This may affect your credit.The consequences of an IRS filing a Notice of Federal Tax Lien are significant. This lien is public record, and eventually may show up on one's credit report which can severely impact their ability to secure further credit in the future as well as lower their credit score.The effects on your assets.A federal tax lien restricts your ability to utilize and monetize any existing or future assets - from real-estate, stock investments, automobiles, etc. This means that the IRS is first in line for proceeds if you were to sell any of your assets, before you receive any cash.The affects on your business.Protecting your business from financial troubles is important, and a lien can be especially damaging. It attaches to all of your property — including accounts receiv... 01/23/2023

Lien vs. LevyFor the unaware taxpayer, it is important to understand the difference between liens and levies. People will use them interchangeably, but they are very different. A lien grants the government legal rights over all of your property.This does not mean they are going to sell your property but it does make it difficult for you when the government has an ownership stake in your assets. Especially if you are looking to sell them, like real estate.Anything you sell, the IRS will receive its cut before you receive anything.A levy, on the other hand, is the physical seizure of income and assets. The IRS is the only creditor on the planet that can garnish your income and remove money from your bank account without a court order.Next StepsPaying off your tax debt in full is the most ... 01/18/2023

Ignoring your obligation to pay taxes can lead the federal government to conduct severe legal action against all of your existing assets, current and future income and assets you acquire in the future; this form of punishment is called a federal tax lien.If you've received a certified letter indicating that the federal government has placed an unwelcome Federal 'tax lien' on your assets, this article can provide insights into what it means and how to remedy the issue.What is a Federal Tax Lien?When a taxpayer falls behind on their federal taxes, they are at risk of having an official public notification filed against them. This document is known as a Notice of Federal Tax Lien and can cause serious consequences for the individual's ability to enjoy any financial security.A federal tax l... 01/16/2023

Pay Attention to Your PaychecksWith the recent changes in tax law, your paychecks may have grown more generous - but don't get too excited! They could mean less of a refund or an unexpected bill when you file. Make sure to stay informed and plan ahead so unpleasant surprises won't come back to haunt you this filing season.To prepare for tax season, it's important to monitor your paychecks and ensure that the right amount is withheld. If you see a decrease in federal taxes being taken out of each paycheck, adjust this with your employer immediately - even though it may mean taking home less every month. Doing so can help protect you from federal and state tax debts and penalties later!Run Your Numbers BeforeWith just your final paycheck from last year and a few additional details, you ca... 01/11/2023

Tax season can be a time of great anticipation for millions of Americans with dreams of a nice, big, refund check coming soon. Yet this year, many Americans may find themselves surprised and coming up short on their refunds.Many taxpayers have been shocked to find that this year, instead of a big tax refund check arriving in the mail, they are being saddled with an unexpected bill from Uncle Sam. The combination of recent tax law changes and updated employer withholding tables has left individuals scrambling to figure out how to pay for their new IRS obligations due at filing time.If you're worried about a looming tax bill, never fear: there are measures you can take to ensure that your taxes don't unexpectedly balloon. From budgeting tips to what do when the worst happens, these strate... 01/09/2023

Here are some facts about resolving your back taxes with the IRS.The IRS wants to work with taxpayers.The IRS is actually on your side. in a way. The agency is typically eager and happy to collect old back taxes. It truly wants to work with taxpayers, but there are many, many rules you need to know about and a process to follow if you want a positive result. Only 3 types of professionals can represent you in front of the IRS.While you can represent yourself in front of the IRS. It might not be the best idea, especially if your debt is very high or you have ignored the situation for a long time.The three types of professionals that can represent your case at the IRS: Attorneys. Not all attorneys are tax attorneys, and even not all tax attorneys have a bustling tax controversy practice. E... 01/04/2023

Get Your IRS Back Taxes Resolved or Reduced!We make your IRS problem go away, so you can sleep better at night!Are you behind on paying your federal IRS taxes in the last or more? If so, you're not alone. If things have been tight financially, it can be easy to ignore the task of filing and paying your federal taxes to the IRS. Initially, you might thing you've gotten away with not paying the IRS. But in a year or two, they will catch up with you.Letters from the IRS will come eventually. If you let it go too long, they can take away your assets. By then, the penalties and interest will be so high that it will feel like an impossible situation to get out of.Schedule an appointment Now with a tax expertHere are just a few of the power that the IRS has to collect your back taxes: The IRS ... 01/02/2023

