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 […]

Unpaid tax debts or unfiled tax returns can quickly turn into a nightmare. And you may face more penalties, interest, wage garnishments, or bank levies. To resolve your crisis, you should take action as soon as possible. Otherwise, your options will diminish with each passing day. What are you planning to do? Hire a tax […]

You are unsure about how you can resolve your tax issues. And this uncertainty causes you a lot of stress because any second you may face additional penalties and interest. We understand your situation and can help you. Precision Tax Relief (PTR) guided thousands of similar cases through the process of managing tax debts, providing […]

Most US taxpayers overlook one critical factor, which can quickly turn a manageable tax bill into a financial headache: interest. If you do not pay your federal taxes on time, the IRS will start charging interest immediately, and unlike penalties, interest is rarely waived or reduced. What is worse, the longer your balance remains unpaid, […]

According to the latest TIGTA report, the Inflation Reduction Act (IRA) has funneled significant resources into the Internal Revenue Service (IRS) to strengthen its operations and enforcement efforts.  Recently, the Treasury Inspector General for Tax Administration (TIGTA) report shed light on how these funds are being allocated and used. These details are essential for taxpayers […]

You have been looking forward to your tax refund all year—the money that could help you catch up on bills, buy groceries, or pay off a small debt. Then, a letter arrives from the IRS titled “Notice of Intent to Offset.” What does this mean? What happens now? A Notice of Intent to Offset is […]

Do you owe the IRS a lot of money and they haven’t contacted you for a long time? That may be because the IRS had paused some reminder collection notices during the pandemic. In February 2022, the IRS temporarily suspended the mailing of certain automated collection reminder notices as it worked through processing backlogs. In […]

If you can’t afford your tax bill, ignoring it will only make the problem worse. The IRS charges daily interest, penalties, and can eventually garnish wages or seize assets. The good news: you have several options to manage your tax debt and protect yourself. What Happens If You Don’t Pay Your Taxes? Immediate penalties and […]