When you owe back taxes and can’t afford to make any payments, then it may be time for a special tax status known as currently not collectible. This means that your debt is still considered valid even though there is no chance at recovery right now. When you’re...
You open up the mailbox, expecting the usual mix of bills and catalogs, but what you find is a collection letter from the IRS. It can feel like you are living in a nightmare that you can’t wake up from when you receive a collection letter from the IRS. Even worse,...
Working with the IRS has never been easy, and tax settlement agreements are always complicated affairs. If you are currently working to pay off your tax debt, you may wonder what the recently passed ‘Inflation Reduction Act of 2022’ has in store for you....
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...
The IRS has authorized widespread AUTOMATIC penalty relief for certain 2019 and 2020 tax returns due to the pandemic resulting in $1.2 billion in penalties being refunded to 1.6 million taxpayers! To help struggling taxpayers affected by the COVID-19 pandemic, the IRS...
Unpaid payroll taxes are a serious matter to the IRS and are some of the worst kinds of back taxes you can owe. If you’re a small business owner with a payroll tax problem, read on to learn what you can do to avoid the IRS crippling your business or worse, shut your...
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.