Failure to Pay TaxesIf you owe money to the IRS but can't pay, there are several options available to you depending on your circumstances. One of the most important things is to start paying your current taxes first.Here are some of the options the IRS provides to taxpayers who owe money: Installment planThis is where you work out a payment arrangement with the IRS. Offer in CompromiseAn offer in compromise is where the IRS agrees to accept less than the full amount owed. Currently Not Collectible StatusThis status allows you to defer your debt. The debt does not go away; you still owe the IRS money. But you'll stop the process of getting your bank accounts levied or other collection efforts if you are granted this status. Solutions for Resolving Your IRS Debt.We make your IRS problem g... 12/28/2022

Do You Owe the IRS Money That You Can't Pay?It can happen by accident. You maybe asking how? Well, you may not withheld enough from your paycheck in the past year and wind up with a whopper of a tax bill in April. It could be you won some money, spent it, and didn't realize that a big chunk of it was owed to the IRS in taxes. If your debt had been pilling up for a while, it can be overwhelming and extremely stressful. You might feel stuck or frozen, not knowing what you should do or how you are going to get out of your situation.  But the worst thing you can do is nothing. The penalties and interest just keep adding up, sinking you further and further into trouble.  The IRS takes their money seriously! They will: Seek every legal way to collect the money they are owed. Seize your assets... 12/26/2022

Take Care of the back tax debt problem Sooner Rather than LaterIn Mount Laurel, NJ we often think we have a lot of time when it comes to our taxes; guess what? We do not. Time is of the essence when you owe money to the IRS. Once those back taxes are assessed, the clock is ticking, and every day that passes will mean higher penalties, and compounding interest. If you want to put your tax debt behind you once and for all, you will want to act fast. The sooner you can take your financial life back.To help ease the stress from your situation, we offer a no-obligation consultation with one of our tax resolution experts. You don't have to worry about confidentiality because with zero gimmicks or commitments. Schedule an appointment with one of our tax resolution specialists today.  Meet with... 12/19/2022

In Mount Laurel, NJ paying taxes is a fact of life, but when the amount is excessive, you may not have the funds to pay in full. Making a mistake on your taxes can be costly as well, and if you plug in the wrong numbers, the IRS will surely come calling.Whether you owe money to the IRS due to an innocent oversight, a lack of funds, or something else, ignoring the problem will not make it go away. Once you owe money to the IRS, the clock is ticking, and all the while penalties and compounded interest will be piling up. So what should you do if you owe back taxes? Here are some critical steps to take.Assess the SituationUntil you know how deep the hole is, you will not be able to start digging your way out. Before you do anything else, you should assess the situation, going through your o... 12/14/2022

In Mount Laurel, NJ many taxpayer say "I can do this all by myself." What should you do?What Do I Think?Talk to a Tax-Relief Expert of courseThe bad news is that you owe back taxes to the IRS. The good news is you may be able to settle the entire amount, including penalties and interest, for a fraction of what's owed through the IRS's offer in compromise program. If you qualify for one of those programs, you may be able to settle your debt for less than you owe, but this is not something to tackle on your own. Work with a tax-relief expert, both to identify the proper programs and to make negotiation with the tax agency easier and more effective. You can use the budget you reviewed earlier to identify sources of income and resources you have access to. Once that information is presented... 12/07/2022

In Mount Laurel, NJ the tax filing deadline will be here before you know  it and pretty soon, you'll be gathering up your receipts and plugging in numbers. I know you're hoping for good news, and praying for a big refund in the process.If all goes well you won't owe anything and you might even be getting back a nice refund. But, what should you do if you owe money? If you know you owe money to the IRS, you might be tempted to not file a return, but that is the worst thing you can do!If you fail to file on time, the IRS will come after you until you do. Worse yet, the tax agency can assess up to 25% just in late filing penalties. Plus, interest will start piling up right away. Instead of not filing, here are the steps you should take if you owe money to the IRS.Seek Out Tax Deductions Yo... 12/05/2022

