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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…

How to Figure Out Which Tax Payment Plan Is Best for You - Traxion Tax

How to Figure Out Which Tax Payment Plan Is Best for You

By Traxion Tax June 14, 2022
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If you owe back taxes, paying them off as soon as possible is the only surefire way to avoid collection actions from the IRS. But depending on how much you…

Estimated Tax Payments: The Benefits of Pre-Payments - Traxion Tax

Estimated Tax Payments: The Benefits of Pre-Payments

By Traxion Tax June 14, 2022
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For the majority of taxpaying Americans, taxes are primarily prepaid, meaning most taxes should be paid well before the due date on your annual tax return. In general, taxpayers are…

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