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October 2016 Archives

IRS to use contractors to collect back taxes: be aware of your rights, P.2

In our last post, we began looking at IRS initiative to collect certain types of tax debts by using third party contractors. One concern taxpayers are bound to have about the effort is how to protect themselves from being scammed. There are several measures the IRS has set for to address this issue.  

How to prevent a tax audit

Taxes are no fun to prepare, but doing them correctly can reduce the chances that the IRS will audit you. The likelihood of an audit is already very small, but it can increase significantly if you make mistakes, lie on your form or earn $1 million or more. The IRS searches for errors and omissions that will increase its revenue. Follow the se tips to avoid red flags that can get you audited.

IRS to use contractors to collect back taxes: be aware of your rights, P.1

Last month, the Internal Revenue Service announced that private debt collection companies will soon be partnering with the agency to collect tax debts. The effort was authorized by the Fixing America’s Surface Transportation Act, which requires the IRS to use third party contractors to collect certain types of inactive tax debts.

What are my options for paying back tax debt? P.2

In our last post, we began discussing two common repayment options for taxpayers: installment agreements and offers in compromise. Like installment agreements, there are certain requirements that must be met for a taxpayer to qualify for an offer in compromise. As we’ve mentioned, the IRS will look at a taxpayer’s ability to pay the tax gate, his or her income, expenses, and the quality of his or her assets.

Federal tax liens: how to avoid, satisfy and obtain relief from them

When a taxpayer is unable to pay his or her tax debt, one of the consequences is that the Internal Revenue Service will file a Notice of Tax Lien, a document notifying creditors that the federal government has a legal right to the taxpayer’s property to satisfy the debt. A federal tax lien can affect a taxpayer in a variety of ways, including limiting the taxpayer’s ability to obtain credit and impacting a taxpayer’s ownership interest in personal and business assets, even if the taxpayer files for bankruptcy.

What are my options for paying back tax debt? P.1

Paying back tax debt is not always an easy task, for either businesses or individuals. Whether the difficulty is because of tight finances, an unexpected tax bill, both or something else, taxpayers need to understand their options for getting right with the IRS.

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The Peck Group, LC

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Located in Atlanta, The Peck Group, LC, represents clients nationwide. Regionally, we are committed to serving clients in Fulton County and throughout the state of Georgia.