The US Internal Revenue Service (IRS) estimates that around 3 percent of eligible taxpayers in the US don’t file tax returns. This amount equals roughly 14 million taxpayers who owe more than $130 billion to the US government. When this failure to pay takes place, the IRS is entitled by federal law to issue a […]

Let’s talk about 401(k) plans. We know it’s a big part of the picture for many Americans because you can save and invest money for your retirement. However, what happens to this money if you run into financial trouble? Can 401(k) be seized or garnished? In this article, we’ll explain whether your 401(k) is safe […]

When you owe a delinquent tax to the IRS (Internal Revenue Service), you will receive a notice or letter about seizing your property or property rights. If they are IRS LT11 notice or Letter 1058, it is a serious matter. This indicates that previous attempts to resolve the debt have been ignored or unresolved. At […]

We have an exciting announcement. Precision Tax has been honored as the Winner of the Better Business Bureau (BBB) Torch Awards for Ethics. It’s demonstrated our unchanging commitment to integrity, respect, and ethical business practice. At Precision Tax, ethics isn’t just a buzzword; it’s the base of our daily operations. Our team is always attentive […]

Congratulations on starting your own business. As a new business owner, you have many responsibilities, including keeping track of your finances and paying your taxes. This article won’t hire you a bookkeeper, but it will provide a basic overview of how to pay taxes on self-employed income. Why is this important? In a nutshell: you […]

Do you know that your tax debt has a statute of limitations? Every tax assessment has an expiration date. That is, the debt is completely erased after a certain time. What is CSED? How can you benefit from it? How can you calculate a statute of limitations? What conditions extend the 10-year collection period? All […]

Taxes can be a burden, especially for people with low and moderate incomes. However, the IRS always provides a solution to ease your financial stress. In this article, we’ll talk about tax relief programs offered by the IRS. What is IRS Tax Relief? Many US citizens may be unable to pay their taxes for various […]

Struggling to pay your full tax balance? It is okay. Many taxpayers cannot afford to pay their debt in one lump sum and look for the lowest monthly payment the IRS will accept. The IRS does not publish a fixed minimum monthly payment amount. In most streamlined installment agreements, the minimum payment is calculated by […]

IRS garnishment is a serious legal situation that affects financial stability and life. However, you can protect some or all of your income from garnishment in several ways. Keep reading and learn your options to take prompt action about how to stop IRS garnishment. What is IRS Garnishment? With tax lien, the IRS makes a […]

Can’t you pay off your tax liability because of your financial difficulties? The IRS may help you with an Offer in Compromise (OIC). When you can’t pay off your tax debts, the IRS allows taxpayers to pay less than the full amount owed. The Offer in Compromise isn’t convenient for everyone. Before submitting it, you […]