When taxpayers find themselves unable to pay their full tax debt, the IRS offers several payment plans to help ease the burden. One such option is the partial pay installment agreement, which is specifically designed for those with financial constraints so severe that full repayment is out of reach. This program helps qualified individuals pay …
If you’ve received a notice that the IRS or state is about to seize your bank account or garnish your wages, you’re not alone. Many individuals face the intimidating and often financially devastating consequences of tax levies. The good news is that there are proven strategies for levy removals, and in many cases, you can …
Every year, millions of Americans miss the deadline to file their taxes, and many do so without knowing the consequences. What is the penalty for filing taxes late? It’s more than just a flat fee or a slap on the wrist. The real danger is in how quickly penalties and interest can spiral out of …
Millions of Americans struggle with tax debt, and when that balance crosses the $50,000 threshold, the situation becomes far more serious. What happens if you owe the IRS more than $50,000? This level of debt sets off a series of events that increase the urgency and intensity of the IRS’s collection actions. The IRS is …
A non-streamlined installment agreement with the IRS is a payment plan designed for taxpayers who owe significant amounts in back taxes or have more complex financial situations. Although many taxpayers can qualify for the more straightforward streamlined payment plans with the IRS, those with larger tax debts or complicated financials are often required to pursue …
It can be a startling experience to open a notice from the IRS and see a slew of penalties tacked onto a past-due tax bill. In these situations, there is the opportunity for an IRS penalty abatement reasonable cause, a form of relief that hinges on more than just saying “I forgot.” The IRS does …