Thursday, June 22, 2023

Colorado Springs: How Can I Deal With Liens and Levies?

 


PANIC!! You have received notice of a federal tax lien or your bank account has been levied by the Internal Revenue Service.  Under Internal Revenue Code Section 6321 allows the IRS to file a notice for federal tax lien to protect the government's interest. How long does the Lien continue?  The lien will continue until: 1) It Expires; 2) It is Paid; or 3) It is Compromised.

What are the options are available for you?  Do you any unfiled tax returns?  Do you have unpaid taxes for prior years?

Work with a tax professional to represent you before the IRS help you to resolve the lien with the following options:
Option 1: Get into Compliance (required)
Option 2: Have an analysis to determine the payment options for which you qualify
Option 3: Possibly have the IRS subordinate to another lender
Option 4: Setup an installment agreement

Marcelino Dodge, Enrolled Agent, with Cash Tracks Financial helps taxpayers with unfiled tax return and tax liens.



525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com

Wednesday, June 7, 2023

Colorado Springs: My Spouse Filed Joint Tax Returns With Large Amounts of Tax Due? Am I Still Liable to Pay the Taxes?

 



You are either divorced or your spouse has passed away.  Then, one day you either have money unexpectedly withdrawn from you bank account by the IRS or receive notice of an overdue tax bill from the IRS.   You ask, "Why am I receiving these notices, my spouse is the one who owes the taxes?"  If you either knowingly or unknowing filed a joint tax return with your spouse, according to Internal Revenue Code Section 6013, the IRS can collect tax from either spouse.  This can lead to inequitable results.

One step is to determine if a valid joint return was filed.  Did you provide tacit consent? Did you sign the return under duress?  Was your signature forged on the return?  These are just some of the questions that would need to be answered to determine if you qualify for Innocent Spouse Relief.

Marcelino Dodge, Enrolled Agent of Cash Tracks Financial of Colorado Springs can help you to determine in you qualify to file for Innocent Spouse Relief under IRC Section 6015.


525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com

Colorado Springs: Does Your Tax Professional Have the Right Ingredients?

  I was waiting for my pizza out back of The Next Us Building. I was able to get what I wanted on my pizza. I thought "Do taxpayers g...