Managing taxes can be overwhelming, especially when unexpected financial obligations make it challenging to pay tax bills. One debt relief option provided by the Internal Revenue Service (IRS) is Currently Not Collectible (Cnc) Status. This status is a temporary solution for taxpayers facing financial difficulty who are unable to meet their tax payment obligations. Understanding […]
Getting a mortgage is challenging, and without filed tax returns, it gets even harder. Most lenders require tax returns to verify income. Without them, you could face loan denial, higher interest rates, or strict lending terms. Even if you have stable earnings and good credit, missing tax filings might raise concerns. In this guide, we […]
Dealing with tax liabilities can be a challenging and overwhelming task for many individuals. The Internal Revenue Service (IRS) offers various programs to assist taxpayers in settling their tax debts, with one such option being the Irs Offer In Compromise (OIC) program. This program allows taxpayers to settle their tax liabilities for less than the […]
In most cases, the IRS or your bank will notify you before accessing your financial records. However, under specific legal exceptions, the IRS may audit your records without prior warning.  When can the IRS actually access your financial information? Does every taxpayer need to worry, or is this reserved for specific cases like audits and […]
If you have tax debt hanging over your head, you may have heard whispers about a supposed “IRS one time forgiveness” program. It sounds too good to be true: a clean slate with no hassle, no payments, and no consequences. Unfortunately, that is not reality. What is IRS One Time Forgiveness? Is it real?  There […]
Discovering a federal tax lien on your property can be distressing. A tax lien is the IRS’s legal claim against your property due to unpaid tax debt. While it does not directly seize assets, it can damage your credit, impact your ability to sell property, and create financial hardship. However, applying for a withdrawal of […]
Tax season arrives, and you push off filing your return. Maybe you are unsure about what you owe, or perhaps life gets in the way. But what really happens if you do not file your taxes? Ignoring your tax responsibilities can lead to costly penalties, accumulating interest, and even IRS enforcement actions. The good news? […]
Paying taxes is a responsibility every American shares, yet for many, it can quickly spiral into an overwhelming burden. One missed payment turns into penalties, interest piles up, and before you know it, you are facing IRS notices, wage garnishments, or even liens on your property. If you owe more than $10K, the stress and […]
You check your paycheck and notice a big chunk is missing. Then, you receive a letter from the IRS. They are garnishing your wages to collect unpaid taxes. What now? An IRS wage garnishment is serious. Unlike other creditors, the IRS does not need a court order. They can take a portion of your paycheck […]
Imagine receiving a notice from the IRS stating that you owe Penalties For Unfiled Tax Returns. The stress and confusion that come with facing such consequences can be overwhelming for anyone. These penalties are not just financial burdens; they can have long-lasting repercussions if left unresolved. At Precision Tax, we understand the gravity of such […]

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