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IRS Installment Agreements

Posted on July 9, 2015
Category: Tax Law
For taxpayers who owe a tax debt to the Internal Revenue Service, there are a number of options to resolve that debt. If you are unable to pay off your tax debt immediately, you may be a candidate for an IRS installment agreement, which will allow you to pay off your debt over time. Installment agreements are the most commonly used way to pay off overdue taxes. One significant advantage of this method is that while
The United States government understandably wants its citizens and residents to pay taxes on the money they earn, especially when those funds are significant. To this end, the U.S. government has cast a wide net designed to identify and penalize tax abuse by U.S. citizens. Like many wide nets, however, this one can catch more than it was intended to, sometimes with disastrous results for taxpayers who are new U.S. residents. While this is a

What should I do about an IRS Tax Levy?

Posted on June 24, 2015
Category: Tax Law
If you are faced with an IRS tax levy, the last thing you should do is ignore it. A levy is a seizure of your property in order to satisfy a tax debt. Unlike a lien, which involves placing a security interest on your property, but which leaves the property itself in your possession, a levy is an actual legal seizure of the property in question. Because of the nature of a levy, it is
An estate plan deals with more than just money and property. A complete estate plan includes a financial power of attorney, health care power of attorney, HIPAA documents, and a living will in addition to a Last Will and Testament or a Revocable Living Trust. There’s a common misconception that estate planning and trusts are only for the very wealthy. The truth is that many people, regardless of wealth, can benefit from a trust-based estate plan. The reasons range from family dynamics and

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