How The IRS Actually Calculates A Settlement Amount
Most people assume the IRS will settle for whatever you can’t afford to pay. That’s not how it works — and that misunderstanding costs taxpayers millions of dollars every year. When someone owes the IRS a significant amount of money, the conversation almost always turns to settlement. And the first question is almost always the […]
IRS Letter 1058: What It Means When a Revenue Officer Is Involved
If you received IRS Letter 1058, your situation has escalated beyond the IRS’s automated collection system. This letter means a Revenue Officer has been assigned to your case — a real IRS employee whose job is to collect what you owe. This is one of the most serious stages of IRS enforcement, and the window […]
CP504 Notice: What It Means and What to Do Next
If you received a CP504 notice, the IRS is telling you something important: your window to act is closing. This is not a routine reminder. A CP504 is a Notice of Intent to Levy — and if you don’t respond, the IRS can begin seizing your assets without further warning. Here’s what you need to […]
The IRS 10-Year Collection Statute (CSED): What You Need to Know Before “Waiting It Out”
Every year, taxpayers with unresolved IRS debt make the same calculation: if I stay quiet long enough, this problem will eventually go away. Sometimes that instinct is correct. More often, it is not. The difference comes down to a date most people do not know exists — and a set of rules that the IRS […]
How the Trust Fund Recovery Penalty Works — And Why Business Owners Need to Take It Seriously
How the Trust Fund Recovery Penalty Works — And Why Business Owners Need to Take It Seriously Of all the penalties in the Internal Revenue Code, the Trust Fund Recovery Penalty is the one that surprises business owners the most. Not because it is obscure — it is not. But because of what it does […]
What Happens If You Don’t File Your Tax Returns
What Happens If You Don’t File Your Tax Returns Not filing a tax return is one of the most common — and most costly — decisions a taxpayer can make. It is also one of the most misunderstood. Many people who have not filed believe that as long as they cannot pay what they owe, […]
IRS Offer in Compromise — Who Actually Qualifies and Who Doesn’t
If you have ever seen a late night television commercial promising to settle your IRS debt for “pennies on the dollar” — you have seen the Offer in Compromise program being misrepresented. The OIC is a legitimate, powerful resolution tool. It is also one of the most misunderstood and misused programs in the federal tax […]
What To Do When The IRS Assigns a Revenue Officer To Your Case
If you have received a business card left at your door, a letter requesting a meeting, or a phone call from someone identifying themselves as an IRS Revenue Officer — stop what you are doing and read this carefully. What happens in the next 24 to 48 hours can significantly affect the outcome of your […]
IRS Notice of Deficiency — What It Means and What To Do Next
If you have received a formal notice from the IRS with the words “Notice of Deficiency” at the top — or if you have received a letter that references a proposed increase in your tax liability and a 90-day deadline — you are holding one of the most important legal documents the IRS can send. […]