You know you owed money to the IRS, but things have been quiet for years. You now want to know where you stand. But you don't want to wake the sleeping giant to find out. Fortunately, there is a solution: The IRS Practitioner Priority Service. The IRS Practitioner Priority Service is a phone line that the IRS has made available to tax professionals, like attorneys and CPAs, to ask questions about their clients' accounts. The nice part is that our calls to the IRS Practitioner Priority Service are made "under the IRS radar." The IRS representatives that staff the Practitioner ... Read More
5 signs that the IRS is about to levy your wages or bank account
It's what keeps you going from month to month - your wages, and the money in your bank account. You need it to pay your bills, provide for your family, keep a roof over your head, food on the table, make your car payment. But at the same time, you owe back taxes to the IRS, and are looking over your shoulder, concerned that the IRS may strike and clean you out. If any of these 10 signs are true, then your fears are real, and you are indeed at risk for an IRS levy on your wages or bank account: 1. Has the IRS sent you a Final Notice of Intent to Levy and Notice of Rights to an Appeals ... Read More
The benefits of using Form 433F: Shorter, simpler disclosures to IRS collections
If you owe the IRS money, chances are they are going to want a collection information statement from you to determine how they can be repaid. The IRS does not make completing the collection information statement easy on you. For starters, there are five different financial statements that the IRS collection division uses. How do you know which one is the right one to use? IRS Form 433F. If you are working with the IRS Automated Collection Service, you will likely be requested to use IRS Form 433F. IRS Form 433A. If a local IRS collections Revenue Officer has contacted you, he will ... Read More
Will the IRS request to change the amount of my installment agreement?
You are finally on good terms with the IRS - you agreed to a monthly payment plan, and have been filing and paying your taxes on time, as you are required to do. With that, the IRS should leave you alone, right? Not necessarily. The IRS has the right to review an installment agreement, and to negotiate a new one to determine if your monthly payment could be changed. And when we say changed, we mean increased.Preview This will usually occur when your installment agreement payments are not enough to repay the IRS back in full. Let's say, for example, that you owe the IRS ... Read More
Getting the IRS to release a levy when your tax returns are unfiled
When the IRS levies your wages or accounts, it is usually to get your attention. There is something the IRS wants that you have not provided - it could be a financial statement, estimated tax payments, or getting in compliance on unfiled tax returns. And to get the levy released, the IRS is usually going to condition it on, say, getting your unfiled tax returns in first. The IRS tells you that they operate on a "compliance first, levy release second" basis. But what if you cannot get the unfiled tax returns prepared quickly enough to get the levy released when you need it, which is ... Read More