While the Internal Revenue Service (IRS) has several tools that it can use to enforce taxpayer compliance, one of its most effective tools is its power to seize, or levy, taxpayers’ assets. For high-income and high-net-worth taxpayers who are behind (or allegedly behind) on their federal tax obligations, facing an […]
Category: IRS Tax Collection
For high-income taxpayers who are facing collection by the Internal Revenue Service (IRS), failing to take decisive action can have significant financial consequences. Reversing and recovering from IRS collection actions can be far more difficult (and costly) than preventing them in the first place, and facing IRS collection presents additional […]
If you are facing substantial tax debt in 2025, you will want to take a proactive approach to dealing with the Internal Revenue Service (IRS). The IRS has various options for enforcing taxpayers’ financial obligations, and tax liens, levies, and other collection mechanisms can present significant challenges and hardships. In […]
With football season underway, the Internal Revenue Service’s Criminal Investigation Division (IRS CI) is warning U.S. taxpayers to make sure they have a clear understanding of the tax implications of sports gambling. As IRS CI explains, “Individuals who engage in sports betting activities are required to report their winnings on […]
In a recent News Release, the Internal Revenue Service (IRS) touts its efforts to collect past-due taxes from high-net-worth taxpayers. According to the News Release, which the IRS published on July 11, 2024, the IRS “has surpassed the $1 billion mark in collections from high-wealth taxpayers with past-due taxes” since […]
If you are a high-income or high-net-worth taxpayer and you have concerns about the IRS collecting your tax debt, you should discuss your situation with an experienced Texas tax collection attorney as soon as possible. While you have options available, you will need to choose the best option for your […]
The Internal Revenue Service (IRS) recently issued a News Release in which it advises employers to resolve any issues with their Employee Retention Credit (ERC) filings by March 22, 2024. This is the deadline to file under the IRS’ limited-time ERC Voluntary Disclosure Program (VDP). But, filing under the ERC […]
The Internal Revenue Service (IRS) conducts most audits and reviews remotely. The IRS is responsible for enforcing more than 150 million taxpayers’ obligations, and, as a result, it simply does not have the resources to visit all delinquent taxpayers in person. As a result, receiving an in-person visit from the […]
Tax disputes can be stressful and complicated. It takes time, money and energy to resolve these issues, so it is crucial to avoid mistakes that can delay or derail the process. For instance, if you wish to appeal a decision by the IRS, you may have the option to appeal. […]
Sometimes, a change in life circumstances can affect your tax bill more than you realize. One of the most common examples of this is making the transition from being an employee of a company to becoming a self-employed person. Being your own boss requires you to take more responsibility over […]