With 2023 around the corner, we’re excited to celebrate the 15 year anniversary of Direct Tax Relief. Our Tax Resolution Specialists have solved thousands of cases and resolved tens of millions of dollars in tax debt.
Beginning January 1, 2022, third party settlement organizations have a requirement to issue a Form 1099-K to payees who have business transactions of more than $600 in a calendar year. (The previous threshold was either 200 transactions or $20,000 in payments in a calendar year, but the law was updated per The American Rescue Plan Act of 2021.)
Many taxpayers who owe back taxes to the Internal Revenue Service (IRS) will receive a notice of tax due and attempt to resolve the issue themselves. If you owe an amount less than $10,000 this makes sense. However, when the liability exceeds $10,000, it's always a good idea to seek professional representation.
Our clients hire us for representation during different moments of their tax resolution cases. Some taxpayers have all their tax returns filed, but have tried for years to work out a resolution with the IRS without any success. Some find us here at Direct Tax Relief when they have several years of unfiled tax returns they need prepared. And there are those who went through an audit and then realized how serious the consequences are of not having professional representation and hired our firm to help after the fact.
If you have ever had a tax bill you couldn’t afford to pay, don’t be swayed by false ads promising “total IRS debt forgiveness.” In most cases, complete forgiveness of tax liability — except in the case of bankruptcy — is unlikely. But don’t think that you’re out of options just yet.
Tax debt can be scary. Nobody wants to owe the IRS money, but sometimes it happens. And if it does happen, you don’t have to face the IRS alone. Founded in 2008 by seasoned tax professionals with wide experience and top credentials, our expert tax professionals are dedicated to helping individuals and small businesses who owe more than $10,000 in back taxes.
An Offer in Compromise is a formal agreement between a taxpayer and the IRS that settles the taxpayer’s debt for less than the full amount owed.
Frequently there are taxpayers that do not file individual or business tax returns for one or more years for various reasons. Missing all or a portion of their records and documents, personal or financial hardship and/or neglect are one of many reasons to fall behind
IRS audits should be taken seriously because they often lead to additional tax years being selected for examination and other tax deductions not originally stated in the audit letter.
A bank levy is issued by the Internal Revenue Service when your taxes remain unpaid and resolution has not been reached. The IRS will freeze your bank accounts and seize any money in your bank account up to the amount that you owe, including penalties and interest.