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Disagreeing with a government office over a tax assessment can feel like a David and Goliath scenario that is impossible to overcome. Taking a structured approach to the situation can help you plan your next steps and rationally address the issue. Here is a guide to...
People who owe taxes have to deal with collection efforts made by the government. This often starts with demand letters and similar measures, but those efforts can increase to tax liens and levies if the debts remain unpaid. Tax liens and levies operate in different...
People who owe the Internal Revenue Service (IRS) often want to find ways that they can take care of the debt they owe. There are several options for this, so it’s critical that they understand the specifics of each one to ensure they choose the best option for their...
Substantiation refers to the documentation required to support claims for deductions and/or credits on your tax returns – and it’s a critical aspect of tax compliance that can lead to major disputes between the taxpayer and tax authorities. The IRS (and other tax...
Millions of Americans are currently struggling financially, and the reality is that anyone can fall behind on taxes. Facing tax debts can be overwhelming, which is why the IRS has a system known as “offer in compromise”. This allows qualifying debtors to pay a...
As a United States taxpayer, you may sometimes find yourself lagging behind on your tax payments, which can result in significant penalties and interest charges. Fortunately, the IRS offers several tax installment agreements to help you pay your tax debt over time....
The Internal Revenue Service (IRS) will send you a CP501 notice if you have any unpaid taxes. A CP501 is typically the first reminder that you have unpaid taxes. Following a CP501, the IRS may send a CP502. If you receive a CP502, it is important to respond quickly...
If you have a balance due on a tax account, which means you owe the Internal Revenue Service (IRS) money, the department will mail you a CP501 notice. When you receive this notice, you need to act quickly, as the wrong moves can lead to additional interest and...
In some cases, the IRS will allow people to use an installment agreement, rather than paying the taxes that they owe. This type of payment plan essentially sets up a schedule so that the person pays off the debt over time. Someone may not have enough money to pay...
A notice of intent to levy is a formal notification from the Internal Revenue Service (IRS) informing you of their intent to seize your property or assets to satisfy a tax debt. Some of your assets that could be seized include your wages, bank accounts, vehicles and...