First-Time Penalty Abatement (FTA)
First-Time Penalty Abatement (FTA) is an IRS program offering a one-time reprieve from certain tax penalties for taxpayers who meet specific criteria. It's a chance to get a clean slate if you’ve made an honest mistake.
Form 433-B: Collection Information Statement for Businesses
Form 433-B is an IRS form businesses use to provide detailed financial information when they owe taxes they cannot pay. It helps the IRS understand the business's ability to pay and helps determine the next steps.
Installment Agreement (IA)
An Installment Agreement (IA) is an arrangement with the IRS that lets you pay your tax debt over time instead of all at once. It helps taxpayers manage their tax liabilities when they can't afford to pay immediately.
Levy Release
A levy release is the IRS's action of removing a legal seizure on your property or assets due to unpaid taxes. Understanding this process is key to regaining control of your finances.
Trust Fund Recovery Penalty (TFRP)
The Trust Fund Recovery Penalty (TFRP) is a penalty the IRS may impose on individuals responsible for a business's unpaid payroll taxes. It's important to understand how this penalty works to avoid potentially serious financial consequences.
Wage Garnishment
Wage garnishment is a legal process where a portion of your paycheck is withheld to pay off a debt. It’s crucial to understand how it works and how to prevent it.
IRS Notice CP90: Final Notice of Intent to Levy and Notice of Your Right to a Hearing
IRS Notice CP90 is a serious final notice from the IRS informing you of their intent to levy (seize) your assets to pay your back taxes. It also notifies you of your right to a hearing to dispute the levy.
IRS Form 2848: Power of Attorney and Declaration of Representative
IRS Form 2848 is a legal document allowing you to authorize someone to represent you before the IRS. It's a powerful tool that can help you manage your taxes.
Collection Appeal Program (CAP)
The Collection Appeal Program (CAP) is an IRS program that allows taxpayers to appeal certain IRS collection actions, providing a chance to resolve issues before they escalate. It offers a way to challenge a levy, lien, or other collection activity.
IRS Form 8862: Information to Claim Earned Income Credit After Disallowance
IRS Form 8862 is used to claim the Earned Income Credit (EIC) after the IRS previously disallowed it. It’s a way to show the IRS you still qualify for this important tax credit.