Legacy Tax & Resolution Services

What to Do When You Receive a Notice of Federal Tax Lien

What to Do When You Receive a Notice of Federal Tax Lien   The IRS will send you a Notice of Federal Tax Lien if their efforts to collect your tax debt have been unsuccessful. This is a formal notice of public records and establishes a claim on your property, both current and future. Taking […]

Do Tax Liens Still Show Up On a Credit Report?

Do Tax Liens Still Show Up On a Credit Report?   If you’re wondering if tax liens still impact your credit score, the answer is NOW no!  Up until 2018, they did affect your credit score.  In 2017 and 2018, the three major credit reporting bureaus – Equifax, Experian, and Transunion, made some changes to […]

Types of IRS Audits | IRS Audit Procedures | Legacy Tax & Resolution Services

Types of IRS Audits  |  IRS Audit Procedures  |  Legacy Tax & Resolution Services   An IRS audit is a review or examination of an organization’s or individual’s returns and supporting information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is correct.  In most cases, […]

What assets can the IRS Take?

Ask The Taxman: Is everything I own fair game for the IRS, in a collection case? Answer The Law Exempts Specific Assets Up A Certain Limit As of October 2015, under Section 6334 of the tax code, your specific assets are exempt from collections up to a specific level, as listed below; Fuel, provision, Furniture […]