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What Is IRS Form 433-F Used for? Tips and Instructions

September 8, 2024 | Tax Debt Tax Help

Summary IRS Form 433-F (Collection Information Statement) is used to gather detailed financial information about taxpayers applying for specific tax relief programs. The form helps the IRS determine eligibility for alternative payment plans, including partial payment installment agreements and payment plans for high-balance tax bills. Taxpayers may need to file Form 433-F if their tax debt exceeds $50,000 and they want to make an installment agree... CONTINUE READING

Letter 9297 – IRS Has Assigned a Revenue Officer to Your Case

September 8, 2024 | tax collections

Summary   IRS Letter 9297 (Summary of Taxpayer Contact) indicates that an Internal Revenue Service (IRS) revenue officer is working on your account, and the agency needs your financial information. The IRS typically assigns accounts to revenue officers when taxpayers have compliance issues, a substantial back tax balance, or the agency's automated approach has failed to collect payment. Form 9297 lists the documents and information yo... CONTINUE READING

What If You Don’t File Taxes for One to 20 Years?

September 8, 2024 | Tax Debt Unfiled Tax returns

Summary The consequences of not filing taxes vary depending on the amount owed and the time elapsed since the last filing. Failure to file on time incurs penalties and interest, which increase over time. After three years, unclaimed refunds are forfeited, and the IRS can take collection actions, including liens and levies once there is an unpaid tax bill and a certain amount of time has passed.... CONTINUE READING

NY State Tax Warrant: What to Expect and How to Resolve

August 24, 2024 | Tax Debt Tax Help

  Summary   A tax warrant in New York is a legal claim by the state on personal and real property due to unpaid income, sales, or other New York State taxes. The Department of Taxation and Finance (NYS DTF) issues tax warrants, and they create a lien against assets, allowing the state to seize wages, income, and assets. Consequences include asset seizure, wage garnishment, and publication of tax debt. Tax warrants follow individuals regardless of where they... CONTINUE READING

Overcoming NY State Back Taxes: Relief and Consequences

August 24, 2024 | Offer in Compromise Tax Debt Tax Issues Tax Relief

Summary   New York State taxpayers who are unable to satisfy their tax payment or filing obligations may face consequences such as tax warrants, wage garnishment, asset seizure, and penalties. Relief options include requesting penalty abatement, setting up monthly payment plans, exploring the Offer-in-Compromise program, filing for Innocent Spouse Relief, and utilizing the Voluntary Disclosure Program. Appeals against tax assessments are also possible. Unpaid taxes resu... CONTINUE READING

What Happens If You Owe the IRS More Than $10,000?

August 16, 2024 | Tax Debt

Summary People who owe the IRS $10,000 or more in unpaid taxes have several options to resolve their tax debt. The IRS offers several programs, such as installment agreements, penalty abatement, and offer-in-compromise, to help taxpayers pay off their balances. If you owe over $50,000 in taxes, you may face additional penalties and enforcement actions, including a higher chance of a wage garnishment, bank levies, asset seizures, and passport revocation. It's important to seek pr... CONTINUE READING

What to Do When the IRS Summons Records From You

August 14, 2024 | Tax Notices

If the IRS wants information from you, they will simply request it, but if you don't comply, they may issue a formal summons. The IRS has the legal right to issue summons to taxpayers and to third parties that have info about taxpayers.  For example, if you are going through a tax audit... CONTINUE READING

Can the IRS Take My House for Unpaid Taxes?

August 14, 2024 | Tax Help Tax Penalties

Yes, the IRS can legally seize your primary residence for unpaid taxes if you owe over $5,000, but this rarely happens. The IRS only turns to home seizure in cases where it has exhausted other options, and the agency must get approval from a district court judge or go through the state's foreclosure process.  Most people who owe back taxes never have to worry about losing their home, just as they don't have to wor... CONTINUE READING

Tax Attorney Free Consultation & What to Expect | NY Tax Attorney

August 14, 2024 | Tax Help Tax Issues

Summary   1. A free consultation with a tax attorney allows individuals to assess their needs, determine if they require an attorney, and evaluate the law firm's expertise and approach. 2. Law firms offer free consultations to attract potential clients and showcase their expertise. 3. Free consultations focus on getting to know the client's problems and goals. 4. To prepare effectively for a free consultation, individuals should gather relevant documents... CONTINUE READING

A Deep Dive Into Form 14653

July 22, 2024 | FBAR Tax Help Tax Issues

Living outside the United States while still a citizen can be challenging, as you still have legal obligations and requirements you must fulfill with the U.S. government. It’s easy to fall behind on tax filings and other legal obligations, and in fact, many people don’t even realize they have these obligations until they have lived abroad for years. Luckily, the IRS understands that errors resulting from non-willful co... CONTINUE READING