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 officially coming to an end, but many people are still dealing with tax debt and the IRS. You already know here at Reliance Tax Group, our priority is making sure you’re prepared. If you owe money to the IRS, we can help negotiate on your behalf! For...
Did you know that if your total tax burden is greater than $50,000 personally you’re required to fill out a financial statement to help determine how much you have to pay per month? The IRS has several Collections Information Statements to pick from and choosing which...
Tax season can be a stressful time and owing the IRS extra penalties can make it even more difficult. Have no fear! Here at Reliance, our top priority is always to make sure you have all the information you need. We’ll walk you through some of the common penalties...
Are you self-employed and not sure where to start with your taxes? Here at Reliance, our top priority is making sure that you are prepared! We’ve compiled a list of items for you to ensure your tax season is a breeze. How do I Know if I’m Self-Employed? According to...
Tax season has begun and you may be wondering where you can find your tax documents. Have no fear, Reliance Tax Group is here to help! We’ve put together a list of where you can find some of the most common documents you’ll need to file your taxes. Where Do I Find My...
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.