Tax Resolution Blog
The IRS Solutions’ blog is filled with tax pro solutions and the latest IRS tax news, insights, and information about tax resolution.
Understanding the Difference Between a Levy and a Lien
Knowing the difference between a levy and a lien helps CPAs, Enrolled Agents, and other tax pros guide their clients through the successful resolution of challenging IRS cases. Proper guidance based on a clear understanding of IRS levy vs lien can make the difference between financial stability and continued stress for your clients. What is a Tax Lien? An IRS tax levy is when the IRS actually seizes a taxpayer’s property to satisfy a tax debt. Unlike a lien, which is a claim against the property, a levy means the IRS takes possession of the assets. This can involve seizing bank accounts, garnishing wages, or taking other property
New Wage and Income Transcripts Summary Tool Simplifies Transcript Analysis
In-depth analysis of wage and income transcripts is a critical skill for every tax resolution accountant and anyone preparing taxes. These documents paint a comprehensive picture of a taxpayer’s financial history – but comparing and interpreting them can be a challenge. That’s why IRS Solutions® is introducing the Wage and Income Transcripts Summary Tool, a groundbreaking feature that makes wage and income transcripts analysis faster and more insightful than ever before. Designed for precision and efficiency, this tool will transform the way accountants, enrolled agents, and tax resolution specialists approach the task. By offering a side-by-side presentation of income-related data, including W-2, 1099, and withholding information across multiple years, the
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Tax Resolution Help: Analyze Back Taxes Owed
Tax resolution help is a crucial service for clients struggling with back taxes, and as a CPA, tax professional, or enrolled agent, your expertise can make all the difference in resolving their tax issues. Successfully analyzing and addressing back taxes owed requires a deep understanding of the complexities surrounding the tax system, as well as the ability to identify the most effective resolution strategies for each individual case. In this article, we’ll delve into the essential aspects of providing tax resolution help, equipping you with the knowledge and tools needed to navigate the often-confusing world of back taxes. From understanding the root causes of unpaid tax liabilities to exploring the available options for settling tax debt, this comprehensive guide will
Identifying Bankruptcy Discharge Tax Debt
As a CPA, tax professional, or enrolled agent, one of the most challenging aspects of your work may be assisting clients with bankruptcy discharge tax debt. The process of determining which tax debts are dischargeable in bankruptcy can be complex, and understanding the nuances of the bankruptcy code is essential to providing accurate and effective advice. In this in-depth guide, we will explore the ins and outs of bankruptcy discharge tax debt, offering valuable insights and practical tips to help you confidently guide your clients through the process. From identifying the specific criteria that must be met for tax debts to be discharged, to understanding the implications of various types of bankruptcy filings, this article will serve as an invaluable
Rules for Chapter 7 Bankruptcy and IRS Tax Debt Discharges
Dealing with IRS tax debt can be an overwhelming experience for clients, and as a CPA, tax professional, or enrolled agent, understanding the relationship between Chapter 7 bankruptcy and IRS debt is crucial in providing the best guidance possible. This comprehensive guide will delve into the intricacies of Chapter 7 bankruptcy and IRS debt, shedding light on the rules, requirements, and potential outcomes that your clients may face. From eligibility criteria to the specific types of tax debts that can be discharged under Chapter 7, we’ll provide a detailed analysis and practical tips to help you confidently navigate this complex area of tax resolution. By the end of this article and video, you’ll be well-equipped to advise your clients on
Offer in Compromise Tips for 433 Asset Valuation
As a CPA, tax professional, or enrolled agent, guiding your clients through the Offer in Compromise (OIC) process can be a challenging task, especially when it comes to accurately valuing their assets on Form 433. In this comprehensive article and video, we’ll provide you with essential Offer in Compromise tips that will help you skillfully navigate the 433 asset valuation process and increase the likelihood of a successful outcome for your clients. We’ll cover key aspects such as determining fair market value, accounting for depreciation, and understanding allowable living expenses. By delving into real-life examples and offering practical advice, this article and video will empower you with the knowledge and confidence to effectively assist your clients with their OIC submissions,
How to do Asset Valuation for IRS: Form 433-A Section 3
When representing clients with tax debt, it’s crucial for CPAs, tax professionals, and enrolled agents to have a thorough understanding of how to do asset valuation for IRS purposes. In this in-depth article, we’ll specifically focus on Form 433-A Section 3, a critical component of the Offer in Compromise (OIC) and installment agreement processes. We’ll walk you through the step-by-step procedures for accurately assessing your client’s assets, including real property, personal property, and financial accounts. Additionally, we’ll explore key valuation concepts, provide practical examples, and offer expert insights to help you effectively navigate the complexities of asset valuation. By mastering these skills, you’ll be better equipped to provide your clients with the best possible tax resolution outcomes, solidifying your reputation
Income Analysis for IRS Payment Plan Offer in Compromise
