Traxion Tax Blog
Can 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…
What Is Tax Resolution? Everything you Need to Know
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
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
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 Form 8821?
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
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
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
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…
IRS Streamlined Installment Agreement: Understanding Your Payment Options
A tax debt with the IRS can haunt you for years. Failing to settle it can lead to hefty penalties and a stark interest rate on your debt. And as…
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