Find out how unpaid tax collection has changed during the COVID-19 pandemic.
One year into the COVID-19 pandemic, and two of the most frequent questions I am asked is “will the IRS levy my bank accounts or wages during a national crisis?” or “why is it taking so long to process [x, y or z]?” As with many questions about how the IRS does things, the answer …
IRS Levy Enforcement Update – After 1 Year of COVID-19 Pandemic Read More »
It seems like yesterday when the IRS suspended bank levies, liens, and wage garnishments at the onset of the COVID-19 pandemic. Now, that honeymoon is over, and the IRS will be as money hungry as ever. On the other side of that coin, there may be no better time than now to take advantage of …
The IRS COVID-19 Honeymoon for Delinquent Taxpayers is Over: Why to Act Now if You Owe Read More »
Many of us racing to get the last roll of toilet paper or bottle of hand-sanitizer (two items that have become a form of black-market currency) so we can weather the recent coronavirus pandemic are probably also wondering how we’re going to make the next mortgage payment, or rent payment. In California, New York, Florida, …
IRS Throws Employers a Lifeline During COVID-19 Crisis Read More »
When an IRS bank levy occurs, banks are required to hold onto your levied funds for 21 days before they can legally release them to the IRS. This 21-day count begins on the day that the bank processes the IRS levy or “freezes” the balance in your account. Perhaps no other action taken by the …
In this blog, I’m going to talk about situations that I truly hope you don’t find yourself in. I’m going to talk about the narrow circumstances under which the IRS can force you in front of a court of law, or even put you in jail. Knowing what kinds of behaviors could trigger the wrath …
Can I Wind Up in Jail or Prison for Unpaid IRS Taxes? Read More »
Benjamin Franklin once said that nothing is certain in this life but death and taxes. I’ll agree that none of us will cheat death. But I may quibble with Mr. Franklin on the issue of whether or not you have to pay all of your taxes. Under the right set of circumstances, full payment of …
Can I Resolve Back Taxes By Qualifying For Currently Not Collectible Status? Read More »
When the Internal Revenue Service created the Offer in Compromise program, the candidates they probably had in mind were those people who were struggling to keep the lights on, feed and clothe themselves and their children, and keep a roof over their heads. The ideal candidate, they most likely surmised, is not a for-profit business. …
Can My Business Settle IRS With Business Offer in Compromise? Read More »
The Internal Revenue Service is one of the largest government agencies in the world. With around 90,000 employees and a budget in the billions, it’s truly an empire within our government, and its rules and regulations are not wholly known by any one single human being. Therefore, as you can imagine, it’s possible that the …
Recently I was engaged in a heated discussion with an IRS Settlement Officer. The subject was an Offer in Compromise (Tax Settlement) I had filed on a client’s behalf. The IRS did not want to approve our Offer because they noticed that my client had been late with a few tax payments during the time …
You have read the Form 656, IRS Offer in Compromise booklet, the rules under the Fresh Start Initiative, and perhaps even hired an attorney or other representative to help you submit your Offer in Compromise to the IRS. You feel you have sent in a complete Offer, with all documentation attached. You feel the IRS should …
IRS Offer in Compromise: Common Challenges to Approval Read More »
Can I be held personally liable for unpaid 941 employer withholding taxes? What can be done to avoid this/protect personal assets/income? If you are an owner, officer, check-signer or decision-maker at a business that is behind on 941 taxes, you are at risk of being personally assessed with a penalty – called the Trust Fund …
Personal Liability for Unpaid Employer Withholding Taxes Read More »
