Understanding the difference between a federal and state tax levy can prepare you for the next steps to get in good standing with the tax man. Part of the duties of the state and federal governments is to collect taxes from taxpayers – and to pressure taxpayers into paying their debts when they’re behind on …
The employee retention credit was created to incentivize businesses to retain employees throughout the pandemic, but what is this tax credit and what does it mean for your business? When the coronavirus first began impacting the global economy, world leaders took steps to try and mitigate the damage the virus would do to businesses and …
It can be extremely stressful to be in debt with the IRS or to owe them money. If you find yourself in this situation, take a deep breath, and learn about the potential ways to receive an IRS tax settlement under certain circumstances. If you have ever been in debt to the IRS, you know …
If you have outstanding payments or tax debt, it’s important to take steps to resolve the issue as soon as possible. Here’s how to set up a payment plan with the IRS in five easy steps. The IRS is responsible for ensuring that every taxpayer upholds their end of the collective bargain. If one fails …
To stay in good standing with the IRS, you must avoid liens. But, what is a state tax lien and how can it be resolved? A lien of any kind is a legal claim on a person’s assets or property, to serve as collateral for a debt. In practical terms, liens effectively allow a creditor …
When paying your taxes, there are many things to consider, including backup withholding. What is backup withholding, and how does it affect you, the taxpayer? The government collects taxes on income, among other things. But there are many different types of income, and some taxpayers don’t always report the income they generate. Furthermore, some taxpayers …