Feeling overwhelmed? We get it. Here’s some of the most frequently asked questions our clients ask. Need more answers? Contact us for a free consultation with an attorney.
I haven't filed my taxes in several years, what should I do?
Although the IRS and State Taxing Authorities can require you to file taxes for any year in which you did not file a return, they generally only require the prior 6 years to be filed for compliance. We recommend that you request your IRS Wage and Income Transcripts prior to filing any returns in order to ensure that (1) you are actually required to file the return(s), and (2) you include all required information on the returns. We can assist you with requesting these transcripts and advise you accordingly.
How can I get my transcripts from the IRS?
You can request your transcripts from the IRS either online or by mail. The request can be made online at: https://www.irs.gov/individuals/get-transcript. To get your transcript online, you must sign up for an account by entering your taxpayer information. Once logged in, you can choose from a list of reasons, but select Federal Tax to obtain the transcripts. You can leave Customer Code ID blank. You can access these immediately online. If you request it by mail, you must wait for the IRS to send it to your most recent address the IRS has on file.
I received an IRS Notice that threatens property seizure. What should I do?
Don’t panic. The IRS is required to send a series of notices to taxpayers prior to taking any levy or seizure action(s). The notice will have a number in the top right corner that usually begins with an LT or a CP. The CP504 is the final notice prior to levy action. We recommend that you address the notices with the IRS sooner rather than later to prevent collection actions. The main goal of the IRS is to collect monies owed to it (think of the IRS as a debt collector). The IRS will generally work with taxpayers to enter alternative arrangements so that taxpayers can afford their necessary living expenses while avoiding the seizure of asset(s) such as your wages, bank accounts, etc.
My employer just received a notice to withhold money from my paycheck. What are my options?
The IRS and State Taxing Authorities have various rules for the release of levies. For the IRS and many states, it is usually possible to obtain a release of the levy, or a reduction of the percentage of the levy by entering an alternative resolution. There are a few states that will not allow a release of levy. Please contact us for more details regarding your specific state regulations.
Why do I owe taxes every year?
There are numerous reasons for owing taxes. However, most cases fall on improper tax withholdings. Therefore, we always recommend our clients to review their withholdings with their employer and correct the W-4 if necessary.
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