Tax Resolution Blog
The IRS Solutions’ blog is filled with tax pro solutions and the latest IRS tax news, insights, and information about tax resolution.
Understanding the Difference Between a Levy and a Lien
Knowing the difference between a levy and a lien helps CPAs, Enrolled Agents, and other tax pros guide their clients through the successful resolution of challenging IRS cases. Proper guidance based on a clear understanding of IRS levy vs lien can make the difference between financial stability and continued stress for your clients. What is a Tax Lien? An IRS tax levy is when the IRS actually seizes a taxpayer’s property to satisfy a tax debt. Unlike a lien, which is a claim against the property, a levy means the IRS takes possession of the assets. This can involve seizing bank accounts, garnishing wages, or taking other property
New Wage and Income Transcripts Summary Tool Simplifies Transcript Analysis
In-depth analysis of wage and income transcripts is a critical skill for every tax resolution accountant and anyone preparing taxes. These documents paint a comprehensive picture of a taxpayer’s financial history – but comparing and interpreting them can be a challenge. That’s why IRS Solutions® is introducing the Wage and Income Transcripts Summary Tool, a groundbreaking feature that makes wage and income transcripts analysis faster and more insightful than ever before. Designed for precision and efficiency, this tool will transform the way accountants, enrolled agents, and tax resolution specialists approach the task. By offering a side-by-side presentation of income-related data, including W-2, 1099, and withholding information across multiple years, the
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Marketing Tax Resolution in a Saturated Market
Tax resolution services are becoming increasingly more important. Tax preparation is a saturated market. Just look at the classified section of any newspaper during pre-tax season and you’ll see. Maybe you already have, and your business is one of those advertised among the mish-mosh of competitors grappling for attention. How do you rise above the rest? Let’s get one thing straight before we go any further. Every industry deals with competition. Without it, consumers would be at the mercy of price gouging and limited choices. Competition can be a positive thing. The tax industry is highly competitive and for good reason. Note these three points: There is no foreseeable end to federal or state taxation, so there will
IRS Software that Helps Tax Pros Handle Tax Resolution Cases
IRS Software saves tax professionals time and hassle when dealing with the IRS. Offer in compromise forms are complicated and require specific knowledge to fill them out properly. And even if you fill them out correctly, you may find you need to start over and file a different 433 series form. IRS Solutions tax resolution software was created to help accountants feel confident when talking to their clients about IRS issues, and when dealing with the IRS. Our software was built to save us time and help us train our staff in handling IRS issues. We wasted hours looking up the IRS allowable standards for each case. And even worse was filling out the seven page 433-a and realizing
IRS Resolution Software Streamlines Installment Agreements
As a CPA, tax professional, or enrolled agent, efficiently addressing your clients’ tax concerns is a top priority. That’s where IRS resolution software comes into play, transforming the way you handle Installment Agreements (IAs) and streamlining the entire process. In this insightful article, we’ll explore the numerous advantages and capabilities of using cutting-edge IRS resolution software to optimize your workflow, enhance your services, and ultimately, deliver the best possible outcomes for your clients. Join us as we delve into the world of advanced tax resolution technology and uncover the tools that can empower your practice to effectively manage and resolve IRS-related issues with confidence and precision. If your client owes money and can’t full pay the tax when filing
Offer in Compromise Tips for Tax Pro’s
Navigating the complexities of tax resolution can be challenging for even the most seasoned CPAs, tax professionals, and enrolled agents. One critical area of expertise is the Offer in Compromise (OIC), a powerful tool that can significantly benefit your clients when used effectively. In this comprehensive article, we’ll share valuable Offer in Compromise Tips to enhance your understanding of the OIC process and empower you with the strategies necessary to achieve favorable outcomes for your clients. Join us as we delve into the intricacies of OIC, exploring best practices, pitfalls to avoid, and innovative approaches that will elevate your tax resolution services and set you apart from the competition. The IRS offer in compromise program has been revised over
IRS Levy vs. Lien
Q. What is the difference between a tax lien and a tax levy? How do I explain lien vs levy to a client? A. Taxpayers often get confused when talking about a tax lien vs levy. They are both used as part of the collection process when taxpayers owe money to the IRS or other tax agencies. A federal tax lien is a claim to a taxpayers current or future property, the IRS hasn’t actually taken anything from the taxpayer. Whereas a levy is when the IRS takes property, such as garnishing wages, bank balances, or seizure of other assets to sell in order to satisfy the debt. Both liens and levy’s can have a negative impact on taxpayers. With
IRS Regulation to Withdraw Tax Lien From Credit Report
Q: If a taxpayer has paid the balance in full and received a release from the lien, is there a way to get that removed from the credit report, that way it can look like a withdrawal? A: One issue the IRS considers when deciding to withdraw a lien is. . . . if it is in their best interest. According to the government and the taxpayer advocate, if the balances have been paid in full it may be considered in the best interest of the IRS and taxpayer to withdraw a lien. The difference between a lien withdrawal and a lien removal can be described as the difference between a divorce and an annulment. One stays on your