In most cases, the IRS or your bank will notify you before accessing your financial records. However, under specific legal exceptions, the IRS may audit your records without prior warning.  When can the IRS actually access your financial information? Does every taxpayer need to worry, or is this reserved for specific cases like audits and […]

If you have tax debt hanging over your head, you may have heard whispers about a supposed “IRS one time forgiveness” program. It sounds too good to be true: a clean slate with no hassle, no payments, and no consequences. Unfortunately, that is not reality. What is IRS One Time Forgiveness? Is it real?  There […]

Discovering a federal tax lien on your property can be distressing. A tax lien is the IRS’s legal claim against your property due to unpaid tax debt. While it does not directly seize assets, it can damage your credit, impact your ability to sell property, and create financial hardship. However, applying for a withdrawal of […]

Tax season arrives, and you push off filing your return. Maybe you are unsure about what you owe, or perhaps life gets in the way. But what really happens if you do not file your taxes? Ignoring your tax responsibilities can lead to costly penalties, accumulating interest, and even IRS enforcement actions. The good news? […]

Paying taxes is a responsibility every American shares, yet for many, it can quickly spiral into an overwhelming burden. One missed payment turns into penalties, interest piles up, and before you know it, you are facing IRS notices, wage garnishments, or even liens on your property. If you owe more than $10K, the stress and […]

You check your paycheck and notice a big chunk is missing. Then, you receive a letter from the IRS. They are garnishing your wages to collect unpaid taxes. What now? An IRS wage garnishment is serious. Unlike other creditors, the IRS does not need a court order. They can take a portion of your paycheck […]

Imagine receiving a notice from the IRS stating that you owe Penalties For Unfiled Tax Returns. The stress and confusion that come with facing such consequences can be overwhelming for anyone. These penalties are not just financial burdens; they can have long-lasting repercussions if left unresolved. At Precision Tax, we understand the gravity of such […]

Applying for US citizenship is a major milestone. However, if you owe back taxes, you might wonder if it will stand in your way. Many applicants share this concern, and the answer is not as simple as a yes or no. Owing taxes does not automatically disqualify you from naturalization, but it can complicate the process. […]

Are you a student or a parent wondering about the tax implications of scholarships and grants? Navigating the complexities of higher education funding can be overwhelming, especially when it comes to understanding how these financial aids impact your taxes. At Precision Tax, we’re here to shed light on this important topic and provide you with […]

You’ve set up an IRS payment plan, feeling relieved that your tax debt is under control. You’re making your monthly payments on time, and everything seems manageable. But life happens.  Maybe you lost your job, had an unexpected medical emergency, or faced a major financial setback. As a result, your once-affordable payments became a burden. […]