Showing posts with label Tax liens. Show all posts
Showing posts with label Tax liens. Show all posts

Wednesday, June 4, 2025

Colorado Springs: Navigating Tax Challenges: Finding Relief Through Innocent Spouse Filing

 


Navigating the waters of tax obligations can often feel like a daunting task, especially when one feels burdened by past financial commitments that were not entirely within their control. Enter the concept of Innocent Spouse Relief, a beacon for those caught in the storm of tax-related concerns stemming from joint tax liabilities.

Innocent Spouse Relief serves as a solution for individuals overwhelmed by the stress and embarrassment of unforeseen tax debts incurred due to their spouse’s or former spouse’s actions. The relief lifts the weight off your shoulders, ensuring you are not unfairly penalized for inaccuracies or omissions of which you were unaware.

Imagine the relief of knowing that annoying late fees, unwelcome fines, or relentless IRS penalties could be a distant memory. With Innocent Spouse Relief, the fear of tax liens, accruing interest, or sudden financial surprises dissipates, replaced by a feeling of security and clarity.

Moreover, addressing these tax issues isn't just about finances, it's about peace of mind. Clients find reassurance in not having to battle the IRS alone. The relief brings a sense of community and support, transforming feelings of isolation into confidence and optimism. Tax compliance becomes less about vulnerability or exposure and more about empowerment and foresight.

No longer must individuals feel ashamed or frustrated for past tax filing mishaps. With professional guidance and access to remedies like Innocent Spouse Relief, the path to a more secure financial future becomes clearer. Embrace the serenity that comes with resolving tax concerns and let Innocent Spouse Relief guide you towards a worry-free tomorrow. This journey to tax confidence is not just about dollars and cents, it's about restoring peace and self-assurance in your financial life.

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

Wednesday, September 11, 2024

Colorado Springs: What is an IRS Lien Notice? Is a Notice Even Required?


 

 When a taxpayer fails to pay their tax debt, the IRS may place a lien on their property, which serves as a legal claim against the taxpayer's assets. This lien ensures that the government can secure the payment of the tax debt. Section 6320 of the Internal Revenue Code deals with the IRS's issuance of lien notices, a critical aspect of tax enforcement.

Upon filing a lien, the IRS is required to notify the taxpayer through a Section 6320 notice, commonly known as a Notice of Federal Tax Lien (NFTL). This notice is crucial as it informs the taxpayer of the lien's existence and their right to a hearing. The hearing, known as a Collection Due Process (CDP) hearing, provides the taxpayer an opportunity to dispute the lien or propose alternative payment arrangements, such as an installment agreement or an offer in compromise.

Receiving a Section 6320 notice can be daunting, but it is essential for taxpayers to understand their rights and options. Ignoring the notice can lead to severe consequences, including the potential loss of property. Therefore, taxpayers should promptly respond to the notice, either by paying the debt in full or by requesting a CDP hearing to explore other resolutions.

Engaging with a tax professional, such as an enrolled agent can be beneficial in navigating the complexities of IRS lien notices. They can provide guidance on the best course of action and help protect the taxpayer's rights. Understanding Section 6320 and taking timely action can mitigate the impact of a federal tax lien and lead to a more favorable resolution of tax debts.



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

Wednesday, June 19, 2024

Colorado Springs: An IRS Tax Lien? Can I Still Sell My House?

 


Wanting to sell you your home?  But wait, there is an IRS tax lien on your home. Can you still sell your home?  Selling your home with an IRS tax lien can be challenging, but it is possible. An IRS tax lien is a legal claim against your property due to unpaid taxes, and it attaches to all your assets, including real estate. This lien must be addressed before the sale can proceed smoothly.

When selling a property with an IRS tax lien, the lien does not automatically disappear. The IRS has the right to claim proceeds from the sale to satisfy the debt. However, there are several ways to manage this situation.  Begin with contacting a tax professional like Marcelino Dodge, EA, CTRC to discuss your situation and to learn your options. If your are unable to payoff the IRS in full and get the lien released, then you could request subordination, which allows other creditors, such as your mortgage company to take priority over the IRS.

It's important to communicate with the IRS and seek assistance from a tax professional to have a successful sale of your home.  Proper handling of the tax lien can help you to move forward  with the sale of your home without the burden of unresolved tax issues.


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

Colorado Springs: Navigating the Maze of Innocent Spouse Relief, Triumph Over Tax Trepidations

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