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The Ultimate Guide to Small Business Debt Restructuring - Traxion Tax

The Ultimate Guide to Small Business Debt Restructuring

By Traxion Tax June 28, 2022
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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…

How Long Does Audit Reconsideration Take? - Traxion Tax

How Long Does Audit Reconsideration Take?

By Traxion Tax June 23, 2022
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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…

What Is the IRS First Time Penalty Abatement? - Traxion Tax

What Is the IRS First Time Penalty Abatement?

By Traxion Tax June 21, 2022
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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…

Can You Have Two Installment Agreements With the IRS? - Traxion Tax

Can You Have 2 Installment Agreements With the IRS?

By Traxion Tax June 20, 2022
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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…

What is Tax Resolution? Everything you Need to Know - Traxion Tax

What Is Tax Resolution? Everything you Need to Know

By Traxion Tax June 14, 2022
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What is tax resolution? Tax resolution is the goal for any taxpayer in hot water with the IRS – no matter what their trouble might entail. The IRS, as an…

Form 433: How the IRS Assesses Your Ability to Pay Tax Debt - Traxion Tax

Form 433: How the IRS Assesses Your Ability to Pay Tax Debt

By Traxion Tax June 14, 2022
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There are circumstances under which the IRS must collect information to determine whether a taxpayer can honor their commitment to a potential payment plan or installment agreement. The IRS usually…

S Corp to LLC Conversion Must-Knows - Traxion Tax

S Corp to LLC Conversion Must-Knows

By Traxion Tax June 14, 2022
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There are circumstances under which an S corp to LLC conversion makes sense. An S corporation is structured in such a way that income, losses, tax deductions, and tax credits…

What Is Form 2848 and 8821: Power of Attorney - Traxion Tax

What Is Form 2848 and Form 8821?

By Traxion Tax June 14, 2022
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When deciding to work with a tax professional, you must grant the proper authority to not only represent you in tax matters but also authorize the retrieval of tax information…

IRS Tax Collection Actions: Levy, Lien, Seizure - Traxion Tax

IRS Tax Collection Actions: Levy, Lien, Seizure

By Traxion Tax June 14, 2022
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If you owe taxes to the IRS, they may take collection actions against you and your tax account. Collection actions describe different forms of enforcement the IRS utilizes to pressure…

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