Checklist Checklist

Tag: IRS TAX PROBLEMS

  • #38 IRS TAX PROBLEMS Buyer Checklist You Need To Know Before You Spend Your Money. 60 Buyer-Beware Intelligence Points.

    Legal Information Notice: This checklist provides general educational information only. It is not legal advice, does not create an attorney-client relationship, and may not apply to your jurisdiction or circumstances. Laws and deadlines vary. Do not rely on this checklist for a specific legal decision or deadline; consult a qualified attorney licensed in the relevant jurisdiction.

    1. Do not assume an IRS notice is harmless.
    2. Do not ignore deadlines.
    3. Verify the amount claimed.
    4. Verify the tax years involved.
    5. Review your IRS account/transcripts.
    6. Determine whether returns are missing.
    7. Determine whether penalties were assessed.
    8. Determine whether interest has accumulated.
    9. Determine whether a lien exists.
    10. Determine whether levy activity is threatened or occurring.
    11. Don’t confuse a lien with a levy.
    12. A lien secures the government’s interest in property.
    13. A levy actually takes property to satisfy the debt.
    14. Payment plans may be available.
    15. An Offer in Compromise may be available to qualifying taxpayers.
    16. Collection may sometimes be temporarily delayed.
    17. Penalty relief may sometimes be available.
    18. Not every taxpayer qualifies for every option.
    19. Missing returns can limit available options.
    20. Interest and penalties may continue.
    21. A tax professional cannot simply erase a legitimate tax liability.
    22. Be skeptical of guaranteed outcomes.
    23. Be skeptical of urgent unsolicited “IRS relief” calls.
    24. Compare professional advice with information available directly from the IRS.
    25. The first step is usually understanding exactly what the IRS says you owe and why.

    B. PREMIUM BUYER CHECKLIST

    ACCOUNT

    ☐ Tax years
    ☐ Balance
    ☐ Tax assessed
    ☐ Penalties
    ☐ Interest
    ☐ Payment history
    ☐ Notices
    ☐ Filing status

    COMPLIANCE

    ☐ All returns filed
    ☐ Missing returns identified
    ☐ Tax records gathered
    ☐ Income records gathered
    ☐ Deductions/supporting documentation gathered

    COLLECTION

    ☐ Collection status
    ☐ Lien status
    ☐ Levy status
    ☐ Payment-plan eligibility
    ☐ Other resolution options

    PROFESSIONAL HELP

    ☐ Credentials
    ☐ Engagement scope
    ☐ Fee
    ☐ Authorization
    ☐ Strategy
    ☐ Timeline
    ☐ Failure scenario

    FINAL AUDIT

    ☐ I know what I owe
    ☐ I know which years are involved
    ☐ I have reviewed my IRS records
    ☐ I understand the next deadline
    ☐ I know what happens if I do nothing
    ☐ I know what options may apply

    FINAL QUESTION

    If I did nothing for the next 90 days, what could happen to my situation?