As a CPA, tax professional, or enrolled agent, it’s vital to possess a deep understanding of income analysis when assisting clients with an IRS payment plan Offer in Compromise (OIC). In this extensive guide, we’ll delve into the nuances of income analysis, exploring the critical factors and calculations necessary for determining the most advantageous payment plan options for your clients. We’ll outline the key components of the OIC process, providing practical tips and expert advice to help you navigate the complexities of income evaluation while ensuring compliance with IRS guidelines. By mastering these techniques, you’ll be able to offer exceptional tax resolution services to your clients, enhancing your credibility and reputation within the industry. A Taxpayer’s Income and Expenses
How to Help Clients Set Up Payments with IRS & Installment Agreements
Setting up payments with the IRS can be a challenging process for clients facing financial difficulties and complex tax situations. As a CPA, tax professional, or enrolled agent, your expertise and guidance are crucial in helping clients navigate the intricacies of establishing installment agreements and other payment arrangements with the IRS. In this comprehensive guide, we’ll provide you with essential information and best practices to effectively assist your clients to set up payments with IRS, ensuring their tax obligations are met in a manageable and compliant manner. We’ll cover the various types of installment agreements, eligibility criteria, application processes, and tips for successful negotiations with the IRS. By mastering these strategies, you’ll be able to confidently support your clients in
Navigating the IRS Installment Agreement
An IRS installment agreement can be a lifesaver for clients facing a significant tax debt, enabling them to pay off their liability over time with manageable monthly payments. As a CPA, tax professional, or enrolled agent, it’s essential to have a deep understanding of the ins and outs of IRS installment agreements to effectively guide your clients through the process and secure the best possible terms. In this extensive article, we’ll explore the various types of IRS installment agreements, eligibility requirements, application procedures, and essential negotiation tactics to achieve favorable outcomes for your clients. By delving into the nuances of navigating the IRS installment agreement process, you’ll be well-equipped to help your clients address their tax debts and achieve financial
Deploy an IRS CNC Tax Relief Status for Your Clients
As a tax professional, providing your clients with the best possible solutions is your top priority. One effective strategy to help clients facing financial hardships is securing an IRS CNC Tax Relief Status. This powerful tool can offer temporary relief by halting collection activities and providing the breathing room your clients need to get back on track. In this article, we’ll dive into the essentials of the CNC Tax Relief Status, exploring its benefits, eligibility criteria, and the steps required to successfully deploy it for your clients. Embrace the advantages of CNC Tax Relief Status and enhance your tax resolution practice today. It’s all over the news—taxpayers are being taken by surprise and vocalizing their discontent over this year’s
Offer in Compromise Tips of Success: What’s an Acceptable OIC?
Navigating the complexities of tax resolution can be challenging for even the most seasoned tax professionals. One effective strategy for clients with substantial tax liabilities is an Offer in Compromise (OIC). However, submitting a successful OIC requires in-depth understanding and strategic planning. In this article, we’ll share valuable offer in compromise tips of success, shedding light on what constitutes an acceptable OIC and how to improve the likelihood of IRS approval. By leveraging these insights, you can better assist your clients in resolving their tax debts and strengthen your tax resolution practice. What is an Acceptable Offer in Compromise? The Offer in Compromise program has been around for decades. And basically what it does, is it allows taxpayers that
Quick Steps to Resolve Tax Levies for Your Clients
As a dedicated tax professional, your ultimate goal is to help clients navigate the often-challenging world of tax resolution. One crucial aspect of this process is addressing tax levies, which can significantly impact your clients’ financial well-being. In this comprehensive guide, we will outline the essential steps to resolve tax levies quickly and efficiently, empowering you to provide the best possible assistance to your clients. By understanding these steps and implementing effective strategies, you can alleviate the burden of tax levies, restore financial stability, and enhance your tax resolution practice’s reputation for success. I’m going to answer the top 3 questions we continually get regarding IRS levies. What is an IRS Levy? An IRS levy permits the IRS
IRS Enforcement Action: Your Clients Won’t Fly Under the Radar for Long
Owing back taxes is not uncommon. There are a variety of reasons taxes become delinquent: neglect, no money, tax evasion. Some taxpayers fly under the radar of the IRS, but only for so long. The IRS soon catches wind and takes aim. In today’s ever-evolving tax landscape, keeping your clients compliant with IRS regulations is more crucial than ever. The risk of IRS enforcement action is not one to be taken lightly, as non-compliant taxpayers can face significant consequences. In this insightful article, we will delve into the intricacies of IRS enforcement action, highlighting the reasons behind these actions and the potential ramifications for your clients. With a deeper understanding of the enforcement process, you’ll be better equipped to
Help Your Client With Offers in Compromise
As a tax professional, your expertise in navigating complex tax scenarios is essential to the success and satisfaction of your clients. One valuable strategy for those struggling with tax debts is the utilization of Offers in Compromise (OIC). By mastering the nuances of this powerful tool, you can greatly enhance your clients’ financial outlook and provide them with a viable path to tax resolution. In this comprehensive article, we will explore the ins and outs of Offers in Compromise, delving into the process, requirements, and best practices to effectively help your clients achieve a favorable outcome. Enhance your tax resolution practice by becoming well-versed in OIC strategies and provide much-needed relief to your clients. Want to be a hero?
