CANDACE STEVENS's (numbercruncherllc) Blog

There are times when a taxpayer is unable to resolve their IRS problem.  When this happens, contact TAS, the Taxpayer Advocate Service. Taxpayers who are in financial trouble, seeking assistance in resolving tax issues that have not been resolved through normal channels, or who believe that an IR...

An IRS Levy can be issued against various types of property, including bank accounts, wages, vehicles, real estate, and other personal property.   Once the IRS issues a levy, it will typically freeze the assets or property, and then seize or sell them to satisfy the debt.It's important to note th...

IRS Levy.  These words evoke fear.  Fear of losing money in your bank account, wages, your house, your car, and other assets.  However, the IRS cannot seize any asset they want.  I.R.C. § 6334(a) lists assets that the IRS is not allowed to levy.   Wearing Apparel And School Books Fuel, Provisions...

We are taxed on almost every type of income we receive.  Believe it or not, if you were to embezzle funds, it is taxable.  But I come bearing good news.  Below are 18 types of income that are not taxable. Life Insurance Death Benefits Vacation Rental Income (If you rent your home for 14 days or l...

There are times when you acknowledge that you owe the IRS money but are unable to pay due to your financial circumstances. Your account may be placed in the status of Currently Not Collectible (CNC) if the IRS agrees that you are unable to pay both your taxes and basic living expenses.The IRS wil...

Logging into the Online Payment Agreement tool is the first step in making any desired modifications. You can change your current plan's type, payment date, and amount on the first page. Then submit your modifications.You will be asked to adjust the amount of your monthly payment if it does not m...

After you have been in an Installment Agreement for a while, you may find you can pay more each month or you are unable to pay as much each month as you thought you could.  When this happens, you can revise the payment plan.  After you click on the Apply/Revise button on the following page:https:...

IRS installment agreement application fees refer to the fees charged by the IRS for setting up a payment plan to pay off taxes owed. The fees are determined based on the type of agreement, the amount owed, how you apply, and if you pay by Direct Debit or Check.If you are able to pay the amount yo...

If you find yourself in the situation of owing the IRS and not being able to pay, the most important thing to do is, FILE YOUR TAX RETURN EVEN IF YOU CANNOT PAY THE TAXES OWED. This will eliminate the failure-to-file penalty and interest that would be charged if you do not file your tax return.If...

There are two ways to request penalty relief for Reasonable Cause:   Ask for it by a phone call Apply for it with Form 843 Over the phone, the IRS agent may reduce or eliminate some penalties. To request penalty relief for reasonable cause, call the toll-free number in the upper right corner of y...