liens Archives - Clergy Tax Resolution

What is a Levy? IRS and Other Asset Levies Explained

Falling behind on your debts is never a fun place to be. It’s less fun when a levy is placed on your assets. In this article, we take a look at what…

by justdigital

Wage Garnishment October 23, 2020

A wage garnishment is when a court imposes an order forcing your employer to deduct a certain amount of your salary and give it back to the person or institution to which you owe money until your debt is paid off.

Currently Not Collectible November 20, 2020

Being placed on the status of not currently collectible implies that the IRS has decided to avoid efforts to collect taxes back. This occurs after proof is obtained by the IRS that the taxpayer could not pay the tax debt owed. However, being put on currently not collectible status does not erase any tax debt owed to the IRS, nor is it an effort to settle tax debt.

Offer in Compromise November 19, 2020

An offer in compromise (OIC) is an arrangement between a taxpayer and a taxing authority whereby the taxing authority offers to allow the taxpayer to pay the tax debt for less than the full amount.

Liens December 9, 2020

A lien is a claim or legal right against properties that are normally used to satisfy a debt as collateral. A creditor may be entitled to seize an asset that is the subject of the lien if the underlying duty is not fulfilled.

Back Taxes Owed November 19, 2020

Back taxes are taxes that were partially or completely unpaid in the year in which they were due. Taxpayers may have unpaid back taxes at the federal, state and/or local levels.