With the filing deadline moving from the traditional date of April 15th to July 15th because of the coronavirus pandemic, it can be tempting to put off filing your taxes for as long as possible. Most taxpayers dread the tedious task of compiling their financial records, tax documents and
Read more →Whether it is a global pandemic shutting the economy down for months on end, a stock market crash that leaves formerly giddy investors frightened and nervous or a housing crisis that makes real estate a risky bet, living through tough economic times is never easy. Even so,
Read more →Did you know that there are approximately 20 million taxpayers that are either in some stage of the collection process with the IRS or are believed to be non-filers. This is expected to continue to increase in the current economic environment related to COVID-19. Unfortunately, if you
Read more →There are times that it makes sense for a taxpayer with IRS tax problems to face the IRS on their own. If the tax debt is fairly small, it may cost more to hire a professional than to simply pay the IRS directly or set up a
Read more →As we in previous blogs, a priority of helping taxpayers who come into our Richardson TX, tax office with business Payroll Tax Debt, is avoiding or minimizing the impact of the Trust Fund Recovery (TFRP). When the IRS makes a TFRP assessment against an individual, that individual
Read more →As covered previously, Payroll Tax Debt issues are among the most complex and potentially the most damaging tax debt cases that we see in our Richardson, TX tax office. First, there are the potential penalties that can create a financial hole that’s almost impossible to dig out of. Then, there’s
Read more →Yesterday (March 25th, 2020) the IRS announced a People First Initiative, where the IRS announced that their priority would be helping taxpayers through uncertain times versus collection actions. These would include providing various payments relief and postponing taking compliance actions. What are some of these changes? Have an Installment
Read more →When a Taxpayer owes income taxes to the federal government, the IRS does not immediately levy the taxpayer and take everything that they own. The IRS will typically send the taxpayer a number of notices. If the taxpayer doesn’t respond, the IRS may send a “Notice of
Read more →The Notice of Federal Tax Lien (NFTL) is a very powerful tool of the IRS. When taxpayers have tax debt, one of the most common reasons they come to our Richardson, TX tax office is due to a tax lien. I will often be asked if I can
Read more →In an article I wrote a few weeks ago, we discussed why 2020 might be a good time to settle your tax debt. In that article, we discussed how the IRS had a reduction of resources over the past 10 years and how the tide had started
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