If you have had the misfortune of experiencing an IRS levy then you have experienced the feeling of dread when looking at your bank account’s zero balance and no way to pay that month’s bills. You may also know how hard it can be to get a levy released. Below are top five basic strategies …
It’s Not Easy Going Green: How Tax Blues Plague The Budding Marijuana Industry Since 2012, the legalization movement for cannabis has taken the country by storm. Starting with Colorado and Washington in the 2012 election, marijuana has now been legalized in 10 states over the past 6 years. Medical marijuana laws are in effect in …
Marijuana Business Tax Blues in Oregon, Washington, California & Colorado Read More »
Damon Roberts Interviews Vice President Michael A. Zacha of Fortress Financial Services Inc on Tax Resolution Services On December 8th, at 4 pm Eastern Standard Time (1 pm PST), Fortress Financial Services, an experienced national tax resolution services company with in-house tax attorneys, will be featured on Spotlight Television. Spotlight Television is a national television …
As a tax attorney who deals exclusively with resolving tax debts, I see a disproportionately large number of home healthcare providers as clients. Through the many home healthcare clients I have helped, I have learned that there are several aspects of the business model that put home healthcare businesses in grave danger of accruing a …
Home Healthcare Companies and Tax Liabilities: A Particularly Toxic Combination Read More »
The CP523 notice of intent to levy intent to terminate your installment agreement is more or less saying that the agreement is in default and may terminate in 30 days. If the agreement does terminate, involuntary enforced collection action will commence. This could mean garnished wages, levied accounts receivable or levied bank accounts. This could …
If you owe the Internal Revenue Service money, your passport could be at risk right now and you might not even know it. Whether you already have your passport or you have just applied for one, if you travel abroad for any reason then you need to know if your delinquent taxes are about to …
Most people who have had the misfortune of getting behind with the IRS have heard about tax settlements, otherwise known as Offers in Compromise (OIC), as a method for repaying far less than the full amount owed. Many fewer realize that there is an alternate method that can effectuate a similar result: the repayment of …
Many people who owe taxes to the IRS are terrified that the IRS will swoop in and take their retirement nest egg or retirement income, thereby leaving them destitute for their golden years. Can the IRS really do that? Generally, such assets are “off limits” to creditors thanks to federal protections. But they are not …
Can The IRS Take My 401K, Social Security, IRA, Pension & Retirement? Read More »
I hear from my clients at times that an IRS Revenue Officer (tax collector) told them they could lose their house, they could be sued, their retirement and 401k will be taken, wages can be garnished, and a whole bunch of other awful scenarios. These types of threats keep people up at night and are …
If you owe taxes, but just can’t make a payment, don’t despair, there may be a solution for you in Currently Not Collectible status. Your chances will only increase if you hire a qualified tax resolution professional (not your local accountant, they usually lack experience and expertise in working tax collection cases) to guide you …
The good news is that the IRS cannot just file a Notice of Federal Tax Lien (NFTL) without any warning or notice. Several things must first occur before an NFTL gets filed. An assessment must be made, notice and demand for payment must be made, and the taxpayer must neglect or refuse to pay the …
Getting behind on your tax obligations to the IRS is very stressful. Much of that stress stems from IRS collection notices. Not only is a delinquent taxpayer’s mailbox flooded with IRS mail, but that mail almost always contains scary, bolded “PAY NOW” demands, confusing language, and seemingly conflicting numbers. Clients often come to us overwhelmed, …
6 IRS Collection Notices You Absolutely Need to Notice Read More »
Most of us have watched a TV commercial or heard a radio ad promising that a phone call to an 800 number will result in settling your tax debt for “pennies on the dollar.” Is this too good to be true? The truth is that most individuals and businesses who have gotten behind with their …
Offer In Compromise Jaw-dropping Success Stories Read More »
“The IRS took all the money out of our business bank account(s)?! How did this happen? What are we supposed to do now? I might as well shut down the business!!” It is panic inducing for a business owner to learn that the Internal Revenue Service has taken all the money out of their business …
21 Days to Recover Your Money (from an IRS Levy on Business Bank Account) Read More »
Federal Payment Levy Program If you or your business has unpaid federal taxes and you receive income or revenues from the federal government or an agency of the federal government, watch out! You could be in for a rude awakening when the IRS and Treasury Department team up to keep monies that are due to …
How to Avoid the Dreaded Federal Payment Levy Program Read More »
If you are an individual who owes money to the IRS, the last thing you want is for them to freeze your bank account or levy (garnish) your wages. The good news is that there are some very effective methods you can use to avoid such a potentially devastating situation. I’ll cover those below, along …
7 Effective Methods of Avoiding and Resolving Personal IRS Levies and Garnishments Read More »
Are you an owner or employee of a business that is delinquent with employment taxes? If so, watch out! It is possible that you will be held personally liable for what is called the Trust Fund Recovery Penalty. What is the Trust Fund Recovery Penalty? In short, the Trust Fund Recovery Penalty is a penalty …
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 …
Many businesses rely on the use of their accounts receivable or inventory as collateral for loans or for factoring. However, in my experience, few business owners fully grasp how devastating the consequences can be if they engage in this type of financing and fall behind with federal taxes. Unfortunately, fully grasping this concept often does …
Understanding the IRS 45 Day Rule for a Federal Tax Lien Read More »
