IRS Targets International Businesses Over the last few years, the IRS has faced many dramatic cutbacks which have caused them to decrease their services and drastically reduce the actual number of IRS employees. However, in spite of the downsizing, the agency is determined to collect the money they are owed, especially that owed by larger taxpayers. They have… Continue reading →
Offer in Compromise
What Happens If You Can’t Pay Your Taxes?
What Happens If You Can’t Pay Your Taxes? What happens if you owe tax money to the IRS and you cannot afford to pay it? Most importantly, do not ignore the IRS. They have a lot of information on you and are not going to forget about the money that is owed. To prevent the IRS from… Continue reading →
Tax Debt May Result in Loss of Passport
Tax Debt May Result in Loss of Passport One of the numerous bills passed by Congress toward the end of last year was the Fast Act (Fixing America’s Surface Transportation Act). Executed on December 5, 2015, the main focal points of the bill are improving the county’s transportation infrastructure, strengthening public transportation and improving highway… Continue reading →
Franchise Tax Board Assessment Stopped
Franchise Tax Board Assessment Stopped Just one month after finalizing an Offer in Compromise with the Internal Revenue Service, Mr. C contacted Professional Tax Resolution with another tax settlement issue. Having successfully settled his federal income tax debt for less than 20% of the initial amount owed, he now needed our services to help with… Continue reading →
Back Tax Balance Reduced by 80%
Back Tax Balance Reduced by 80% Mr. C was referred to Professional Tax Resolution by a friend who had previously used our services. Having failed to respond to a Notice of Intent to Audit for tax year 2005, he had recently received an IRS Notice informing him that he owed over 150k in back taxes…. Continue reading →
Why You Should File Your Taxes
Why You Should File Your Taxes by April 15 April 15th is an important filing deadline for individual taxpayers. If the Internal Revenue Service does not receive either a completed tax return or an application for a six-month tax extension by this date, they will automatically assess a failure-to-file penalty. In addition, they will begin… Continue reading →
