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You’ve received an IRS Notice CP14. What does this mean and how should you respond? Here is what you need to know. Most letters from the IRS don’t bode well – but IRS Notice CP14 is an exceptionally notorious example, as it means that the IRS has found that your tax account currently has a …
If you are experiencing tax debt and owe money to the IRS, you have the option of creating a payment plan, also called an installment agreement; but can you have 2 installment agreements with the IRS? Can you have 2 installment agreements with the IRS? Not exactly. When you owe taxes, the IRS allows you to …
The IRS can be a scary creditor. With the full might of the government behind it, the IRS can issue federal liens and levies against delinquent taxpayers, claiming paychecks and even taking homes. However, for most taxpayers, a debt with the IRS is far from the world’s end. There are a few ways to resolve your federal tax liabilities …
Getting into tax debt is a serious problem – especially when you have no idea how you ended up owing the IRS money. Unfortunately, that is the case for thousands of Americans who find themselves on the other end of frightening notices and warning letters indicating that they might face financial penalties and growing tax …
The IRS issues millions of penalties every year. Most of these are for missed or late payments or returns, but sometimes, taxpayers incur the IRS’s ire in different ways, such as missing payroll taxes on their business or bouncing a check. These penalties add up over time – some are flat penalties, while others are …
Federal tax liens are one of the IRS’ collection actions used to enforce payment for tax debt. Unlike a levy, a federal tax lien is not an actual claim of your property or assets. And unlike a levy, the IRS issues a federal tax claim on everything you own, all at once. The IRS will …