You have received an unsettling notification from the Internal Revenue Service (IRS). The letter informs you that a federal tax lien has been placed on your assets. This moment marks the beginning of a challenging journey through the complexities of tax law. If you...
Facing IRS collections can be challenging, but knowing your rights can help you handle the process better. The IRS and the Texas Comptroller of Public Accounts have set up a Taxpayer Bill of Rights to protect you during tax collection. Here's what you need to know:...
Are you feeling overwhelmed by tax debt? You're not alone. Many Texans find themselves in a similar situation, worried about how to pay what they owe. But there's good news: an offer in compromise (OIC) could be the lifeline you need. This powerful tool can help you...
Finding out that you have unresolved tax debt can be frustrating and, given the oftentimes large amounts owed, frightening. When you’re notified of outstanding debt, you might be tempted to shrug it off to deal with later, especially since dealing with the IRS isn’t...
Facing an Internal Revenue Service (IRS) tax audit can be intimidating, but understanding common triggers can help avoid this situation. Here are some common factors that often lead to audits and tips on preventing them. Unreported income The IRS obtains duplicates of...
Nobody enjoys receiving a penalty notice from the IRS – it feels overwhelming and scary. However, there’s good news for taxpayers who have made an honest mistake, especially those with a clean record. You may qualify for the IRS First-Time Abate (FTA) program, which...
In Dallas, as in other parts of Texas, the Texas Comptroller of Public Accounts conducts tax audits. Although the state does not generally require these audits, they ensure compliance with state laws, deter tax evasion, educate taxpayers and promote voluntary...
Getting behind on paying your taxes can cause considerable problems for your business. Working with your attorney, you consider your options and decide to take advantage of the offer in compromise program offered by the IRC. It is a massive benefit for you as it takes...
Your tax situation can quickly become complicated when you’re self-employed. Since there’s no employer to withhold taxes for you, and no employer paying their fair share of your tax obligation, you’re on the hook for paying all taxes on your self-employment income. A...
Life gets busy, and sometimes, important notices slip through the cracks. However, you can face serious consequences when you ignore a CP504 notice from the IRS. One day, you might receive a letter stating that the IRS plans to seize your car. Can they do that? Yes,...
