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If you are stuck in situation in which you are being held financially responsible for your spouse’s tax debt, you have options to gain relief. The IRS has a program designed to evaluate your situation and determine if you can be released from this financial obligation that your spouse caused. Unfortunately, pleading your case to the…
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A payroll tax debt occurs when a business owner fails to withhold the appropriate amount of taxes from their employee’s paychecks and send the funds to the IRS. Sometimes this happens due to negligence of the company’s accountant, a mistake in understanding the tax codes, a misunderstanding of if an employee is a W-4 or…
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As an employer, you’re responsible for paying payroll taxes on your employees. Typically, these taxes are due quarterly, which can make it easy to miss a payment. Some origins for payroll tax debt can be if an employer borrows from a payroll account to cover other expenses, or they may forget to withhold or deposit…
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If the IRS files for a federal tax lien to be placed on your business, it can hurt your chances of securing a business loan, along with affecting any agreements or contracts you may currently have with lenders. Every lender wants assurance that they will get their money back, and your current lenders will be placed at…
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If you have a business tax debt, the IRS can place a levy on your bank accounts which includes your Accounts Receivable. This means they will make a claim on any payments made to you to divert directly to them instead. The IRS will send letters to your customers and clients, instructing them to remit their payments to them…
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If you are similar to millions of taxpayers and are not able to pay your tax debt in full, the IRS offers the ability to pay in monthly payments. The taxpayer is subject to the IRS’s determination of their financial situation and sets the amount the taxpayer must pay each month. However, installment agreements also…
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What is a wage garnishment, and how does it affect you? A wage garnishment is when the IRS imposes a percentage of your wages to be automatically withdrawn from your paycheck to pay off a tax debt. This automatic withdrawal on your wages can continue until the tax debt is fully paid off, including any…
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Having a tax debt is never easy, no matter the monetary amount owed. An even worse situation is when the money you did have in your bank account disappears suddenly. The IRS issued a bank levy to satisfy a tax liability you had, and the money you needed for expenses is now gone. Does this sound…
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Ignoring a tax debt can have serious consequences. Whether you cannot pay or disagree with having to pay, the IRS has several means to receive their taxes due. Wage garnishments are a common first step that the IRS takes, but if an individual remains non-compliant with their tax liability, the IRS can also issue a…
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Owing a tax debt is stressful enough, but when the IRS places a lien on your assets, it can make a difficult situation even worse. A tax lien can prevent you from getting a new loan, is harsh on your credit and credit report, and can affect your security clearance or the chances of you gaining…