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. 

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Difference between a levy and a lien

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

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Wage and income transcripts tool

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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IRS Levy vs. Lien

IRS Levy vs. Lien

Q. What is the difference between a tax lien and a tax levy?  How do I explain lien vs levy to a client?   A. Taxpayers often get confused when talking about a tax lien vs levy.  They are both used as part of the collection process when taxpayers owe money to the IRS or other tax agencies.  A federal tax lien is a claim to a taxpayers current or future property, the IRS hasn’t actually taken anything from the taxpayer. Whereas a levy is when the IRS takes property, such as garnishing wages, bank balances, or seizure of other assets to sell in order to satisfy the debt.  Both liens and levy’s can have a negative impact on taxpayers.   With

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IRS Regulation to Withdraw Tax Lien From Credit Report

IRS Regulation to Withdraw Tax Lien From Credit Report

Q: If a taxpayer has paid the balance in full and received a release from the lien, is there a way to get that removed from the credit report, that way it can look like a withdrawal?   A: One issue the IRS considers when deciding to withdraw a lien is. . . . if it is in their best interest. According to the government and the taxpayer advocate, if the balances have been paid in full it may be considered in the best interest of the IRS and taxpayer to withdraw a lien. The difference between a lien withdrawal and a lien removal can be described as the difference between a divorce and an annulment. One stays on your

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