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Bank Embargo

A worse problem is a wage levy (or garnishment). That is when most of your paycheck goes to the IRS or State, which can often leave you barely enough to pay the bills. This can also be embarrassing as they will send the request directly to your employer.

Bank Levy

 A levy permits the legal seizure of your property to satisfy a tax debt. When the IRS issues a levy, they gain the right to take money in your bank account or other financial accounts and seize and sell any vehicle(s), real estate, and other personal property in your name.

 If you receive an IRS bill titled “Final Notice of Intent to Levy,” contact any Taxesbizsol office right away to learn your rights.  We have physical locations for tax help in New York County, Connecticut, New Jersey.

Threatening Letters

The IRS does not make empty threats, so if you begin receiving letters, it is important to pay attention. First, check the correspondence for any errors – if, for example, you have already sent payment, you should contact the IRS to make them aware that you’ve paid your debt.

The IRS sends threatening letters when they know or suspect that individuals and business owners owe them money; beyond collecting taxes, the Internal Revenue Service has little to no interest in people’s affairs. 

IRS Audit Notification

 If the IRS sent you an audit letter, the first step is to not panic. Even though it can be nerve-wracking to discover that the IRS wants to audit you, remember that letters are simply how the IRS communicates with taxpayers – the correspondence isn’t always meant to be threatening or alarming. Our nationwide tax relief team is here to help you meet IRS deadlines and fully understand the audit process. 

Non-Filing

If you fail to file your business taxes, the IRS may issue a substitute return for you. It is important to note, though, that this will not save money on your taxes. In fact, a substitute return will not include any of the standard deductions a qualified CPA would take for you. For example, a substitute return only allows one exemption – single or married filing separate – so you end up with higher tax liability than if you had filed on time.

Liens

Federal tax liens can be enacted when a person or business owner does not pay taxes after demand for payment has been issued by the IRS. By law, the lien is in favor of the United States, granting the right for the government to seize property – including real estate and vehicles – belonging to the individual with unpaid taxes.

 If you’ve received a Notice of Federal Tax Lien, the hard-working staff at Taxesbizsol can help, whether you live in one of our local markets like Denver or Honolulu, or you’re located in another part of the United States.

Offer-In-Compromise

An offer-in-compromise is a way to reduce IRS tax debt. Qualifying for an IRS settlement can save small business owners like you thousands of dollars in back taxes, penalties, and interest. An offer-in-compromise is unlikely to be accepted if the IRS believes that the liability can be as a lump sum or via a payment agreement, so it is important to enlist professional assistance if you are interested in this tax relief option.

Innocent Spouse

Many married taxpayers choose to file a joint tax return because of certain benefits this filing status allows.  Both taxpayers are jointly and individually responsible for the tax and any interest or penalty due on the joint return even if they later divorce.

This is true even if a divorce decree states that a former spouse will be responsible for any amounts due on previously filed joint returns.  One spouse may be held responsible for all the tax due even if all the income was earned by the other spouse.

Penalty Abatement

An abatement or reduction of tax-related penalties for one tax period, for taxpayers who have incurred tax debt for the first time. If any penalties are reduced, the related interest associated with the penalties is also reduced.

Installment Agreement

It’s possible to negotiate payment plans, otherwise known as installment agreements, with the Internal Revenue Service to settle your tax debts. An IRS installment agreement enables you to pay your tax debt by making monthly payments. Payments can be made through automatic withdrawals as well as through a debit or credit card. If you don’t make payments on time, the IRS has the authority to void the installment agreement.

This provides clients with clarity on the amount of tax debt they need to pay each month and allows them to plan their finances accordingly to remain in compliance with the installment agreement and make a fresh start.