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As we have frequently discussed in blogs and podcast episodes, IRS Tax Resolution is extremely focused on each individual Taxpayer’s current financial situation. This enables us to custom-craft Case Plans for our Clients based on the particulars of what they can afford to pay the IRS.

When talking about calculating a Taxpayer’s current financial ability to pay the IRS, it is important to know that the IRS has “Collection Financial Standards” that they reference in negotiations. The IRS applies a “Necessary Expense Test” – considering expenses that are necessary to provide for a Taxpayer and their family’s health, welfare, and production of income – in analyzing the Taxpayer’s financials. The Internal Revenue Code (IRC 7122(d)(2)(A)) requires that the IRS have schedules of national and local allowances to ensure Taxpayers have an adequate means to provide for basic living expenses.

October is National Financial Planning Month.  While many of our blogs are based on the steps Taxpayers can take to address back tax issues, we also have many recommendations on tax planning strategies to be used throughout the year BEFORE tax time rolls around. Here’s a look at our top recommendations for Tax Planning this October.

Everyone is talking about the new Inflation Reduction Act, so what is it?

In this episode, we want to help you understand everything you need to know about the Inflation Reduction Act, how it affects you, and how to get ahead of it.

October is a fitting time for this blog post – it’s officially “Spooky Season” (AKA Halloween), so let’s talk about one of the scariest things that can happen to a Taxpayer when dealing with an IRS debt – an IRS Wage Garnishment. In addition to putting the Taxpayer’s employer on notice that they owe the IRS, it also puts the Taxpayer in a tough financial situation. Here are the basics about what an IRS Wage Garnishment looks like and what Taxpayers should do to avoid this happening to them.

It’s common knowledge that the IRS will generally offer Taxpayers who owe back taxes a payment plan if they aren’t able to full-pay the balances owed, but we frequently receive questions from Taxpayers on key components of the IRS Installment Agreement options that are not as well-known. Additionally, something many Taxpayers aren’t aware of is that there are many different types of payment plans with the IRS. Let’s dive into what an IRS payment plan is, how it all works, and the different types of IRS payment plans today.

Did you know that the IRS offers a Work Opportunity Tax Credit to employers who hire workers that are certified members of a targeted group facing barriers to employment?

 Are you a small business owner who was affected by the pandemic? Then listen up, because you might be missing out on relief measures available to you.

This is a common question we get here at Bryson Law Firm – what can a Tax Attorney do for me? We also get asked: What can you do that I can’t? Do I need to hire an attorney? What will you do for me? Are you dealing with an IRS tax problem and have the same questions? Here’s our answer.

With President Biden’s recent announcement that the US Government would forgive up to $10,000 in federal student loan debt - up to $20,000 for Pell Grant borrowers, the question that immediately came to our minds here at Bryson Law Firm, LLC was whether any of the debt forgiveness would be taxable.

We know (and have previously blogged about the fact) that the IRS will not call, text, or email a Taxpayer to notify them of a tax problem – Taxpayers will generally always receive a letter first. However, what happens when even purported IRS letters cannot be trusted? At Bryson Law Firm, LLC, we are finding that more and more of our clients are receiving spam and scam mail that to the untrained eye, looks like official and authentic IRS mail. As a result, we wanted to blog today about how Taxpayers can be on alert for this type of correspondence.