What Happens If You Ignore Tax Debt? Paying taxes and, if necessary, finding solutions to your tax debt are essential aspects of managing your finances. Ignoring tax debt can lead to serious consequences with the IRS and other agencies that can impact your financial stability and future. But you can keep your situation from potentially getting much worse by reaching out to the tax consultants at Global Gate Tax & Accounting. Read about what can happen if you don’t get urgent help and contact us today for tax relief solutions in Irvine, CA. Legal Consequences Ignoring tax debt can q ..read more

Tax debt can wreak havoc on your financial life in more ways than one. Not only does it directly affect your pockets, but it can also significantly impact your credit score. At Global Gate, our team of experts understands the challenges of dealing with tax debt. Headquartered in Irvine, California, we offer a full range of financial services dedicated to helping clients overcome these challenges. In this blog post, we will delve into how tax debt affects your credit score and how to regain control of your financial stability. Understanding the Credit Score Impact When you owe taxes to the Int ..read more

When dealing with tax debt, choosing the right firm can make all the difference in your financial future. At Global Gate, we take pride in being a full-service financial service provider in Irvine, California. Our experienced team of attorneys is committed to helping clients navigate the complexities of tax debt and achieve the best possible outcome. In this blog post, we will explore what sets Global Gate apart from other firms in the industry and why we are the right choice to handle your tax debt resolution. Expertise and Proven Results Our tax debt attorneys have the expertise and experie ..read more

IRS Wage Garnishment Tables How much can the IRS Garnish? The amount the IRS will garnish from your wages are dependent upon different factors like your marital status and other personal financial obligations. If you’re single, married or have a family to support, your garnished amount will vary.  Why Is It Important To Understand the IRS Wage Garnishment Table? It is highly recommended to understand the IRS wage garnishment to know how much income will be legally withheld to meet your IRS tax debt. The following table below is important as it will provide you with specific situation ..read more

Injured Spouse vs Innocent Spouse Tax Relief for Spouses Receiving a notice indicating that you owe additional tax on a joint return can be a bit scary. Fortunately, when the IRS mails out this notice, commonly known as the Notice of Offset, it includes clear instructions and enough information to help you understand whether you need to apply for injured spouse or innocent spouse relief. Understanding the distinction between injured spouse and innocent spouse is crucial if your tax refund was reduced, or if you find yourself owing money on taxes due to an audit.  Why Is It Important T ..read more

What’s the Offer in Compromise pre qualifier? IRS has a direct site directly to prequalify a taxpayer and asks for status, basic information, assets, income, expenses, proposal. We will be helping you get started, but first you will need to schedule a consultation and understand more about your situation. 4 reasons the IRS will pre qualify you? Ability to pay:  The IRS needs to check the taxpayer’s ability to pay to determine the right relief programs that they could offer. Income Income is one of the crucial criteria in pre-qualifying for Offer in Compromise. A taxpayer’s incom ..read more

What are the qualifications for the Fresh Start Initiative? The qualifications of the Fresh Start Program initiative are as follows, and you must at least meet one: You must have experienced a 25% income reduction if you are self employed. Earning less than $100,000 in income and must be single.  Earning less than $200,000 in income for married couples. Lastly, the tax debt balance should not surpass the $50,000 amount. From here, if you know that you do qualify for one of the options above, then to take the next step, start by giving us a call. The worst thing you can do is wait and ..read more

Debt Settlement with the IRS - will it go away? Tax debt occurs when taxpayers do not pay the full amount of taxes they owe on their income. If taxpayers do not address their tax debts promptly, they can face penalties and interest on the unpaid balances, or even have their assets seized. Thus, the IRS offers several debt settlement programs to help taxpayers who are struggling to pay their tax debts. These programs are designed to provide relief and make it easier for taxpayers to settle their outstanding tax debts. Innocent Spouse Program: This program is designed to protect spouses from ..read more

What is the Fresh Start Program with the IRS? If you are considering the IRS Fresh Start Program, this is a good starting point. We will help you guide you and give you a clear idea if you will be qualified. As of 2020 the number of applications towards the IRS program increased due to the pandemic. The IRS has created these types of programs to be able to help taxpayers like you. Here are some basic qualifications and you must at least meet one:  You must have experienced a 25% income reduction if you are self employed. Earning less than $100,000 in income and must be single.  Ea ..read more

What is the Fresh Start Program with the IRS? Most taxpayers after Covid-19 are more likely to face overwhelming tax liabilities due to the economy. A resolution to a taxpayers’ debts and regaining financial stability is the IRS Fresh Start Program by the IRS. The Internal Revenue Service (IRS) Fresh Start Program was started back in 2011 to assist those taxpayers who are struggling to pay taxes due to unemployment or a major reduction in their income. The Fresh Start Program is designed to help taxpayers like yourself manage current tax obligations and prevent serious financial problems dow ..read more