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How To Remove An IRS Bank Levy


by Joe Valinho on November 05, 2020  0 Comment

How To Remove An IRS Bank Levy
"Help! My bank froze my account!" Usually, when we get a call at our office, the person on the line is in panic. Our typical response is to tell them not to worry.But in the case of a bank levy, we entirely understand the alarm. We understand how absolutely devastating a bank levy can be to financial stability and your mental health.So the first question we ask without wasting any time is: "When was the levy placed?"It is crucial to know the day the IRS placed the levy because, from that date, you have 21 days until your bank account will remain frozen. After the 21-day period is over, the IRS can remove those funds from your ...

How to Apply and Get an IRS Installment Agreement


by Joe Valinho on November 24, 2020  0 Comment

How to Apply and Get an IRS Installment Agreement
A large number of taxpayers choose an Installment Agreement payment plan to resolve their back taxes. This IRS plan allows you to pay your back taxes in monthly installments. If you cannot pay your full back taxes in a single lump-sum payment but can pay it back monthly, then an Installment Agreement may be the right plan for you. How Can I Qualify for an Installment Agreement? There are many types of Installment Agreements the IRS offers. These are:Guaranteed Installment Agreement Streamlined Installment Agreement Partial Payment Installment Agreement Non-Streamlined Installment AgreementEach type of Installment Agreement has their own qualifying factors that you need to meet to enter the agreement. Along with these basic requirements, there may be certain ...

How to Resolve a Tax Audit?


by Joe Valinho on December 01, 2020  0 Comment

How to Resolve a Tax Audit?
There are many misconceptions about tax audits. Some people think that only those who evade taxes have to undergo a tax audit. Others think that a tax audit means the IRS will investigate all of your finances and assets.The fact is that the IRS conducts tax audits based on:Their review of your return if they find discrepancies that they wish to examine Random selection of a return by their computer analytical program Related audits where somebody financially related to you, such as your business partner, was auditedA tax audit does not necessarily mean that you will have to face an IRS agent who will go through all your financial details. Audits can be as simple as sending ...

What is an IRS Guaranteed Installment Agreement – Qualifying Factors, and More


by Joe Valinho on January 07, 2021  0 Comment

What is an IRS Guaranteed Installment Agreement – Qualifying Factors, and More
Installment Agreements are the most popular IRS tax debt resolution plans. There are a variety of Installment Agreements that the IRS offers, including Guaranteed Installment Agreements, Streamlined Installment Agreements, Non-Streamlined Installment Agreements, and Partial Payment Installment Agreements. Each payment plan has specific qualifying factors. In a Guaranteed Installment Agreement, you can pay your tax debt in monthly installments if you owe $10,000 or less in tax debt.  What is a Guaranteed Installment Agreement? A Guaranteed Installment Agreement is an IRS tax debt payment plan which allows payment of full tax debt in installments within 36 months. You can only qualify for it if your tax debt is $10,000 or less. When calculating the total tax debt in order to qualify, ...