Why Virginia Uses Tax Levies When You Owe Back Taxes When it comes to collecting unpaid taxes, the state of Virginia has various tools at its disposal to ensure compliance. One of the most significant and impactful methods is the use of a tax levy. If you owe back taxes to the state of Virginia, [...]
Owing back taxes to the Virginia Tax Department can be overwhelming, especially when you’re trying to find a way to settle your debt without sinking your financial ship. One option that might catch your eye is the Offer in Compromise (OIC) program, which allows you to settle your tax liabilities for less than the full [...]
The IRS has recovered $1.3 billion from Wealthy Americans The IRS has recently intensified efforts to crack down on wealthy American tax dodgers, recovering a staggering $1.3 billion in unpaid taxes since the fall of 2023. This increased focus on high-income earners who evade taxes is an essential step toward addressing the growing concerns around [...]
Hire a Fairfax, VA IRS Defense Attorney When You Owe Back Taxes Owing back taxes to the Internal Revenue Service (IRS) can be an overwhelming and stressful experience. The complexities of tax law, coupled with the intimidating power of the IRS, make navigating this issue particularly challenging. For residents of Fairfax, VA, hiring a specialized [...]
Are you named as the executor of someone’s estate? Do you expect to be a beneficiary of someone’s estate? If so, keep reading. A woman died in December 2003, leaving her estate to her brother, who was also the executor. He transferred all the estate’s property to himself, except for $50,000 he gave to his [...]
Social Security garnishment is generally prohibited when it comes to creditors. But the U.S. Government is no ordinary creditor and has the full force of the IRS to perform levies against tax-delinquent debtors. So can the IRS garnish Social Security? Simply put, yes. The IRS is among the only agencies that can levy your Social [...]
If you owe the IRS money, they may pursue aggressive collections actions against you. Unlike private lenders, they don’t have to go through the court to place liens on your property, levy your bank account, or garnish your wages. They do, however, have to provide you with notice of their intent to do so. If [...]
If you are facing an IRS criminal investigation, the impact on your professional and financial well-being can be devastating. An experienced tax lawyer will help ensure that your business doesn't make costly mistakes that could lead to an investigation, as well as offer experienced defense if you are already in trouble with the IRS. Contact Sodowsky Law firm, P.C. to learn more [...]
The IRS has what is known as a Collection Statute Expiration Date (CSED). Logistically, the CSED is ten years. However, there are a number of waivers and extensions that the IRS can file for to extend the CSED. There are also exceptions to the ten-year rule. Below, we take a look at everything you need to know about the IRS statute of limitations on tax [...]
As a business owner, you are expected to file and pay your taxes each year. And the IRS knows there's nothing wrong with trying to pay less in taxes, allowing you to use legitimate strategies to lower your tax burden. But there is a huge difference between using legal tax avoidance tactics and trying to illegally underpay. [...]
The IRS has the right to seize your home and other property if you fail to pay your federal income taxes. To exercise this authority, the IRS must notify you before they can seize anything. If you’ve been contacted by the IRS about a tax debt, don’t assume they will come immediately to take your home. There are steps you can [...]
Small Businesses Are at Higher Risk for IRS Audit It may sound counterintuitive, but smaller businesses have been at increased risk for an IRS audit for some time. This is due in large part to the ways in which they manage their payrolls. While larger businesses often have accountants themselves on the payroll, smaller business owners usually perform this task [...]
If you owe Virginia back taxes, watch your mail for a letter about the Tax Amnesty Program 2017. Earlier this year the Virginia General Assembly enacted provisions approving a tax amnesty program. The Virginia Department of Taxation just started sending letters to persons eligible to participate in this limited time program. The Program runs from September [...]
You may be wondering what the IRS is doing during the government shutdown. Do I Have to File My IRS Tax Return During Government Shutdown? Is the IRS still processing returns? Is the IRS still accepting payments? Are deadlines for filing returns being delayed? Are deadlines for making payments being delayed? The IRS encourages you to [...]
On October 30, 2012, Virginia Tax Commissioner Craing M. Burns announced some relief for businesses and individuals who have missed end of October filing deadlines due to Hurricane Sandy. To qualify for this penalty waiver, taxpayers must be unable to meet their filing obligations because the financial books and records they need to file their [...]
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