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 […]

Frequently Asked Questions What prompts the need to modify an IRS payment plan? Financial hardships, changes in income, new tax debts, or unexpected expenses may require adjustments to your payment plan. What types of modifications are available for an IRS payment plan? You may be able to lower your monthly payments, extend your repayment period, […]

Receiving a rejection notice for your Offer in Compromise (OIC) from the IRS can be nerve-racking. But remember, there are still proactive solutions to explore for your tax debt. First, understand the situation, then take the right steps.  Why Was My OIC Rejected? According to the IRS Delinquent Collection Activities Report, approximately 63.5% of OICs […]

Are you familiar with that sinking feeling when tax season approaches, and you find yourself unprepared financially? Many individuals face the stress of tax debts, penalties, or unexpected liabilities, wondering how they can regain control of their finances. If you’ve ever found yourself in this situation, you are not alone. The good news is that […]

Purchasing a home is one of life’s most significant milestones. But if you owe back taxes, you might wonder if homeownership is even possible. The short answer? Yes, you can buy a house if you owe taxes, but the process requires careful planning and understanding of your financial obligations. At Precision Tax Relief, we specialize […]

Why am I getting a letter from the IRS in 2026? Every year, the IRS sends millions of letters to taxpayers across the country. These letters can cover a wide range of topics, from tax refunds and payment reminders to audits and requests for additional information. However, receiving a certified letter from the IRS is […]

You can check how much you owe the IRS by using your IRS online account, calling the IRS directly, or reviewing IRS notices. Ignoring unpaid taxes can lead to penalties, liens, or levies, so it’s critical to act quickly and explore relief options if you can’t pay in full. How Do You Check Your IRS […]

Receiving a letter from the IRS can be stressful, especially if it’s about an outstanding tax balance. One such letter is IRS Notice CP71C, which serves as an annual reminder of your unpaid taxes. While it might not be a cause for immediate panic, understanding this notice and taking the appropriate steps is essential. As […]

Tax debt isn’t reported directly to credit bureaus, but it can still hurt your credit indirectly through liens, collections, and financial strain. Does the IRS Report Tax Debt? No, the IRS does not report tax debt to credit bureaus. However, unresolved debt can lead to actions that affect credit. What About Federal Tax Liens? A […]

Owing the IRS more than $50,000 can lead to significant financial challenges, but understanding the potential consequences and available solutions can help you negotiate the situation effectively. The Growing Cost of Unpaid Tax Debt Unpaid tax debt accrues interest and penalties, causing the amount owed to increase quickly. That’s why the longer you wait to […]