Your IRS File
You may be surprised to learn just how much information the IRS has on file about you. From your tax return transcripts to details about any unpaid tax debt, the IRS keeps track of everything. While you can access this information yourself, it’s best to leave it to a specialist who knows how to interpret it and use it to resolve any current tax problems. After all, there’s no need to raise any flags by making your request.
At our firm, we can help you obtain a copy of your IRS file and determine how it can be used to help you resolve your tax issues. We’ll work with you to make sure that your rights are protected and that you’re able to resolve your tax problems as quickly and efficiently as possible. Contact us today to learn more.
We can get a copy of your IRS file and help you determine how that file might help you resolve any current tax problems.
What can they tell me?
Your IRS transcripts will contain important data, such as, balance due, penalties & interest assessed, filing dates, notice dates, and the type of return filed.
If you have any unpaid tax liability, the IRS will also have information on that. This includes the total amount owed, any interest accruing, and any penalties assessed.
This information is important because it can help your tax specialist understand your current situation and develop a plan to resolve it.
What can we calculate with this information?
We can calculate vital information such as the statute of limitations, i.e. the Collection Statute Enforcement Date, the ASED, your bankruptcy eligibility date, and more.
What is the Collection Statute Enforcement Date?
The IRS Collection Statute Enforcement Date is the date when the IRS can begin collecting on a tax liability. This date is important to know because it can help taxpayers determine how much time they have to resolve their liability. The Collection Statute Enforcement Date is usually 10 years from the date that the taxes were assessed. However, this date can be extended if the taxpayer enters into a payment plan with the IRS or if the taxpayer files for bankruptcy or an offer in compromise.
If the taxpayer does not take action to resolve their liability, the IRS can begin levying penalties and interest on the unpaid balance. As a result, it is important for taxpayers to be aware of the Collection Statute Enforcement Date and take action to resolve their liability before this date.
What is the Assessment Statute Enforcement Date?
According to the IRS, the “Assessment Statute Enforcement Date” is the date by which the IRS must assess any tax liability you owe. This date is generally 10 years from the date that your tax return was due (not counting extensions). However, there are a few exceptions to this rule. For example, if you file a fraudulent return or fail to file a return at all, the IRS has an unlimited amount of time to assess your tax debt. Additionally, if you owe taxes for certain payroll taxes or excise taxes, the assessment statute enforcement date may be as little as three years from the date that your tax return was due.
If you’re concerned about the assessment statute enforcement date for your taxes, you can request a copy of your IRS transcripts. These transcripts will show any tax liabilities that are currently being assessed by the IRS.
What about penalty abatements?
If you’re like most people, the thought of dealing with the IRS is enough to send you into a panic. The good news is that there are options available for those who find themselves in tax liability. One option is known as first-time penalty abatement. This allows taxpayers who have never been delinquent on their taxes to have any penalties waived. In order to qualify, you must be able to show that you have filed all required tax returns and paid all taxes due in full. You will also need to provide IRS transcripts as proof.
While first-time penalty abatement won’t eliminate your tax liability, it can help to make it more manageable. If you’re struggling to keep up with your tax obligations, this may be an option worth considering.
Can my tax liability be discharged?
Many people believe that filing for bankruptcy will automatically discharge their tax liability. However, this is not always the case. In order to have your tax liability discharged, you must meet a number of requirements. First, the liability must be at least three years old. Second, you must have filed a tax return for the year in question. Third, you must not have been guilty of tax fraud or evasion.
Finally, you must prove that you are unable to pay the liability. If you can meet all of these requirements, then you may be able to have your tax liability discharged through bankruptcy. However, it is important to speak with an attorney before taking any action, as bankruptcy can have long-term consequences.
The IRS keeps track of a lot of information about taxpayers, from your tax return transcripts to details about any unpaid tax liability. This information can be valuable in resolving any current tax problems you may have. At our firm, we can help you obtain a copy of your IRS file and interpret it to help you resolve your issues. Contact us today.
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