Latest Tax News

20
Jan

What is a One Time Forgiveness and does the IRS offer it to everyone?

One Time Forgiveness With more than a million people owing money to the IRS at any given moment and the limited resources and workforce that the IRS has, the IRS does have the self-awareness that they cannot collect every penny every tax debtor has owed. However, the IRS does intend to collect every penny it

18
Jan

The tax filing date starts February 12th

The IRS has delayed the expected tax filing date to start on February 12th of this year. In this past, the filing date usually begins around January. Starting on February 12th, 2021, taxpayers can begin filing for taxes on incomes earned in 2020, and the IRS will begin processing and issuing tax refunds beginning then.

16
Jan

Can the IRS take away my home?

YES, they can, but most likely they won’t. The IRS has the ability and legal power to seize your property to force you to pay back your tax debt. Taking your property is one of the most potent and fearful tactics in its arsenal. However, the IRS does not seize any tax debtor’s property any

11
Jan

Why did some people did not receive the second stimulus payment?

The second stimulus bill was voted for by the government at the end of last year. Many Americans who earn less than $75,000 have already started to receive their check directly deposited into their primary bank account is reported to the IRS. However, many people will have to wait for the money to arrive in

08
Jan

What is Offer in Compromise and How Does it Work?

An Offer in Compromise (OIC) is an agreement between the IRS and a person who owes tax debt to the IRS to settle their tax debt for less than the full amount they were originally owed. Anyone who owes tax debt can make the offer, but IRS will only accept the offer from qualified taxpayers

30
Dec

2020 Tax Prep Reservations for Your Tax Resolution Plan

It’s that dreaded time of your for some of you, I know. However, if you need to ensure your IRS settlement stays safe or you are trying to negotiate with the IRS over tax debt, you need to ensure these three things! 1. FILE ON TIME! 2. DON’T PILE ON MORE TAX DEBT. (However, if

18
Dec

New Tax Debt Relief Program Annouced from the IRS

The IRS released a new program this week called the Taxpayer Relief Initiative, which aims to assist taxpayers who cannot pay their taxes because of the ongoing pandemic.  Taxpayers who have tax debt from previous years or due to the continuing pandemic and unable to pay for the debt have options offered by the IRS,

17
Dec

What is a tax installment plan and, how much do I pay?

A tax installment plan is an agreement between the IRS and a person who owes tax debt to the IRS to repay the said tax debt within a time period. The installment plan must be paid in full by the taxpayer within the time period agreed by both the IRS and the taxpayer to clear

15
Dec

Prepare for 2021 tax filing! It is almost Tax Time! 

2020 Is almost over. If you have a pending settlement with the IRS or are thinking of one, your tax returns need to be filed an extremely specific way. WE KNOW HOW. With that being said, we are excited to continue serving our clients by keeping IRS compliance, saving them the most in taxes and making sure the filing season is as stress free as possible, for all!   LIMITED TIME OFFER *** SAVE 10% by Reserving a Spot now – CALL (951) 707-4440*** Or email us at [email protected]   Republic Tax

05
Dec

What is Offer in Compromise (OIC) or Fresh Start Program?

In Tax relief, The Offer in Compromise program, in the United States, is an Internal Revenue Service program under which allows qualified individuals with an unpaid tax debt to negotiate a settled amount that is less than the total owed to clear the debt. So it allows you to make an offer in compromise allows