significant back tax debt that income taxes are never dischargeable in bankruptcy. But that's not entirely true. In fact, certain back federal, state, and local income taxes can be discharged in Chapter 7, Chapter 13, and Chapter 11 bankruptcy. ...
What Are Your Chances? IRS Offer in Compromise Statistics
If you're struggling under tax debt, there are several options to achieve a clean slate with the government, one of which involves entering into an offer of compromise (OIC) with the Internal Revenue Service (IRS). Though a great option under the advisement and guidance of tax relief professionals, ...
What is Unsecured vs. Secured Debt?
If you think that all debt is the same, think again. The two main categories of debt – secured and unsecured – can impact you in different ways. Secured Debt Secured debt is tied to a specific asset that is used as collateral for the debt. If you fall behind on payments for this type of debt, ...
What's the Difference Between a CPA, Enrolled Agent, and Tax Practitioner?
When looking for expert help in handling your taxes, it can get pretty confusing trying to navigate all of the tax professionals out there. From certified public accountants (CPA) to enrolled agents, similarities in the tax practitioner profession can further alter that first step in dist...
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