Dealing with tax issues can often be a challenge and feel overwhelming for many people. Choosing to work with a tax resolution professional is often an excellent choice if you are dealing with the IRS. These tax relief specialists can guide you throughout the entire...
You are certain your taxes were paid in full. Then why is the IRS claiming you owe more? The majority of taxpayers who receive tax error notices from the IRS just shake their heads and pay the amount claimed to be in error. But consider this: most IRS notices are...
Tax firms abound. Perform a Google search for ‘tax specialists’ near you and view the results. Likely you will see taglines on many of those search results that proclaim “We can settle your IRS tax debt for pennies on the dollar” or some such impossible notion. Any...
If you have entered into an installment agreement with the IRS to pay overdue taxes, your obligations are simple. Make your installment payments on time, file current tax returns on time, and pay your current taxes on time. Did you notice a key phrase? ‘On time.’ When...
If you have established an installment agreement with the IRS to eliminate outstanding tax debt, you may receive an occasional CP-521 Notice. This notice is a reminder that a payment is due, and will state the due date and remaining balance on your account. In...
Any letter arriving by certified mail warrants close attention, but when you open IRS Letter 1058 – Final Notice of Intent to Levy, do not merely set it aside. This is the final communication from the Internal Revenue Service of their intent to initiate...
Reliance Tax Group
11001 West 120th Ave Ste 400
Broomfield, CO 80021
Net Disposable Income (NDI)
The amount of money that taxpayers
have available after income taxes and
allowable monthly expenses have been
Collections Due Process Hearing (CDP)
You have 30 days from the date of the Federal Tax Lein Notice to request for a hearing
A taxpayer may deduct a loss for a personal casualty loss. A casualty loss is sudden and unexpected, and may include a theft loss as well.
Failure to File (FTF)
The IRS charges a penalty for not filing on time of 5% of the unpaid tax for the first 5 months. This penalty maxes out at 25%.
Failure to Pay (FTP)
The IRS charges a penalty for failing to pay your taxes on time. This penalty ranges from .5% to 1% per month until the taxes are paid.
Collections Statute Expiration Date. The IRS has 10 years to collect unpaid taxes from the date of assessment.