When a tax debtor fails to meet his or her federal tax obligations, the Internal Revenue Service will typically institute collection proceedings intended to satisfy the tax debtor’s obligations by way of a levy, lien, seizure and/or garnishment. In doing so, the IRS’ first step is to actually locate the taxpayer in question as well
Blog
IRS Payment Plans over 50K
When a tax debtor is incapable of meeting his or her tax obligations, alternative mechanisms for satisfying a debtor’s tax obligations must be considered. A number of alternatives exist and have been approved time and again by the IRS, including Offers in Compromise and installment agreements. That said, the availability of these alternatives to paying
IRS Payment Plans for 50K or Less Owed
IRS Payment Plans for 50K or Less When a tax debtor is incapable of meeting his or her tax obligations, alternatives to payment of the full tax liability outright and immediately must be considered. Entering into an installment agreement with the Internal Revenue Service (IRS) is just one of a number of viable options for
IRS Liens Don’t Have to Stop Refinancing
When a tax debtor cannot meet his or her tax obligations, more often than not the result is a Notice of Federal Tax Lien and effectively a lien on the debtor’s assets. If the tax debtor’s principal asset is his or her home, a lien on that home can make it all but impossible to
National and Local Standards
When a tax debtor is unable to meet his or her tax obligations, or more specifically, where the tax debtor’s attempt to meet those obligations would result in an untenable financial situation, the IRS is willing to make alternative arrangements. These arrangements include offers in compromise, whereby the tax liability owed by the tax debtor
Offer in Compromise
In an ideal world, a person will pay their taxes in full, on time, and without breaking the bank. Of course, we don’t live in an ideal world. In reality, many people fall short of this mark, and in such cases there are a range of options available to those that have trouble meeting their
IRS Notices: CP 501, CP 503, CP 504, and CP 504B
When a taxpayer fails to meet his or her tax obligations, a process is initiated beginning with the taxpayer’s receipt of notices from the Internal Revenue Service. Taxpayers can benefit from learning more about these notices, what they mean for the taxpayer, and what a taxpayer can expect following receipt of these notices. IRS Notices
Criteria for Granting Installment Agreements
Where a taxpayer seeks to enter into an installment agreement because he or she cannot meet federal tax obligations, the taxpayer must satisfy a number of criteria in order to be eligible. The process begins with the filing of the formal request for an installment agreement, which is typically done using Form 433-D. Form 433-D
Requirements for Discharging Taxes in Bankruptcy
A debtor will typically file for bankruptcy in order to seek the protection of the bankruptcy laws against debts that cannot be paid in full, and it is not uncommon that such debts will include federal tax debts owed to the Internal Revenue Service (IRS). Typically, federal tax debt is not dischargeable in bankruptcy. That
Cohan Rule
Having become so commonplace in our everyday lives, it almost goes without saying that a taxpayer needs to retain receipts for any expenditures that taxpayer wishes to claim as a deduction. Yet it is equally commonplace that one or two of those receipts will go missing, at which point the question the taxpayer faces is