- Regular Installment Agreement -- Full disclosure of financials and assets; Results in full payment based on the statute
- Partial-Pay Installment Agreement -- Full disclosure of financials and assets; Does not result in full payment; Government revisits in 12 months to see if payment can be increased.
- Streamlined Installment Agreement -- No financial information required; Full payment in 72 months or the time left on the statute.
Friday, July 29, 2022
Colorado Springs: How Can I Make Payments To Payoff My Federal Tax Obligations?
Wednesday, July 20, 2022
Colorado Springs: How Can I Get My IRS Penalties Reduced or Eliminated?
Colorado Springs: Why Does the IRS Charge Penalties?
- IRS penalties are to encourage voluntary compliance -- Our tax system is voluntary, but not everybody files or pays their tax on time. Penalties for non-filing and non-payments are designed to encourage taxpayers to handle their personal and business tax matter in a timely manner.
- Conserves IRS resources -- When people comply with their tax obligations, because they want to avoid paying penalties, that frees up IRS resources to pursue those who are seriously and perhaps criminally avoiding the paying of their taxes.
- Provides clear guidance to taxpayers -- When taxpayers fail to file their tax return or fail to pay their taxes the guidance is clear on the percentage of penalty they will pay for not meeting their tax obligations.
- Ensure consistent and fair treatment of the issues -- When a taxpayer fails to file their tax return on time, a 5% penalty of the unpaid taxes can accumulate up to 25% of the unpaid taxes.
- Ensure noncompliant behavior is penalized -- For taxpayers who just do not want to cooperate with the IRS, the penalties are designed to motivate such behavior into compliance.
Sunday, July 3, 2022
Colorado Springs: Can I Sell My Property If the IRS Has Filed a Lien?
Received a notice from the Internal Revenue Service (IRS) threatening to file a lien? Or, has the IRS already filed the lien and you are concerned how that affects your ability to sell some of your assets?
If you are in the position of the IRS sending you notices about liens, have you been not responding to prior collection efforts on taxes owned to the IRS? Do you perhaps have unfiled tax returns?
The Internal Revenue Code Section 6321 authorizes the filing of a lien on a taxpayer to protect the government's interest against 3rd parties, if the IRS is owed more than $10,000. The government then steps into the shoes of the taxpayer with the limit to what is owed to the government. Even with the filed lien, you can still sell your home, but your lender and the IRS will be paid before you receive any proceeds. You can also still make offers to collections, set up a payment plan, and submit an offer-in-compromise.
To carefully maneuver through this tax resolution process we suggest contacting an Enrolled Agent such as Marcelino Dodge, EA with Cash Tracks Financial Inc.
Saturday, July 2, 2022
Colorado Springs: How to Deal With IRS Collections Notices
Are you one of the 15 million taxpayers to receive an IRS notice of collections? Do you have unfiled tax returns? Has the IRS filed a substitute return for you? Did you know that IRC section 6020 allows the governments to prepare a valid return based on 3rd party information? If you answered "yes" to any or all of the above questions, getting compliant with the IRS will be the start of solving your tax issues. How do you get compliant with the IRS?
Step1: Find the right tax professional -- This not just the person who prepared your tax return. We recommend either an Enrolled Agent or a CPA who specialize in tax resolution to guide you through process.
Step 2: Have the tax professional file that last 6 years of tax returns.
Marcelino Dodge, Enrolled Agent of Cash Tracks Financial of Colorado Springs will guide you through the process, get you compliant, and help to resolve your tax debt.
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