by TaxResolution360 | Jun 26, 2024 | Your IRS Questions
There are several different ways the IRS removes or reduces penalties. One option is called First Time Penalty Abatement (” FTA”). This is generally requested verbally over the phone, but you must have a “clean record” for the previous 3 years prior to the year your...
by TaxResolution360 | Jun 26, 2024 | Your IRS Questions
You may be able to avoid this liability entirely under the IRS’s Innocent Spouse Relief rules. Under federal law if an income tax return is signed by both husband and wife, both spouses are 100% responsible for the taxes owed. However, the law permits...
by TaxResolution360 | Jun 26, 2024 | Your IRS Questions
Owing 941 payroll taxes is very different from owing personal 1040 income taxes. Not only can the IRS padlock the doors to your business, but they can also come after you personally, levy your bank accounts, confiscate your receivables, and seize your income and real...
by TaxResolution360 | Jun 26, 2024 | Your IRS Questions
Yes! A Notice of Federal Tax Lien (NFTL) is public record and is generally filed with the County Recorder where you reside. A federal tax lien can also negatively impact your credit report scores. It is notice to all your other creditors that the IRS has a secured...
by TaxResolution360 | Jun 26, 2024 | Your IRS Questions
When a legally required income tax return isn’t filed on time, the IRS can and will file an income tax return on your behalf. It’s called a “substitute for return” or “SFR”. Most of the time the ensuing tax liability is much greater than if you filed your own...
by TaxResolution360 | Jun 26, 2024 | Your IRS Questions
There are several types of Installment Agreements. One of them, is called the “Partial Pay Installment Agreement” (PPIA) where it’s possible to settle your outstanding balance with the IRS for less than what’s owed. It’s based on your monthly disposable income and...