One of the most feared days in the US is April 15th! This is the deadline for most taxpayers to file their tax returns. If April 15th falls on a weekend the deadline will be the next business day. You can always file an extension for personal tax returns to extend your filing deadline until October 15th or the next business day if it falls on a weekend. For business returns the extension date is September 15th. What do I need to do to file on time? Save your tax documents as they come in. W-2, 1099, Proof of health insurance, mortgage and student loan statements, charitable contribution rec ..read more

1. Interest The interest rate was just raised to 8% for the 4th quarter of 2023 for all balances with the IRS so we start at 8%. You can check the following link for more information: https://www.irs.gov/newsroom/interest-rates-increase-for-the-fourth-quarter-2023 2. Failure to File Penalty Is assessed when a tax return is not filed timely. This penalty accrues at 4.5%/month until the return is secured by the IRS. 3. Failure to Pay Penalty Varies by a taxpayers status of their taxes with the IRS. If in an Installment Agreement – 0.25% added monthly. If not in an Installment Agreement ..read more

What is a Government shutdown? When Congress and the US President cannot agree on a budget all ‘non-essential’ parts of the US Government will stop operating until a budget or other legislation is. This link shows the official plans for dealing with a shutdown. https://www.whitehouse.gov/omb/information-for-agencies/agency-contingency-plans/ How long do shutdowns last? The longest shutdown started in 2018 and lasted 36 days. There is no time limit for a shutdown, but most tend to end within a few weeks of starting. https://www.axios.com/2023/09/24/federal-government-shutdown-history-list ..read more

Are you feeling the weight of IRS tax debt crushing your financial well-being? You’re not alone. Dealing with tax debt can be an overwhelming and stressful experience, but there’s a glimmer of hope: IRS debt forgiveness. This blog post aims to shed light on the often misunderstood world of IRS debt forgiveness programs, providing you with the knowledge and tools necessary to take control of your financial future. Whether you’re an individual taxpayer struggling to make ends meet or a business owner grappling with tax liabilities, understanding the options available to you can make all the di ..read more

Filing your taxes late is usually not a good thing for a few reasons. IF you are going to owe taxes filing late or not filing can hurt you. Understanding the Tax Deadline The IRS will assess penalties and interest. The worst penalty when you file late is the “failure to file timely” penalty. To avoid this penalty file TIMELY. The normal filing deadline is April 15 th of each year but that can be later if it falls on a weekend. Filing an extension will give you until October 15 th to timely file but the extension needs to be filed before the normal deadline (usually April 15th). The secon ..read more

This sounds like a list of horrible things that can creep up on you in the middle of the night! In fact, all these things are ways the IRS, States and other collection agencies seize assets and property from taxpayers! What these words mean in real life depends on how each collection agency uses these terms. Internal Revenue Service Levy The IRS usually only uses the term Levy in reference to Bank Levies. This is when the IRS sends a letter directly to a taxpayer’s bank that orders the bank to freeze the taxpayer’s assets at the bank. This includes what is in a deposit box too. The bank then ..read more

Introduction What is a property tax liens? We don’t buy tax liens or advise people on that at all. What we do is advise people on how to remove Tax liens and how it is going to affect them. What is a Tax Lien and should I be worried? Most people find out about Tax Liens when they get a ‘Notice of Tax Lien’ in the mail, try to do something with their property, or get scary letters from marketing companies. This is never fun but taking the mystery out of tax liens can help you make informed decisions to help you reach your financial goals. What do I do when I get ‘Scary Letters’ about Tax Lie ..read more

Bank levies are legal orders to banks/financial Institutions to remit any funds in the accounts to the IRS/State tax agency that issued the levy. How did my accounts get levied? Tax agencies use a taxpayers ITIN (usually a Social Security Number or Employer Identification Number of a business) to go after accounts opened with that ITIN. Any accounts connected to your ITIN/SSN are subject to bank levies due to taxes owed under your ITIN. What if the accounts aren’t even mine? If you are a co-signer or on your spouse’s or even friend’s bank account their accounts and income can be seized by ..read more

Can filing for Bankruptcy wipe out my tax debt? Filing for Bankruptcy can be an excellent tool to address tax debts as well as other debts but it is very important to talk to a local Bankruptcy Attorney before making any final decisions. Laws vary by State and Bankruptcy District As Bankruptcy courts are Federal courts the country is divided into Bankruptcy Districts. The specific rules for a bankruptcy do vary from California to Texas to New York. This is why you need to talk to a Bankruptcy Attorney where you live to see what the specific rules are where you live and how that will affect y ..read more

Thinking of hiring a tax attorney but not sure how much it’s going to cost? Here are some things to consider when getting hired help with your taxes. What is a Tax Attorney? Tax Attorneys are Administrative Law attorneys in that the majority of their work consists of assisting individuals and businesses resolve issues with the Government. There are three types of Tax Areas performed in working with the IRS and State collection agencies. 1) Preparing and Filing Returns This entails reporting to the Government income and deductions to meet legal filing requirements. H&R Block, Jackson Hew ..read more