IRS tax debt of $100,000 or more can cause major financial problems and stress. These situations require creative solutions that will vary depending on your income, assets, and other factors. IRS Actions You may have been receiving IRS notices for several years about...
Back Taxes and Tax Debt
What to Do If You Owe the IRS $50,000 or More
Owing over $50,000 in tax debt can result in IRS tax liens and levies. Your tax debt can make it hard to meet your other expenses, and you may be worried about all the IRS notices you’ve been receiving. Fortunately, you still have many tax resolution options if you...
What to Do If You Owe the IRS $25,000 or More
Some important IRS rules apply to tax debts of $25,000 or more. This balance includes the total amount of back taxes, interest, and penalties you owe to the IRS. You may qualify for certain IRS tax resolution options if you are able to pay your balance down to below...
Can Tax Debt Be Inherited?
Debts generally can’t be inherited, but they can reduce the potential assets received by the deceased person’s heirs. If an estate owes more than the fair market value of its assets, the heirs could end up with nothing. When someone passes away with tax debt, the IRS...
How Does Tax Debt Relief Work?
The IRS and state tax authorities offer tax debt relief for a simple reason—many taxpayers need help paying off their tax debt. Rather than spend more government resources trying to collect back taxes from these people, tax debt relief options exist to provide payment...
How Is Tax Debt Handled in a Divorce?
Tax debt can be divided up between the spouses just like other assets and debts in a divorce. However, it’s important to realize that the IRS does not need to comply with your divorce decree when seeking payment of back taxes from a joint tax return. The doctrine of...
Understanding Your Cryptocurrency Tax Obligations
Cryptocurrency tax compliance remains a priority for the IRS. Taxpayers are required to treat cryptocurrency as property for tax purposes, which may result in ordinary income or capital from cryptocurrency transactions. Cryptocurrency Tax Treatment Taxpayers who...