Posts by Traxion Tax
Watch Out for These 10 IRS Audit Triggers
The IRS does not take tax evasion lightly. But it also knows that most unpaid taxes result from misunderstanding tax rules or forgetting to read the fine print. IRS audits, or IRS investigations, allow the agency to devote some of its resources to identify potential cases of missed taxes or tax evasion and determine whether the…
Read MoreWhat Is an IRS Notice of Deficiency?
The IRS issues hundreds of different notes and letters throughout the year to millions of taxpayers. Not all notices and letters are bad news. But some – like a notice of deficiency – are the mail no one wants to wake up to. However, receiving an IRS notice of deficiency is not the world’s end.…
Read MoreIRS Penalty Abatement Do’s and Don’ts
The IRS issues penalties for several different reasons, including owing taxes. Yes, the IRS will penalize you for a failure to pay your taxes via an IRS penalty abatement and can even continue to punish you if you continue to stall. But the IRS can also penalize you for failing to file your tax returns.…
Read MoreIs an IRS Audit Letter Really Something to Worry About?
Receiving an IRS audit letter is rare – less than a percent of taxpayers get audited at just 0.22 percent in 2019. However, just because the chance of an IRS audit is closer to a lightning strike than a fender bender does not mean it is anywhere near as big of a deal. Most audits…
Read MoreWhat Are the Implications of a Federal Tax Lien Release?
A tax lien release is applied on taxpayer accounts with significant outstanding tax liabilities who failed to contact the IRS and establish a payment plan promptly. Lien releases are challenging to get and require a substantial amount t of effort to receive. You must pay off your debt to get the government off your back.…
Read MoreGuide to Choosing and Hiring Tax Relief Specialists
Tax relief specialists are experts in IRS standards and procedures offering services to help you with your tax issues. Tax relief is an umbrella term for any professional services rendered to address your outstanding tax liability, deal with the IRS’ inquisition into your financial details, or help you navigate local, state, and federal tax law…
Read MoreThe Ultimate Guide to Small Business Debt Restructuring
Starting a business of your own is no small feat. There are a dozen logistical, personal, and financial challenges to face on a near-daily basis, and unlike wage work, there are no defined hours or real work-life boundaries. When you manage a business of your own, especially from the ground up, the days can begin…
Read MoreHow Long Does Audit Reconsideration Take?
The IRS does not audit often. Most of these audits are quick and painless, conducted over the telephone and by mail, with the exchange of a few clarifying documents or financial details, and a decision on your account. While millions of taxpayers are found to under-report their income, less than 1 percent of taxpayers receive…
Read MoreWhat Is the IRS First Time Penalty Abatement?
Owing money to the IRS is one thing. The IRS can supersede all private creditors and utilizes multiple collection actions to coerce payment. Yet, despite a relatively diverse arsenal of options for dealing with tax debt, IRS first time penalty abatement is a great option. The IRS’ most persuasive tool is simple: penalties and interest. The IRS…
Read MoreCan You Have 2 Installment Agreements With the IRS?
The IRS reports that American taxpayers owed $114 billion in back taxes, penalties, and interest in 2020. Given such a high total, collecting tax debt becomes an essential priority for the government. Intent to defraud the IRS can result in hefty fines and jail time. However, most people don’t fall behind on their taxes on purpose.…
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