When Does the IRS Levy? A Columbus Tax Attorney Explains
A levy is a taking or seizure of property and the IRS as the power to levy the assets of a taxpayer when a taxpayer has an outstanding tax debt and has not…
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How Do I Respond to a Notice of Deficiency from the IRS? A Columbus Tax Attorney Explains
Via an audit or when the IRS does see al income reported on an income tax return, the IRS can issue a notice of deficiency. If the RS has issued a notice of…
How is Equity in Real Estate Calculated for an Offer in Compromise? A Columbus Tax Lawyer Explains
The IRS considers the equity in real estate for an offer in compromise, but how is the equity in real estate calculated for an offer in compromise. First, the…
Is Equity in Assets Factored into an Offer in Compromise Amount? A Tax Lawyer Explains
The calculation of an offer in compromise is based upon an individual or businesses equity in assets and income. Thus, each asset owned by an individual or…
What Assets Are Reported on Form 433B? A Columbus Tax Attorney Explains
Form 433B is form used by the IRS to determine collection action on businesses such as partnerships and corporations. A business will report assets and income…
What Income is Reported on Form 433A? A Columbus Tax Lawyer Explains
Form 433A is a form used by the IRS to obtain collection information on individuals. The from is requested by the IRS when an individual is attempting to…
How is Income Factored into an Offer in Compromise? A Columbus Tax Attorney Explains
An offer in compromise can be a very favorable way to resolve a tax liability with the IRS but not every taxpayer is able to settle their tax debt with the IRS…
What Penalties Does the IRS Assess? A Columbus Tax Attorney Explains
The IRS has multiple penalties that can be assessed to individual and business taxpayers. The failure to file penalty applies when an individual taxpayer files…
What is the IRS Assessment Statute for the Trust Fund Recovery Penalty? A Ohio Tax Lawyer Explains
When a business owes payroll taxes (941 or employment taxes) a portion of these taxes known as the "Trust Fund" can be assessed to the individual business…
What is the IRS Letter 1058 Notice? A Columbus Tax Attorney Explains
A Letter 1058 from the IRS is a final notice of intent to levy. This notice is providing the taxpayer their due process to satisfy the tax debt or get under a…