Form W-2: Wage and Tax Statement
Form W-2 is a vital tax document you receive from your employer, detailing your earnings and the taxes withheld from your pay for the year. This form is necessary to accurately file your annual tax return.
IRS Audit
An IRS audit is an examination of your tax return by the IRS to verify its accuracy. While it can sound scary, understanding the process can help ease concerns.
IRS Collection Process
The IRS collection process is the series of steps the IRS takes when you owe taxes and don't pay them on time. Understanding this process can help you avoid serious consequences and resolve your tax debt.
IRS Form 941: Employer’s Quarterly Federal Tax Return
IRS Form 941 is the form employers use to report their payroll taxes to the IRS each quarter. It's a crucial part of making sure employees' taxes are properly handled.
Tax Lien Withdrawal
A tax lien withdrawal is the removal of a tax lien, which is a legal claim against your property for unpaid taxes. This removal clears your property's title and frees it from the government's claim.
Tax Levy Release
A tax levy release is the IRS's way of lifting a hold on your property or assets after a tax debt has been settled. Understanding this process is essential to regain control of your finances.
Notice of Federal Tax Lien (NFTL)
A Notice of Federal Tax Lien (NFTL) is a public record that the IRS files to claim legal rights to your property when you fail to pay your taxes. Understanding it can help you take necessary steps to resolve your tax debt.
IRS Form 12153: Request for a Collection Due Process (CDP) Hearing
IRS Form 12153 is used to request a Collection Due Process (CDP) hearing, which is a crucial step for taxpayers who disagree with certain IRS collection actions. Understanding this form can empower you to protect your rights and explore alternative solutions with the IRS.
IRS Form 433-D: Installment Agreement
IRS Form 433-D is the document you use to request a payment plan (an installment agreement) with the IRS if you owe taxes you can't pay right away. It allows you to pay off your tax debt over time, rather than all at once.
Collection Information Statement (CIS)
A Collection Information Statement (CIS) is a form you might need to fill out when you owe the IRS money you can't pay. It provides the IRS with detailed information about your financial situation to determine the best way for you to handle your tax debt.