Rbi Tax Relief Bonds Free Helpful Guidepost

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Many people believe that a tax levy and a tax lien are one in the same; this is not the case. Simply put, a lien is placed on the home for security for the debt. With a tax levy the property is actually taken from the owner.

But don't choose a tax attorney just because they have an office near your home. An accident of geography doesn't mean they are the right tax attorney for the job. In many cases a national firm such as ours can make sure you never have to darken the door of an IRS audit.

The auditor will at least believe that you're an organized person and that all of your items are documented and justified. Don't be afraid to group the items in question, or attach an adding-machine tape that matches the tax return.

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But you must remember that even if you are on an installment agreement, penalties and interest will continue to accrue on the unpaid amount of the back tax liability throughout the duration of the installment agreement.

The penalty is one of the more punitive penalties that the IRS has available and should always be avoided.

If the cancellation of debt resulted from the disposition of your primary residence and you don't qualify under the Act, you may be able to qualify under the insolvency exclusion.

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