1. How Tax Liens Affect Your Credit Score

      Tax liens have an indirect effect on credit scores and make it difficult to secure loans or get funding from outside sources.    Having a tax lien on your home or business used to be a death sentence for credit scores. The lien would be reported to the three major credit reporting bureaus, Equifax, Experian, and TransUnion, and could remain on there for up to seven years, even if you …Read More

  2. How Resolving a Tax Lien Affects Your Credit Score

    The good news for anyone with a tax lien, is that it no longer will directly impact your credit score. Starting in 2018, the three major credit bureaus, Experian, TransUnion, and Equifax, decided not to include tax liens on credit reports. This means that having a tax lien put on your home by the IRS or state won’t automatically lower your credit score. Related video: How Do I Get Rid of a Tax L…Read More

  3. Is Tax Law Offices Right for You?

      Is TAX LAW OFFICES the Right Firm for You?   Tax Law Offices has handled some of the most threatening tax audit, collection and investigation cases. We see more emergency tax cases because Tax Law Offices is more specialized: Our typical case involves liability greater than $50,000 in tax and penalties.  We focus on state and IRS tax problems that involve businesses and self-employed …Read More

  4. What is the Equifax Tax Lien Settlement?

    WHAT IS THE EQUIFAX TAX LIEN SETTLEMENT? WHAT IS THE EQUIFAX TAX LIEN SETTLEMENT ($1500)   Many people are surprised to learn they have tax liens. Unfortunately, those liens are public information, and are even reported by credit bureaus. This story relates to problems that our clients see every day. That is – incorrect or outdated federal tax liens.   The Good News: People with old t…Read More

  5. What Does IRS Consider in Assessing the Trust Fund Penalty?

    When taxes are taken out of an employee’s paycheck, they should be immediately paid over to the IRS and state tax departments. Those paycheck withholdings are collectively referred to as the “trust fund” taxes.    One of IRS’s greatest priorities is the collection of paycheck withholdings that were never paid to the government. In doing so, IRS will determine whether someone within t…Read More

  6. What Does IRS Consider in Assessing the Trust Fund Penalty?

    When taxes are taken out of an employee’s paycheck, they should be immediately paid over to the IRS and state tax departments. Those paycheck withholdings are collectively referred to as the “trust fund” taxes. One of IRS’s greatest priorities is the collection of paycheck withholdings that were never paid to the government. In doing so, IRS will determine whether someone within the busine…Read More

  7. The Best Way to Remove IRS Tax Liens

    HOW DOES A FEDERAL TAX LIEN AFFECT ME? A federal tax lien is an instrument used by the IRS. The Illinois Department of Revenue and other state tax departments have similar liens.    This federal IRS tax lien is not just a document. Instead, it is a claim of IRS’s financial interest in all assets that the lien attached. The tax lien actually attaches to all the assets of the person who owes…Read More

  8. How to Eliminate Taxes in Bankruptcy (Six Basics)

    Sometimes taxes can be discharged in bankruptcy. The rules are technical. There are six basic rules that govern whether the tax can be dischargeable. We will simplify each basic rule, so that you may better help your clients. CPA’s Must Understand Bankruptcy Options For people with serious debt problems, bankruptcy helps, not hurts. So very often, bankruptcy improves a person’s credit rating, …Read More

  9. HOW TO AVOID SUSPENSION OF PROFESSIONAL LICENSE DUE TO UNPAID ILLINOIS TAXES

    HOW TO AVOID SUSPENSION OF PROFESSIONAL LICENSE DUE TO UNPAID ILLINOIS TAXES Illinois professional licenses can become suspended or revoked, related to unpaid Illinois income tax. This article is about how to deal with the Illinois Department of Revenue, and how handle suspension of professional licenses to enforce Illinois tax collection. This also focuses on how people with tax liens and profess…Read More

  10. Guaranteed IRS Payment Plan for Freelance Gig Workers

    Guaranteed IRS Payment Plan for Freelance Gig Workers Gig workers’ earnings are reported on Form 1099. Because there are typically no taxes withheld, it is common among these workers to have tax debt or related problems. Sometimes their IRS tax liability can be substantial, sometime incredible! Gig workers are those individuals that consider themselves self-employed or independent contractors. T…Read More