Posts by madwire
Colorado’s Tax Debt Solutions
Payment Plans – Fed and State In Colorado, residents can take advantage of a payment plan, called an Agreement to Pay. This plan requires a 15% down payment in order to get into an Agreement, but you can easily sign up for this kind of plan online, or by calling the Colorado Department of Revenue…
Read MoreI Got a Certified Letter From The IRS, Now What?
When you receive a piece of mail from the IRS, many people’s first reaction is fear, anxiety, or nervousness. However, we’re here to remind you not to panic! Getting a letter from the IRS isn’t always cause for concern, and even if it’s news about something negative, usually these letters include explicit instructions and details…
Read More5 Ways to Lower Tax Debt
1. Penalty Relief from the IRS Most taxpayers ask for tax reduction but that is not necessarily what is available. Penalty abatement will lower the tax debt, but you need to be careful as the penalty could still be accruing and you may only abate part of it. Many taxpayers are entitled to a First Time…
Read MoreTax Audits: What to Expect and How to Prepare
The words “tax audit” can strike fear into the heart of even the most organized, always-on-time taxpayer. Whether it’s an IRS tax audit or state sales tax audit, few people know much about the process. While that process can be very complex, learning more about it can provide at least some peace of mind if…
Read MoreThe Pros and Cons of IRS Installment Agreements
Some tax debtors lack the resources to pay all of the taxes they owe at the time of filing. For those who fail to pay on time, the IRS assesses heavy fees and penalties and, if the balance goes unpaid for long enough, the debtor can face having his or her assets seized and sold.…
Read MoreAvoiding Large FBAR Violation Fines
Not just for the uber-wealthy, foreign or “offshore” accounts are common for many people, including those who have immigrated to or are temporarily working in the United States. Although having a foreign bank account can be beneficial for many reasons, failure to report those accounts can lead to jail time and massive fines. Regardless of…
Read MoreRemoving an IRS Federal Tax Lien
One of the most serious consequences of owing tax debt to the IRS is a federal tax lien. Federal tax liens can prevent you from being able to purchase or sell property, obtain credit to purchase a car, or even impact certain types of employment. But what is an IRS federal tax lien and, if…
Read MoreChapter 7 Bankruptcy and Tax Debt
You may already know that Chapter 7 bankruptcy is a way to eliminate some types of debt, but did you know that in certain cases you can also erase your tax debt? Chapter 7 bankruptcy is a government-backed debt liquidation option that allows debtors to eliminate eligible debt. Unlike Chapter 13 bankruptcy, Chapter 7 does…
Read MoreWhat is First-Time IRS Tax Penalty Abatement?
When you’re in debt to the Internal Revenue Service (IRS), penalties and the interest on those penalties can make a bad situation much worse. What may have begun as a simple mistake or short-term cash flow problem can easily spiral into insurmountable debt, and will continue to grow until you have reached a resolution. For…
Read MoreBack Taxes and Passports: What to Know
Most people know that the Internal Revenue Service (IRS) can be very aggressive about collecting past-due taxes. You’re probably aware of the possibility of significant wage garnishments, and the use of tax liens. However, you may not know that if you’re seriously delinquent in your tax obligations, your passport may be at risk. New Legislation…
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