How to Get Tax Debt Relief for Your Clients
Tax debt is no joke, especially to the Internal Revenue Service. If your client owes the IRS for tax delinquency, regardless of the reason, the IRS will not sit back and wait. Count on it to be aggressive in collection attempts. Assisting clients in navigating the complexities of tax debt relief is a vital aspect of a tax professional’s role. With an ever-growing number of individuals facing financial challenges, understanding the various relief options and strategies is essential to providing the best possible guidance and support. In this comprehensive article, we will delve deep into the realm of tax debt relief, outlining the available options, eligibility criteria, and practical tips for successfully obtaining relief for your clients. By expanding
IRS Income Tax Resolution Red Flags
Navigating the complex world of income tax resolution is a critical aspect of a tax professional’s role, as your clients rely on your expertise to guide them through challenging tax situations. To effectively assist your clients, it’s essential to recognize the potential red flags that may trigger IRS scrutiny or complicate the resolution process. In this comprehensive article, we will explore the various pitfalls and warning signs associated with income tax resolution, equipping you with the knowledge to proactively address these issues and deliver successful outcomes for your clients. By staying informed and vigilant, you can bolster your tax resolution practice’s reputation for excellence and secure the trust of your clientele. Just because the Internal Revenue Service hasn’t contacted
A Case Study of a Hurricane Tax Extension
Tax professionals must be prepared to address unique situations that arise from unforeseen circumstances, such as natural disasters. One such instance is a Hurricane Tax Extension, which can provide critical relief for taxpayers affected by these devastating events. In this in-depth case study, we will examine the intricacies of obtaining a Hurricane Tax Extension, including the eligibility criteria, application process, and best practices for ensuring a successful outcome. By understanding the nuances of this specialized extension, you can provide invaluable support to your clients in their time of need, further enhancing your tax resolution practice’s reputation for adaptability and expertise. Taxpayers who were victims of Hurricane Michael are breathing sighs of relief right now, as they have one less
New IRS Transcript Request Format is a Roadblock for Identity Thieves
In today’s digital age, safeguarding sensitive taxpayer information is more crucial than ever. As a tax professional, staying informed about changes to IRS processes and regulations is essential to protect both your clients and your practice. In this insightful article, we will discuss the recent updates to the IRS Transcripts Request format, which have been designed to create a roadblock for identity thieves and enhance the overall security of taxpayer information. By understanding the intricacies of the new IRS Transcript Request process, you can ensure seamless access to vital tax data while keeping your clients’ sensitive information secure, thereby strengthening your tax resolution practice’s reputation for trustworthiness and expertise. It seems a day doesn’t go by without a report
Partial Payment Installment Agreement vs Offer in Compromise
As a tax professional, providing your clients with the most effective tax resolution strategies is vital to your practice’s success. Two powerful options often considered in this context are the Partial Payment Installment Agreement (PPIA) and Offer in Compromise (OIC). In this comprehensive article, we will delve into the intricacies of the partial payment installment agreement vs offer in compromise debate, comparing their benefits, eligibility criteria, and implementation processes. By gaining a thorough understanding of these distinct strategies, you can make informed recommendations to your clients and help them achieve the most favorable outcome in their tax resolution journey, further solidifying your reputation as a knowledgeable and reliable tax expert. Both Offer in Compromise (OIC) or a Partial Payment