Tag Archive for Fresh Start Program

The Power Of The Federal Tax Lien

A lot of people get confused between Tax Liens and Tax Levies – let us break this down for you.

A lien is not a levy. A lien secures the government’s interest in your property when you don’t pay your tax debt. A levy actually takes the property to pay the tax debt. If you don’t pay or make arrangements to settle your tax debt, the IRS can levy, seize and sell any type of real or personal property that you own or have an interest in.

When would the IRS file a Federal Tax Lien?

The IRS will file a lien when the agency feels there is a chance that collection is in peril. It does not just grab your assets. Filing of a tax lien is normally dictated by the dollar Read More

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Alphabet Soup For Installment Agreements

I. What is an installment agreement? An installment agreement is an option for those who cannot pay their entire tax bills by the due date. It allows taxpayers to pay the amount due over a period of time

II. Introduction

a. Although revenue officers are instructed to request immediate payment of an outstanding liability, it will be obvious to the IRS when a taxpayer is unable to comply with such a request.

b. Deferred payments: As an alternative to enforced collection action, the IRS may be willing to defer payment. The revenue officer can grant an extension of time to pay for up to Read More

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