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If you’re dealing with unpaid taxes, you may have heard the term “levy” tossed around. But what does it mean, and how can it affect you? Let's take a look at what an IRS levy is, how it works, and what steps you can take to protect yourself. What Is an IRS Levy? An IRS levy is a legal way for the Internal Revenue Service (IRS) to collect the money you owe in unpaid taxes.…
House flipping—buying homes at a low price, fixing them up, and selling them quickly for a profit—can be a great way to make money. But it can also lead to big problems with the IRS if you're not careful. Many house flippers get into trouble because they don’t fully understand the tax rules. If you’re in this situation, it's important to know where things can go…
Receiving a letter from the IRS is never a pleasant experience, especially when it's a CP1058. But don't panic! Understanding what this letter means and how to respond can make a big difference in how you handle the situation. What Is a CP1058 Letter? A CP1058 letter is a final notice from the IRS indicating their intent to levy, which means they plan to seize your…
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