A lien vs. levy? Levy vs. garnishment? Understanding the IRS’ various tax penalties and punishments for late fees can be difficult and disorienting, so let’s try straightening them out. First and foremost: liens and levies (of which a wage garnishment is a levy) are relatively nuclear options from the IRS’ point of view. These are …
Taxes can be a complicated subject, and while it’s expected of the average taxpayer to know and understand every tax they owe, the reality is that taxes are not always at the top of the list for the average person’s daily worries. While there are countless guides and guidelines online and on official pamphlets published …
The money you earn is yours to keep and do with as you please. Right? Well, for the most part, that statement rings true – but when you incur a certain level of debt, and a creditor decides to exercise their power to collect on that debt, you may quickly find the contents of your …
Form 2848 is also known as a “Power of Attorney and Declaration of Representative” and is one of many IRS forms. The purpose of Form 2848 is to authorize a designated individual or entity to act as a taxpayer’s representative before the IRS. In other words, when you want someone to work with the IRS …
The IRS has hundreds of forms and thousands of different letters, notices, and documents that it categorizes and processes each year, from millions of individuals and entities. No one expects the average taxpayer to know about half of all of these documents, let alone all of them. But if you are trying to qualify for …
How Does the IRS Notify You of a Tax Lien? A tax lien is one of the IRS’ strongest tools for coercing repayment of long-term or significant tax debt. While it might not constitute a physical claim of your belongings – meaning, the government is stopping short of taking your assets or garnishing your wages …