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  1. Coronavirus Relief – Update About $1,200 Check

      Coronavirus Relief – Update About $1,200 Check These are the details (to-date) regarding the awaited $1200 relief check, expected by many from the Senate’s latest proposed Coronavirus Stimulus Plan. The proposal is a latest effort to assist citizens and legal residents in the United States during this time of national economic disaster and hardship. The bill claims to give $1,200 payment to…Read More

  2. Is Federal Lien a Threat of Levy?

    Is Federal Lien a Threat of Levy? If you receive an IRS tax lien, do you have to worry about an IRS tax levy? Here’s a quick summary of what you should do. Why Do I Even Have a Federal Tax Lien? When the IRS has been alerted that the liability will not be fully paid within 120 days, IRS routinely files their lien against liabilities. This is in order to protect the government's ability to collec…Read More

  3. How Do Regular Gamblers Handle IRS?

    How Do Regular Gamblers Handle IRS? Regular gamblers, gamers, off-track betters and wagers all take losses. No matter whether they file a tax return, get audited, have a tax lien, or try setting up an installment agreement, they usually get a raw deal from IRS about their gambling losses. All gambling losses should be deducted to reduce tax! Let’s start there. Here is the general rule: Gambling …Read More

  4. How to Spot IRS Phone Scams

    How to Spot IRS Phone Scams If someone calls demanding money for IRS tax, is this a legitimate call? Probably not, because IRS just doesn’t make collection phone calls. One of the more popular scams now is the caller who threatens to arrest you today. Usually a male voice, he will claim to be an “IRS Revenue Officer”. The caller will provide a name (no, it’s not his real name), and maybe e…Read More

  5. I lost my house in divorce. Will I have capital gains later?

    I lost my house in divorce. Will I have capital gains later? Avoid tricky tax problems in divorce property settlement! Here’s the common situation: Let’s suppose that you are the primary spouse on marital home’s mortgage. You plan to give your spouse all rights to your home, in the divorce. Your spouse will keep the home, but cannot refinance or remove your name off the mortgage. You might e…Read More

  6. Can an IRS Levy Be Released for a Hardship?

    Can an IRS Levy Be Released for a Hardship? The federal tax levy is issued by IRS to enforce tax collection. But certain circumstances (outlined under IRM section 5.11) authorize for the Release of Levy. One of those circumstances is Economic Hardship. Under IRS Tax Code §6343, a federal tax levy must be released when IRS determines the levy creates an economic hardship. So What Are the General R…Read More

  7. Holiday Travelers – Has IRS Blocked your Passport?

    Holiday Travelers – Has IRS Blocked your Passport? If you have unpaid IRS tax debt, your international travel could be in danger. By Department of Treasury procedure, IRS can request to block the issuance or renewal of U.S. Passports for those who owe significant tax debt. If the debt remains without payment arrangement, IRS can request a full revocation of a passport. This applies to anyone who…Read More

  8. Tax Resolution for Business: 3 Secrets About the IRS Offer in Compromise

    Offer in Compromise is an opportunity offered by the IRS to help anyone who is behind on taxes — individuals or businesses —to get caught up. While it may sound like an ideal way to handle back taxes, penalties, and interest while also getting square with the IRS, it is not as straightforward as that. Ideally, Offer in Compromise is a way to help individuals and businesses reach solvency witho…Read More

  9. Tax Resolution for Business: Planning the Offer in Compromise (OIC)

    An Offer in Compromise is a good way to potentially reduce how much you or your business owe to the IRS in taxes, interest, and fees. Of course, it is not as simple as simply shooting off a quick application and watching your tax woes disappear. The Offer in Compromise is a good option to find tax resolution if you qualify, but the process is a bit more in-depth than an online application. Here’…Read More

  10. IRS Secrets About Criminal Tax Investigations

    How the IRS treats criminal tax investigations may seem like a secret. In fact, how they go about their process is public knowledge, which you can find on their website under How Criminal Investigations Are Initiated. For your benefit, we wanted to go through the IRS information and give you some insight on how it works, revealing the “secret” that is the IRS. In this post, we’ll cover crimi…Read More