In Mount Laurel, NJ economists believes most people are rational calculating machines, but many of us don't behave rationally about filing our taxes.Instead, most of us wait until the very last minute. Figures from the end of March suggest roughly 50 million - or one-third of all this year's individual tax returns in the U.S. - will have been filed in the final two weeks before Tax Day.I experienced this procrastination during the past weekend when I was finally able to convince one of my sisters to sit down and do her income taxes. She was very happy when the final tabulation showed a sizeable refund. Walking out the door, my sister said if she had known it would be a refund, she would have done her taxes much earlier.MOST OF US OWE NOTHINGWaiting until the last minute is strange for a... 11/30/2022

In Mount Laurel, NJ few people get excited about filing their income tax return with the Internal Revenue Service each year, but on-time filing is necessary to avoid penalties, interest, liens and levies. Also, falling behind on your taxes creates unnecessary stress because paying back taxes can be a long process.What happens when I Don't File My Taxes?Although there are a few exceptions, filing taxes is a must, so not filing your taxes could have serious consequences.YOU'LL BE SUBJECT TO A TAX PENALTY FOR NOT FILINGNot filing your income tax return can lead to IRS penalties, including:Failure-to-file penalty: If you fail to file your taxes and you owe money, the IRS charges a late file filing penalty of 5% of the tax owed per month or part of the month, the return is late, up to 25%.YO... 11/28/2022

At OnPoint Resolution, the focus of our practice is solving IRS back tax issue. In Mount Laurel, NJ taxpayers come to our office with a federal or state tax debt they do not believe they owe to the IRS or the state.There are many opportunities to challenge a federal tax debt with the IRS or state, even after the opportunity to appeal has come and gone.Challenging tax debt include: Filling a timely appeal with the IRS within 30 days after the proposed assessment. Filing a protest with the United States Tax Court within 90 days after the Notice of Deficiency is received. ("90 Day Letter"). Filing a Doubt as to Liability offer or Doubt as to Collectibility. Requesting Audit Reconsideration. The keys to both a Doubt as to Liability offer and an audit reconsideration request is proving to th... 11/23/2022

In Mount Laurel, NJ it is not easy hiring the right tax resolution company when you have a back tax issue. Meet with me todayHere is:How to Avoid 4 Tax Resolution Company Rip-Offs Fanta Kaba OnPoint Resolution LLC309 Fellowship Road, suite 200Mount Laurel, NJ 08054Tel. 973.840.7350Fax. 347.344.6942onpoint@onpointresolution.comwww.onpointresolution.com  11/21/2022

What  Is The First Step You Do When You Receive a Levy Notice From the IRS?Next StepsIn Mount Laurel, NJ the next step you will want to do is gather all of your financial documents and call our firm at 973.840.7350. We will help put together your case to the IRS and represent you to let them know that a levy will cause hardship for you and your family. We will need documented evidence that they levy will cause financial hardship for you, and if you can prove this, the IRS will release the levy. However, this is just putting a temporary band-aid on the situation, you will still owe the balance to the IRS. Once we get the IRS levy released, it just means the IRS will not garnish your income and will work with you to figure out a game plan to resolve the back tax debt.Make Payment Arrangem... 11/16/2022

I had a client ask me a Notice of Federal Tax Lien question in our Mount Laurel, NJ office. Question: I received a Notice of Federal Tax Lien via certified mail for unpaid back taxes and I'm scared and don't know what to do. Can you help?Answer: Of course yes.  A Notice of Federal Tax Lien (NFTL) is public record and is generally filed with the County Recorder where you reside. A federal tax lien can also negatively impact your credit report scores. It is notice to all your other creditors that the IRS has a secured interest in all your real and personal property you have now and acquired in the future.A federal tax lien will make it very difficult, if not impossible, for you to purchase a home, vehicle and other property on credit. It may also prevent you from accessing the equity in r... 11/14/2022

7 Secrets the IRS Doesn't Want You To KnowIn Mount Laurel, NJ with years of record deficits, the government is more eager than ever to get every dollar of back taxes and IRS penalties from delinquent taxpayers. Learn how to get a leg up on back taxes and delinquent tax returns so that you can avoid severe IRS penalties and financially debilitating levies on your wages and bank account- as well as ultimately get a fresh start. Meet with me today!Here is the:7 Secrets the IRS Doesn't Want You To KnowFanta KabaOnPoint Resolution LLC309 Fellowship Road, suite 200Mount Laurel, NJ 08054Tel. 973,840.7350Fax. 347.344.6942onpoint@onpointresolution.comwww.onpointresolution.com  11/10/2022