Tax Alert! The Mortgage Forgiveness Act is Set to Expire at the end of 2012 As many of you who have had a short sale or home forclosure know, under ordinary United States tax law, a short sale produces a tax liability. When a lender agrees to accept a short sale, the amount of mortgage… Continue reading →
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Tax Liens – How to Remove an IRS or State Tax Lien From Your Credit Report
The most effective tool the IRS has for collecting tax debt are tax liens. What’s worse is that they are very difficult to get removed. Even after you pay off the tax debt, the tax lien will stay on your credit report for up to seven years. Only after they have expired will they be… Continue reading →
Tax Liens – How to Avoid Your Information Being Published
In order to encourage compliance in the payment of outstanding tax debts, the California Franchise Tax Board is authorized to publish a list of the 250 largest state tax delinquencies in excess of $100,000. The list only includes amounts for which official tax liens have been recorded. Since the list is a matter of public… Continue reading →
He Owed the IRS $80,000 in Back Taxes. We Reduced His Tax Debt to Zero!
Steve H. came to Professional Tax Resolution after receiving notice of a wage garnishment from his largest customer. Steve, a technology consultant, had failed to file tax returns for six years and, according to IRS calculations, owed over $80,000 in back taxes, penalties and interest. Tax settlement plans for taxpayers with numerous un-filed tax returns… Continue reading →
Amazing Tax Settlement – $1,600,000 Tax Debt Reduced to Zero!
Karen M. was recently divorced and owed the IRS over $1,600,000 for a joint IRS liability she had incurred with her ex-husband. The debt had accumulated over many years and, as is usually the case, included a significant dollar amount of assessed penalties and interest. The taxpayer was newly single, lived on a modest income… Continue reading →
An Audit Reconsideration Success Story – A $26,000 Mistake Corrected Results in Zero Tax Liability
Professional Tax Resolution has successfully helped many clients find tax relief. Here is the story of a client who came to us in March of 2011. Mr. and Mrs. M lived, worked and paid taxes in the United States from 2008-2010. In early 2010 both Mr. and Mrs. M moved out of the country and… Continue reading →
