It is no wonder so many Americans dread the April 15 tax filing deadline. The U.S. tax code already contains more words than the Bible, and hundreds of pages of new rules and regulations are often added. With so much complexity, it is no wonder so many of us put off...
Tax season is beginning to wrap up and many of our clients want to know if they qualify for an Offer in Compromise. An Offer in Compromise (OIC) is an agreement between a taxpayer and the IRS that will settle the taxpayer’s tax liability for less than the full amount...
April 15 is the officially recognized deadline for most taxpayers to file their tax returns and pay the IRS any tax that is owed. When processing these individual tax returns, the IRS examines each for mathematical accuracy and any other errors. At the completion of...
The Fresh Start Program is a way the IRS helps taxpayers tackle their outstanding tax debt. This program has been available since 2011, with more refinements made over time. Overall, the program represents important changes in how the IRS evaluates and processes...
An Offer in Compromise (OIC) is an agreement made with the IRS that settles your tax debt for less than the full amount you owe. An OIC can be a powerful way to reduce your tax debt to something you can manage. Offering an acceptable offer in compromise requires loads...
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.