There is little that causes a wave of anxiety in quite the same way as the mention of the Internal Revenue Service (IRS). The title of this post alone may have caused you to take a breath before diving into this content. This federal agency has built a reputation for...
IRS Tax Debt
What should you do if the IRS says you owe them money?
Let’s be real: Taxes aren’t always the easiest to manage when you run a small business. Despite your best intentions, you may still end up frustrated and upset because you found a surprising letter in the mail saying you owe money for taxes. Avoiding tax payments may...
What to do if you owe the IRS money and can’t pay
You try to file your taxes on time and probably assumed that you paid what you owed in full. However, some people make mistakes on their tax returns that can later come back to haunt them. Under-reporting your income or underpaying your taxes could result in a massive...
4 things you should know about dealing with the IRS
If you’re a business professional who has to deal with the IRS to straighten out your tax debt, it can feel intimidating. Many people worry that they’re going to go to jail or get hit with stiff fines. When that letter from the IRS arrives, it’s almost a cause for...
TAXPAYERS & COLLECTION DUE PROCESS HEARINGS
By law, the IRS may attempt to collect taxes up to 10 years from the date of their assessment. During these ten years, many things may occur as the IRS tries to collect while a taxpayer tries to pay or find some other solution. Taxpayers are not without rights in this...
USING AN INSTALLMENT AGREEMENT TO REPAY TAXES
Taxpayers who fail to file a tax return or fail to pay taxes by the deadline are subject, by law, to penalties assessed by the IRS. Taxes unpaid by the original filing due date are subject to interest and a monthly late payment penalty. The failure to file a tax...
WHAT HAPPENS DURING THE OFFER IN COMPROMISE PROCESS?
Once a taxpayer successfully submits an Offer in Compromise (OIC) application to the IRS, certain events occur as the IRS considers whether to accept the OIC. Offer in compromise applications typically require specific IRS forms and substantial paperwork to document...
UNPAID TAXES MAY CAUSE THE LOSS OF YOUR PASSPORT
The Fixing America’s Surface Transportation (FAST) Act allows the IRS to notify the State Department with the names of those taxpayers certified as owing a seriously delinquent tax debt, which is currently $52,000 or more. Federal law, through the Internal...
HOW DOES THE IRS ASSESS TAX ON AN UNFILED RETURN?
A tax assessment is the official step the IRS must step to legally declare that you owe tax. Once this step is completed (and after you’ve had the chance to dispute the assessment), the IRS can move your case to collections. Typically, tax is assessed when a return is...
3 WAYS TO GET MORE TIME TO PAY YOUR TAX DEBT
Paying your IRS tax debt in a lump sum is often difficult. This is especially true if you owe $25,000, $50,000, or $100,000 in back taxes, penalties, and interest. If you need more time to pay your tax debt, consider any of the following three strategies. IRS...