To most people, the Internal Revenue Service is a mystery. It collects taxes and can make your life miserable. But beyond that, how the IRS operates is relatively unknown. This is one of the reasons why, when an individual or business owes a significant debt to the IRS, sleepless nights ensue. Yes, dealing with the …
If you or your business had the misfortune of winding up in collections with the Internal Revenue Service, you’ve probably been receiving what might seem like an overwhelming amount of mail from the IRS regarding your tax liability. It is not uncommon for people in this situation to feel a sense of dread every time …
Earlier this year, I received a voice message from a producer for a television show called Moving America Forward, hosted by William Shatner. The message stated that they were interested in speaking with me about possibly appearing on their nationally broadcasted television show. Moving America Forward Interviews Fortress Financial Services I was intrigued to say …
Fortress Financial Services Featured On Moving America Forward Hosted By William Shatner Read More »
You and/or your business have accrued a tax liability and are now receiving increasingly threatening letters from the IRS that indicate that they are going to seize your assets. Many questions arise. Can the IRS actually do this? Will they seize my corporate assets and shut my business down? Will they seize my residence? These …
Will The IRS Seize My Assets, Business Or My Residence? Read More »
When an IRS tax liability goes to collections, it will either be assigned to the IRS Automated Collection System (“ACS”) or to the Collection field function, where a Revenue Officer will be assigned and charged personally with attempting to collect the unpaid tax. Some delinquent accounts will initially be assigned to ACS only to be …
IRS Automated Collection System (“ACS”) vs. Revenue Officer: What’s the Difference? 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 …
On December 4th, 2015 President Barack Obama signed into law the “Fixing America’s Surface Transportation Act” to improve the Nation’s surface transportation infrastructure. Also referred to as the FAST Act, the legislation included a provision which requires the Internal Revenue Service to outsource certain tax debts to private debt collection agencies. The idea behind the …
Congress Instructs IRS To Outsource Collections To Private Companies Read More »
Federal IRS Tax Lien An IRS Tax Lien is a legal claim on your property for the amount owed. An IRS tax lien is also the legal right to collect on the amount owed. An IRS Tax lien starts when a tax is assessed and you don’t pay it. For example, if you file a …
What Is An IRS Tax Lien And How Does It Affect Me? Read More »
So you owe taxes to the state or federal government, then all of the sudden one day your phone rings. It’s a representative from a company stating he is aware you have a tax debt and he wants to sell you a service to resolve your tax liability. You hear him out, accept his offer …
I Am Being Bombarded With Phone Calls From Tax Resolution Companies Read More »
If you’ve accrued a debt to the taxing authorities, your first inclination may be to handle it yourself. If you make that choice, beware that there are a number of frustrations involved in trying to communicate with the taxing authorities. Unless your case has been assigned to a Revenue Officer in the “field,” you will …
How to Choose the Best Tax Professional to Handle Resolving Your Tax Debt Read More »
One of the most frustrating situations my clients confront is the IRS’s addition of large amounts of tax or Civil Penalties to tax periods that ended a long time ago. There can be several reasons for additions to tax or Civil Penalties, but the most common ones I encounter are reporting and reconciliation deficiencies across …
How to Eliminate IRS Civil Penalties And State Withholding Tax Return Discrepancies Read More »
Perhaps no other action taken by the IRS is more disruptive, surprising, and panic-inducing than an IRS levy on your checking or savings account. With one notice sent to your bank, the IRS can seize every penny you’ve got, and apply it toward your tax bill. To make it worse, you may never realize it …
April 15th is right around the corner, and if you expect to owe 1040 income tax, but don’t have the resources with which to pay it, you are in the same boat as many Americans. First of all, don’t panic. Federal officers are not going to show up at your home on April 16th to …
It’s Almost April 15th, and I Can’t Pay My 1040 Tax. What Do I Do? Read More »
A taxpayer who accrues a balance due with the IRS receives a lot of correspondence as the IRS tries to collect on that liability. Some of this correspondence appears threatening, but actually doesn’t have much “bite.” Other correspondence means there could be serious danger up ahead, and may require immediate action. It is, therefore, important …
Understanding IRS Collection Notices and Correspondence Read More »
Answer: Depending upon the specifics of your situation, it may be possible to avoid hundreds, or even thousands, of dollars in penalties simply by “designating” voluntary payments applied toward your tax liability. Keep in mind that payments made in accordance with a formalized installment agreement are not considered voluntary, so you have no right to …
Can I Avoid Additional Tax Penalties by Designating Payments to My IRS Tax Liability? Read More »
Question: Will the IRS garnish my wages or Levy my wages? How can I avoid this? Answer: In order to answer this question effectively, some background and definitions with regards to IRS procedures are warranted. A levy on wages is where the IRS effectively takes a portion of ones wages and applies it to the …
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 »
Any time a taxpayer incurs a balance due to the IRS, the IRS’s first response is almost invariably to demand that the debt be fully paid, immediately. However, in many situations, the taxpayer does not have the ability to fully and immediately pay the tax debt. This inability to quickly resolve the liability can lead …
Will the IRS take your assets or force you to liquidate assets in order to satisfy your IRS back tax liability? The IRS can, with a few limited exemptions, seize your assets to satisfy your IRS back taxes. However, if you have competent legal representation, this should not happen to you unless every other collection …
Will the IRS Seize Assets or Force the Sale of Them? Read More »
