If your tax debt is totally overwhelming and you have no hope of being able to pay it, even with an installment plan over several years, then you may be a candidate for the IRS’s Offer in Compromise (OIC). An OIC allows you to settle your tax debt for less than the...
While they are most often mentioned simultaneously, filing and paying your taxes are two different things, and each accumulates independent penalties and interest when you don’t meet the deadline. Even if you cannot pay your taxes, you should always file your tax...
If you filed your tax return but have failed to pay your taxes, in all likelihood the IRS has filed a tax lien against your property. A federal tax lien is a claim by the IRS against your assets and is used to secure payment of unpaid taxes. The agency generally files...
Receiving a letter from the IRS can be a startling experience, especially when it concerns an audit. Since the IRS only sends a small percentage of tax filers an audit letter, people aren’t always sure what to look for. Scammers count on that fact to catch people off...
If your tax returns don’t match the records that the IRS has on file, then you’ll receive a CP2000 notice. Also known as an underreporter inquiry, the notice states that you can face penalties, such as taxes or interest, because of discrepancies in the information...
Founder Sara Khaki of Atlanta Divorce Law Group recently hosted Tax Attorney Jason Wiggam to educate small business owners on the SBA loan and tax benefits from the stimulus plan. Jason Wiggam breaks down the confusion of the SBA loans, the tax credits, and how to...
