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Category: Tax Debt Relief
Are you unable to pay what you owe and seeking tax debt relief? Have you considered a tax settlement to help you get a handle on your finances?
While it’s true that the IRS appears to be a big, scary, all-powerful entity that could (in theory) take your money, your assets, and even your home, wage garnishment and tax levies are actually the last resorts to collect unpaid tax debt.
In reality, the IRS is often happy to reach an agreement that gives the agency a portion of the tax money owed and allows the IRS to close out your case. Such an agreement is called a tax settlement. (And the same goes for state tax debt. Your state tax organization is most likely willing to listen to a settlement offer, too.)
A tax settlement may allow you to settle your case for less than the original amount of money owed. You might also negotiate for a more favorable payment plan.
Can I Get a Loan to Pay Off Tax Debt?
by Staff Writer on February 05, 2019 
0 Comment
Every year, many Americans find themselves owing the IRS more than they can afford to pay. Whether you owe back taxes after an audit or miscalculated when making estimated quarterly payments, those in trouble with the IRS often have the same question: Can I get a loan to pay off tax debt?
The short answer is yes. Personal loans, in particular, are very versatile and can be used for almost any legitimate purpose. That includes paying your taxes. However, depending on your situation, getting a loan may not be wise or even feasible. To determine whether you can or should get a loan to pay off your tax debt, consider the following questions.
How Much Do I Owe?
Most personal ...
What Is Penalty Abatement and How Do You Qualify?
by Staff Writer on January 29, 2019 0 Comment
You could be eligible for one of three types of IRS penalty relief: first-time penalty abatement, reasonable cause, or statutory exception.
Penalty abatement doesn't eliminate tax payments or accrued interest.
You may be able to appeal a penalty abatement denial from the IRS.
Internal Revenue Service (IRS) penalties can add up quickly, draining your bank account before you've even had a chance to respond to the official notice. Before you write that big check or charge the fees to your credit card, however, you need to know that you might qualify for a waiver. Find out what penalty abatement is and learn how to apply for this money-saving process.
What Is Penalty Abatement?
Also known as penalty relief, penalty ...
Do Banks Report Check Deposits to the IRS?
by Staff Writer on January 29, 2019 0 Comment
Financial institutions have to report large deposits and suspicious transactions to the IRS.
Your bank will usually inform you in advance of submitting Form 8300 or filing a report with the IRS.
The Currency and Foreign Transactions Reporting Act helps prevent money laundering and tax evasion.
When you're filing your tax return, you want to make sure it's as complete and accurate as possible to avoid Internal Revenue Service (IRS) audits and penalties. If what you report on your tax return doesn't match your bank's records, however, you might be concerned about raising red flags or triggering an audit. Find out when and why banks report deposits to the IRS and learn what types of transactions could put you ...
How to Check Your IRS Tax Balance and Pay Back Taxes
by Staff Writer on January 29, 2019 0 Comment
You can check your IRS tax balance online, over the phone, or by mail.
You'll need to call or log in for the most up-to-date balance information.
You can pay the amount due immediately or request a payment plan.
Whether you suspect that you owe the Internal Revenue Service (IRS) a payment or you aren't sure how to pay past-due tax bills, it's important to address your IRS tax balance before it gets out of hand. Find out how to check what you owe and learn how to pay your IRS tax balance.
How to Check Your IRS Tax Balance
If you misplaced your tax bill and can't remember what you owe or if you want to access an ...
All About the California Society of Enrolled Agents
by Staff Writer on January 11, 2019 0 Comment
Since 1976, the California Society of Enrolled Agents (CSEA) has advocated on behalf of enrolled agents across the state and the country, seeking to increase knowledge of the profession and to improve tax laws.
Enrolled agents belonging to the CSEA are tax experts that can assist both individuals and businesses with their tax needs. Before enrolling with the CSEA, agents must pass a certification exam and pay annual dues.
Becoming a member of the CSEA provides agents with various networking and job opportunities. Provisional members can benefit by getting discounts on the certification exam.
Interacting with the Internal Revenue Service (IRS) can be stressful, especially if you're dealing with tax debt. If you need help dealing with the IRS, working ...
Optima vs Stop IRS: Which is Better for Your Debt?
by Staff Writer on January 11, 2019 0 Comment
Optima and Stop IRS are two of the most popular debt relief companies in the country, helping taxpayers clear both large and small amounts of debts.
Both companies offer similar services, including assistance with missed tax returns, wage garnishment, and IRS audits.
Scaled pricing and more experience with settling a wide range of debt amounts make Stop IRS the best choice for most taxpayers.
If you need to get out from under tax debt, your best solution is working with a debt relief company. While there are many companies that can help you deal with outstanding tax debt, Optima Tax Relief and Stop IRS Debt are two of the most popular choices. To choose between these two debt relief companies, ...
A Collector Calls: The IRS Will Now Use Private Debt Collectors
by Staff Writer on January 10, 2019 0 Comment
The IRS now uses four private debt collection firms to cold call individuals with delinquent tax debts.
The Taxpayer Advocate Service has condemned this method for encouraging private tax collectors to bend the law.
Many scammers are pretending to be private debt collectors working on behalf of the IRS — but there are ways to spot them and not get caught out.
In 2015, Congress approved legislation which allows the IRS to use private debt collection agencies. Fast forward to 2019, and the IRS has hired four private debt collection firms to cold call individuals with delinquent tax debts. Even worse, some of these debt collection firms arrive at people's homes unannounced; a cause for concern to anyone in ...
Tax Debt Relief: Real Help or Only a Scam
by Shannon McKee on January 10, 2019 0 Comment
Not all of the services available to people with tax debt are created equal as some companies are only interested in the check you write them.
When researching tax debt relief services look for red flags that a company may be looking to scam you out of your money.
A real tax debt relief service will offer an honest assessment and documentation on helping you with your tax situation.
Imagine the realization that a mistake occurred on your taxes, and you owe the IRS money. You go through your options and turn to a tax debt relief service. Then, you later find out that the company you thought was going to help you turn your tax debt around is an ...
Am I Eligible for Tax Debt Relief?
by Staff Writer on January 10, 2019 0 Comment
It's estimated 21 percent of the American workforce is in tax debt; many are not yet aware of it.
The IRS is often willing to compromise to help individuals pay off their tax debts when they can afford it, and no sooner.
If you think your tax debt is too large to ever be cleared, you may be able to reach an Offer in Compromise with the IRS and pay back less than what you owe.
When you owe money to the IRS, it can feel like your tax debt problem will never go away — but that isn't the case. Like any creditor, the IRS is willing to reach a compromise to make sure they collect what you can ...
Tax Debt From a Spouse
by Staff Writer on January 10, 2019 0 Comment
Typically treated as a single unit, married couples can still separate their assets and liabilities for tax filing purposes.
Your liability for your spouse's debt will be determined by your relationship status and how you filed your taxes.
Several filing strategies can help you protect your assets from being garnished because of your spouse's debt.
In terms of the law, married couples are deemed as a single unit with shared income, assets, and liabilities. However, in the tax filing process, the distinction might be made between the two individuals, particularly when one spouse owes back taxes. Whether you are liable for your spouse's taxes will depend on the status of your relationship when the debt was incurred and how you ...
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