Tuesday Tax Tip

Understanding a Federal Tax Lien Part I

Understanding a Federal Tax Lien Part I: A federal tax lien is the government’s legal claim against your property when you neglect or fail to pay a tax debt. The lien protects the government’s interest in all your property, including real estate, personal property and financial assets. A federal tax lien exists after: The IRS: […]
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What’s the Difference Between a Levy and a Lien?

What’s the Difference Between a Levy and a Lien? A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens. A lien is a legal claim against your property to secure payment of your tax debt, while a levy actually takes the property to satisfy the tax […]
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Happy Thanksgiving!

Have a safe and happy Thanksgiving this week!
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Taxpayers Now Have More Time to Challenge a Levy

  Taxpayers Now Have More Time to Challenge a Levy The IRS reminds individuals and businesses that they have additional time to file an administrative claim or bring a civil action for wrongful levy or seizure. Tax reform legislation enacted in December extended the time limit from nine months to two years. Here are some facts about […]
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IRS Warns Taxpayers New Twist on Phone Scam

IRS Warns Taxpayers New Twist on Phone Scam:   The Internal Revenue Service is warning taxpayers of a new twist on an old phone scam as criminals use telephone numbers that mimic IRS Taxpayer Assistance Centers (TACs) to trick taxpayers into paying non-existent tax bills.   In the latest version of the phone scam, criminals […]
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IRS Offer in Compromise Public Inspection Program

IRS Offer in Compromise Public Inspection Program: The IRS Offer in Compromise (OIC) program is a lengthy, detail process to come to an agreement between a taxpayer and the IRS to settle a tax liability for less than the full amount. The IRS is authorized to settle a tax debt on one of three grounds: […]
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