Traxion Tax Blog
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…
What 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…
IRS 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…
Is 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…
What 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…
Guide 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…
The 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…
How 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…
What 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…
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