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Tax Resolution Program Spotlight: First Time Penalty Abatement (FTA)
What Is First Time Penalty Abatement?The First Time Penalty Abatement is a one-time administrative waiver offered by the IRS. It allows qualifying taxpayers to remove certain penalties for: Who Might Qualify for FTA? You may be eligible for FTA if: FTA is available for both individual and business taxpayers and applies only to a single
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What Happens When You Have Multiple Years of Unfiled Returns?
If you’ve fallen behind on filing your taxes for multiple years, you’re not alone—and you’re not beyond help. Every year, thousands of Americans find themselves in the same situation. Whether it’s due to personal hardship, disorganization, or simply being overwhelmed, the consequences of unfiled returns can quickly snowball. But the good news? You have
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More Flexible Offer-in-Compromise Terms Help Taxpayers Make a Fresh Start
The IRS has expanded its “Fresh Start” initiative by offering more flexible terms to its Offer-in-Compromise Program. These newest rules enable some financially distressed taxpayers to clear up their tax problems even quicker. An offer-in-compromise (OIC) is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than
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New law gives businesses, individuals more time to challenge a wrongful IRS levy
Businesses and individuals have additional time to file an administrative claim or bring a civil action for wrongful levy or seizure, according to the Internal Revenue Service. The Tax Cuts and Jobs Act of 2017, the tax reform law enacted in December, extended the time limit for filing an administrative claim and for bringing a
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Tax debt relief through bankruptcy discharge
One misconception about bankruptcy is that tax debts cannot be discharged. While it is true that some tax debts cannot be discharged, it is not true that all tax debts cannot be discharged. In fact, for many individuals, bankruptcy can offer taxpayers tax debt relief to years-old federal and state tax liabilities that they otherwise
