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In some cases, the Internal Revenue Service will allow those who are behind on taxes to use an installment plan. This is a type of payment plan where a person pays monthly installments and gradually addresses their back taxes over time. It can make tax debt more...
Tax debt can accumulate rapidly, especially when people lose their jobs or make the same mistake year after year when filing their income tax returns. In addition to the base amount of unpaid taxes that they owe, they also have to cover any penalties assessed by the...
A tax lien can follow you long after the bill arrives. You protect your credit and your options by understanding how liens work in Indiana. What a tax lien is A tax lien is a formal legal claim that secures the government’s interest in your property when you fail to...
Going through an IRS audit can be a stressful and complex situation. You will certainly be interested in getting through it as quickly as you can, which is why it’s often important to work with an experienced law firm, especially if you have not been through an audit...
Owing money to the Internal Revenue Service is disheartening, partly because they’re so harsh with the collection attempts. Some of the tools they have at their disposal are rather frightening. For example, they place a lien or a levy on your personal property. Some...
All income that taxpayers earn needs to be reported to the IRS so that they can pay the appropriate amount in taxes. For many people, this is as simple as reporting the income they earn from biweekly paychecks. They only have one source of income, so as long as they...
The IRS uses a wide variety of tax forms, and they apply to filers in different ways. The forms used by an individual filer are much different than corporate forms, for example. One form that you may come across is known as a 1040-X. What is the purpose of this form,...
Getting any letter from the IRS can feel overwhelming. When that letter is a CP3219A, it is especially serious. This notice, also called a Statutory Notice of Deficiency, means the IRS plans to assess additional taxes, and they are giving you a limited chance to...
Receiving a notice from the IRS can be unsettling, especially when it involves a balance due. A CP501 notice is the IRS’s way of informing a taxpayer about an outstanding amount owed. While it is not an immediate threat, it does require timely attention. It is...
When people turn in their income tax returns, they’re often worried about getting audited. They may know that they tried to do everything correctly, so there was no intent to defraud the government. However, they’re still worried that they may have made errors. How...