Typically, acquiring a tax debt comes with additional interest and penalties. However, the IRS will waive some or all of the specific penalties under certain conditions. Some of the penalties eligible for being waived are, but are not limited to: Failure to File Failure to Pay Failing to Deposit One of the benefits of applying…
An IRS levy is different than a lien. A lien is a legal claim placed on your property and on your credit report. A levy is when the IRS actually seizes your property or your funds directly from your bank account, savings account, or other financial accounts where your money is held. The IRS can also…
If you are stuck in situation in which you are being held financially responsible for your spouse’s tax debt, you have options to gain relief. The IRS has a program designed to evaluate your situation and determine if you can be released from this financial obligation that your spouse caused. Unfortunately, pleading your case to the…
If you are similar to millions of taxpayers and are not able to pay your tax debt in full, the IRS offers the ability to pay in monthly payments. The taxpayer is subject to the IRS’s determination of their financial situation and sets the amount the taxpayer must pay each month. However, installment agreements also…
Owing a tax debt is stressful enough, but when the IRS places a lien on your assets, it can make a difficult situation even worse. A tax lien can prevent you from getting a new loan, is harsh on your credit and credit report, and can affect your security clearance or the chances of you gaining…
