Every day on the radio, tax debt companies shout with confident belligerence that anyone can resolve their tax debt for "pennies on the dollar." Sound too good to be true?

It is.

The short answer is…not forever…err sometimes forever?

It’s 5:00pm on April 15 and you’re excited!

You filed your taxes for the year and there’s a sense of relief…at least at first because you wake up at 3:00am and start ruminating. You think you may have overlooked income you received last year or that you really stretched on taking what, now that you think about it, might be an unjustified deduction.

As an attorney specializing in IRS and state tax debt, I see more than my fair share of the more than 20 million Americans hitting the 'tax snooze button' each year, opting for extensions on their filings.

This year, with record-high extension requests likely, understanding the strategic implications of these decisions is crucial for individuals, businesses, and their advisors.

Are you confident in navigating the maze of FICA taxes, or are you lost in its glorious complexity?

When you're the business owner doing the paying, FICA payroll taxes are supremely important. If you don’t pay the IRS, you’ll owe a significant portion of it personally, even though it’s a business tax.

Here’s what you need to know.

The moment arrives unannounced, often unwelcome – a notice from the IRS or state tax authority, signaling you've entered the realm of tax debt.

What’s the deal with tax debt, anyway?

Do you have an IRS tax lien?

You’re screwed if you have to sell your home, right?

Nope.

You’re absolutely able to sell property that is subject to an IRS lien.

But first, it's important to understand that a tax lien and a tax levy are two very different things.

Billions of dollars are floating away into the ether each year, unclaimed by the IRS, not due to evasion or fraud, but something seemingly simpler—tax returns that never got filed.

The IRS has had enough.

As businesses strive to flourish in today’s competitive market, understanding and complying with payroll tax obligations is paramount. Payroll taxes, can become a significant burden for businesses that are unprepared.

This article aims to shed light on how businesses incur payroll tax debts, identify common pitfalls, and discuss the implications of failing to comply with payroll tax obligations to equip business owners and professionals who have clients with payroll, especially accountants, with the knowledge to navigate these challenges effectively.

Most tax professionals have heard a thousand times over about tax settlements, also referred to as the Offer in Compromise (“OIC”), because that’s what their clients ask about when they have tax debt.

Clients focus on the OIC because that's what the 800 pound gorilla tax firms scream about on radio, TV, and print advertisements to reel in unsuspecting taxpayers only to take their hard earned money and leave them disappointed and out of luck.

Tax debt resolution is a lifesaver when you're in dire financial straits with the IRS. Yet, this field, vital as it is, faces a ton of misconceptions.

These myths deter taxpayers from seeking help, exacerbating their tax woes.