What is a Tax Levy? Understanding the Difference Between Tax Levy and IRS Wage Garnishment
How to Handle an IRS Tax Levy or Wage Garnishment Is there a difference between a tax levy and a garnishment? A federal tax levy is the seizure of money or other property by the government to pay off back taxes. A garnishment is a type of levy, where the IRS seizes wages to satisfy […]
Federal Tax Lien: How to Solve the Problem
What is a Federal Tax Lien? A federal tax lien is the government’s legal claim against a taxpayer’s property when taxes are owed and the IRS intends to collect these taxes. The federal tax lien attaches to your property, including financial assets, until the tax debt is paid. The purpose of a federal tax lien […]
LT38 Notice: Prepare for IRS Collection Actions
Received an LT38 notice? The IRS is resuming efforts to collect your overdue taxes. Immediate action is needed to avoid further penalties and interest. In our Atlanta-based CPA practice, we have noticed a significant increase in the number of clients receiving IRS notices during 2024, including the LT38 Notice in particular. Our firm’s experience is […]
CP523 Notice: Steps to Keep Your IRS Payment Plan Intact
Receiving an IRS CP523 notice means the IRS intends to terminate your installment agreement due to a default. This notice is a warning that you must take immediate action to keep your plan intact. In this article, we will explain what a CP523 notice is, why you might receive one, and the essential steps to […]
Statistics on Federal Tax Liens in Alpharetta, GA
This is the first in our series of reports analyzing federal tax liens on Georgia businesses. Along with tax levies and garnishments, federal tax liens are one of the most powerful weapons available to the IRS in its efforts to collect back taxes. As of 2022 there were more than 15 million taxpayers nationwide in […]
IRS Tax Relief in 2021
IRS Payment Plans, Tax Liens, Tax Transcripts and More: Navigating the Tax Relief Maze. IRS tax relief includes more than just resolving back taxes. It includes filing missing returns, reconstructing accounting records, interpreting the statute of limitations, analyzing arcane IRS transcripts and the pain and embarrassment of dealing with the IRS. Which way should you […]