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People often use the terms “lien” and “levy” interchangeably. That’s a mistake. As we’ve discussed in previous posts, they are two different things. The IRS defines a federal tax lien as “the government’s legal claim against your property when you neglect or fail to...
Most everyone has seen television and other ads for tax settlement or tax relief businesses. People portrayed as clients may talk about how they owed the IRS hundreds of thousands of dollars in back taxes that got negotiated down to just a few hundred dollars....
There are many reasons why people might choose to invest in cryptocurrency, such as Bitcoin or Ethereum. These digital investments have seen major fluctuations in value. Each market change is potentially an opportunity to buy low or sell at a profit. With the...
The federal tax code provides numerous ways for businesses and successful individuals to minimize their tax obligations. Credits, deductions and a host of other special tax rules make it possible to honestly report income levels and financial circumstances and still...
Divorce and child custody disputes sometimes concern tax-related matters. For example, when one parent claims a child as a dependent despite a custody order or divorce decree stating that the other parent is entitled to do so, challenges can arise. The IRS has its...
Tax debt can create uncertainty that affects your finances and your peace of mind. If you owe more than you can realistically pay, you might wonder if the Internal Revenue Service (IRS) offers any way to settle the debt. An Offer in Compromise could provide that...
Receiving any notice from the IRS can be concerning, but a CP504 is particularly alarming. The language is serious because it indicates that the IRS intends to seize certain assets. If you don’t respond promptly, the IRS may escalate its collection efforts. Still,...
Receiving a letter from the IRS in the mail can be a heart-stopping experience. Especially in the scenarios where the letter includes allegations that an individual has failed to fulfill their income tax obligations, an IRS letter can be a warning sign of major...
Seeing correspondence from the Internal Revenue Service (IRS) can be unsettling. Once you open the envelope, you may see that you received a CP3219A, which is an IRS Notice of Deficiency, which is sometimes known as the 90-day letter. This notice is a proposed change...
Married couples share their income and resources, so they often file joint tax returns. Frequently, one spouse prepares the tax return with minimal involvement on the part of the other spouse. They simply sign the document and trust that everything is accurate. They...