Some people count on their tax refund checks to make major purchases or catch up on debt payments. When their tax refund is seized, this can create severe financial problems. Find Out Why the Tax Refund Was Offset Refund offsets can occur due to many types of debt. It...
When You Have Serious Tax Issues, You Need Someone Who Knows Tax Law
Back Taxes and Tax Debt
HOW LONG DOES CURRENTLY NOT COLLECTIBLE STATUS LAST?
Currently Not Collectible (CNC) status gives a taxpayer a reprieve from many types of IRS collection activity. Once your CNC status is approved, you won’t have to worry about IRS levies or wage garnishments, at least temporarily. Benefits of Currently Not Collectible...
HOW TO FIND OUT YOUR IRS TAX DEBT BALANCE
It’s important to know how much you owe the IRS when you have tax debt problems. You may have balances from several tax years, and the balance owed may increase every month due to penalties and interest. There are several ways to find out how much you owe. The easiest...
HOW TO REQUEST A REVERSAL OF IRS PASSPORT ACTIONS
IRS passport actions are a relatively new enforced collection tactic used by the IRS. If you have delinquent tax debt and meet certain other conditions, the IRS can inform the State Department of your tax debt problems, resulting in a passport revocation or a denial...
DOES IRS TAX DEBT EVER EXPIRE?
The statute of limitations on the collection of IRS tax debt is generally ten years. After the Collection Statute Expiration Date (CSED) passes, the IRS can no longer enforce the tax debt. The ten-year period begins once the tax is assessed. Tax assessment can occur...
WHAT TO DO IF YOU OWE DELINQUENT SELF-EMPLOYMENT TAXES
Self-employment offers many benefits. It also involves more complex tax compliance requirements, which causes some taxpayers to fail to pay their self-employment taxes. What Are Self-Employment Taxes? Self-employed taxpayers must generally pay 15.3% of their income in...
5 WAYS TO RESOLVE YOUR IRS TAX DEBT
Every tax resolution case is unique. There are many ways to resolve your tax problems, but you need to find the right strategy for your case. If you’ve been dealing with IRS notices and a growing unpaid balance, consider any of these 5 ways to resolve your IRS tax...
IRS BACK TAXES FOR VIRTUAL CURRENCY TRANSACTIONS
This summer, the IRS will send letters to over 10,000 taxpayers who were involved in virtual currency transactions. These letters are merely meant to be educational—informing the taxpayers that they may have failed to report income and pay taxes from their virtual...
CAN A BUSINESS SUBMIT AN OFFER IN COMPROMISE?
Business—including partnerships, LLCs, and corporations—may qualify to submit an Offer in Compromise (OIC) to settle their IRS tax debt. However, expect the IRS to carefully scrutinize your finances before your OIC will be accepted. Your offer must be at least as much...
HOW MUCH TAX DEBT CAN YOU SETTLE IN AN OFFER IN COMPROMISE?
The IRS Offer in Compromise (OIC) program can be used to settle tax debts for less than what you owe. The most important factors in your offer will be your reasonable collection potential and the amount of your offer. If your offer exceeds your reasonable collection...