Showing posts with label tax debt. Show all posts
Showing posts with label tax debt. Show all posts

Tuesday, May 27, 2025

Colorado Springs: Facing the Stress of an IRS Lien: How to Cope and Protect Your Financial Future

 


For taxpayers facing an IRS lien, the experience can be overwhelming and deeply stressful. An IRS lien is not just a legal claim against your property—it’s a stark reminder of lingering tax debt, and it can quickly impact both your financial security and your peace of mind.

The stress of an IRS lien often begins the moment you receive the official notice. Suddenly, you discover that your home, car, and even future assets are encumbered by this government claim. Creditors are alerted, and your financial reputation takes a hit. The uncertainty can breed anxiety, worry, and in some cases, even affect family and professional relationships.

It’s important to understand that you have rights and options. The IRS must notify you of their intent and give you time to respond or make payment arrangements. Acting quickly is crucial. By reviewing the notice carefully and consulting with a tax professional, you can often find resolution before the situation escalates. Professional guidance is vital; tax experts understand the nuances of IRS procedures and can navigate appeals or negotiate payment plans on your behalf.

Remember, you’re not alone. Many people experience challenges with the IRS at some point. Taking proactive steps—such as organizing your records and reaching out for help—can relieve much of the burden.

If you or someone you know finds themselves under the weight of an IRS lien, take a deep breath. There are proven strategies for resolving tax debt and protecting your assets. With support, knowledge, and careful planning, it’s possible to move past the stress and regain control over your financial future. Don’t wait—address the issue today for a brighter tomorrow.

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

Monday, October 21, 2024

Colorado Springs: What to Do When You Do Not Think You Owe What the IRS Says You

 


Receiving a notice from the IRS is a frightening experience! When you believe you do not owe any money, it is causes a high level of stress.  Under such circumstance it's best to approach the situation with a calm mindset as you try to understand why you received the notice. Here are some recommended steps to take:
  1. DO NOT IGNORE THE NOTICE!
  2. Contact your tax professional to help you understand the notice.
  3. A tax professional will explain why you received the notice
  4. You will need to verify the information such as reported income and any errors in calculations.
  5. Draft an appropriate response

While receiving an IRS notice can be scary, approaching it with a clear plan and professional assistance can help resolve the issue efficiently. It is best to keep in mind that the IRS is open to communication, and many issues can be resolved through proper channels.

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

Monday, August 5, 2024

Colorado Springs: Can Bankruptcy Solve My Tax Problems?


Having a large tax debt can make you feel both frightened and overwhelmed that your bank account will be drained by the IRS.  Then, someone suggests that if you file bankruptcy that will eliminate the tax debt.  It this true? Will filing a chapter 7 bankruptcy eliminate your tax debt?

Certain IRS debts may be dischargeable in bankruptcy. To qualify for discharge under Chapter 7 or Chapter 11, the tax debt must meet specific criteria:
  1. Age of Debt: The tax debt must be at least three years old.
  2. Filing Date: You must have filed a tax return for the debt at least two years before filing for bankruptcy.
  3. Assessment Date: The IRS must have assessed the tax debt at least 240 days before you file for bankruptcy.
  4. No Fraud or Evasion: The tax return must not be fraudulent, and you must not be guilty of tax evasion.

If these conditions are met, the tax debt may be discharged, meaning you are no longer legally required to pay it. However, any cancellation of debt (COD) income resulting from the discharge is reportable on the bankruptcy estate's tax return, not your individual return.

It's also important to note that while bankruptcy can provide relief, it doesn't eliminate all tax-related obligations. Consulting with a bankruptcy attorney or tax professional can help you navigate the complexities and determine the best course of action for your specific situation.

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

Innocent Spouse Relief can feel like an emotional rollercoaster. The maze of taxes brings with it feelings of stress, shame, and vulnerabili...