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You’ve filed your tax return – you have a balance due – the IRS has sent you all kinds of notices – now you’ve been told your account is in “collections” and that the IRS will attempt to seize your assets and garnish your wages. You don’t have any assets …
In our last post we discussed the concept of Reasonable Collection Potential – RCP. In this post we’ll get into some details relating to the rules around specific RCP amounts. As a refresher RCP is the key metric in evaluating potential options when dealing with your tax debt. It’s intended …
You have tax debt and need help. We’re here to walk you through the tax collections process and develop a personalized plan to address your tax situation. Let’s review our debt resolution process. To begin with we can assist at any stage of the process: Are you about to file …
Reasonable Collection Potential – RCP – is the key concept in dealing with the variety of tax debt solutions offered by the IRS. RCP is used by the IRS in evaluating your suitability for participating in various programs including: Installment Agreements – where your tax debt is paid off over …
Absolutely! Well not always…. Before we begin let’s review a few things. When a tax return is filed that the IRS “assesses” the tax (make a record of the return filing). If the return reflects a tax due (total tax liability exceeds tax withholding and estimated tax payments) the IRS …
In previous posts we’ve discussed the IRS Collection process – including items such as “Reasonable Collection Potential” (RCP) and the “Statute of Limitations” (SOL). These terms are relevant to this discussion so you should review the Collections post before continuing on with this post. The most common tax debt settlement …
Absolutely – this means the IRS is about to take your stuff. Let’s back up a bit. A levy is the seizure of your property. This property can be real or personal – your home, land, a vehicle, money in your bank account, etc. This sounds like a dramatic step …
Consider this common scenario – you owe the IRS for back taxes – you think you’ve come up with a plan to put the debt behind you – you can sell your home, pay off your mortgage, pay off the IRS, and have a few dollars left over. You list …
I just received a letter from the IRS – they say they filed a lien against my house – does that mean they are planning to take it – help! The short answer is no – filing the lien does not mean they intend to take your house. In this …
The IRS wants your money! We all know this but what happens when taxpayers either don’t file tax returns or don’t make payments with filed returns? You diligently gather all your tax information and prepare a tax return. Unfortunately the returns show a balance due and you don’t have the …