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 our Tax Resolution Process? Our tax resolution process is broken down into four different steps to help the taxpayer find a solution to their current taxes issue. By hiring a tax expert the main benefit is to negotiate on your behalf on reducing the tax debt amount, removing any penalties and avoiding any future problems. Here’s How It works: Free Consultation One of our tax expert will get the details of your situation and discuss your options for FREE Investigation Initiate client protection Establish communication with IRS Review case summary options (2-4 weeks) Resolution ..read more

IRS Notice CP 523 is the letter you get from the IRS when you default on an IRS payment plan. This notice spells out your payment plan is in default and that the IRS may end it if you fail to act within 30 days. After thirty days they can seize your wages and property which will not be difficult for them to find since you likely disclosed the information to them when you initially set up the installment agreement. It also cautions you that the IRS may file a tax lien and can start to levy assets such as a state refund after approximately 90 days if you take no action. The IRS sends this notic ..read more

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

What is a Notice of Deficiency? A Notice of Deficiency is a formal written letter by the IRS indicating that they believe you owe additional income tax. This letter is sent after the IRS reviews tax returns and determines that the amount of tax reported doesn’t match with their records. This notice officially informs you of the discrepancy and potential tax liability.  Receiving this notice is important because it starts a 90-day period in which you have the right to dispute the IRS’s claim by filing a petition. Failing to respond within the timeframe, you will lose the chance to contes ..read more

IRS Wage Garnishment Table for 2024 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 ..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 in ..read more