If you owe the IRS a substantial amount, be sure not to ignore it. Review options such as installment agreements, extensions, or personal loans, and always seek legal advice from a professional tax attorney.
If you’re having tax problems
Category: Back Taxes
If your current financial situation does not allow you to pay your taxes, the IRS may place you in “Currently Not Collectible” (CNC) status. By demonstrating substantial financial hardship, the IRS will stop trying to collect from you, and will cease any levies on your assets and income. However, this status only lasts temporarily. Your… Read more »
As Ben Franklin once said, “In this world, nothing can be said to be certain, except death and taxes.” If you owe a tax debt to IRS, it can be a frightening experience. The IRS has the power to seize and sell your property, place a lien on your property, garnish wages, or even take… Read more »
The IRS can be quite resourceful when it comes to collecting what they are owed. This allows them to even access and retrieve money from your salary to settle your tax debt. When it gets to this point one can feel confused and even financially invaded but this is only a last resort of the… Read more »
Once you receive a Notice of Intent to Levy from the IRS, a bank levy or other enforced collection action is imminent. You need to take action immediately if you want to avoid having the money in your bank account seized and applied to your tax debt.
The IRS does offer tax debt forgiveness options that settle your tax debt for less than what you owe. However, eligibility for these programs is based on your financial situation, so not all taxpayers will qualify. Offers in Compromise The Offer in Compromise (OIC) program provides tax debt forgiveness if your offer is accepted and… Read more »
If you’re already having financial problems, IRS collection actions can make your situation even more difficult. Fortunately, the IRS will consider your financial issues if you ask for a collection alternative.
Getting married means that you will share your life with your spouse in a lot of ways including your finances. With that being said, it is not uncommon to find spouses that did not talk about their finances before saying ‘I do’. This may bring about some unprecedented problems such as finding out that your… Read more »
Owing money to the IRS is common for almost every working individual in the US. However, a lot of these affected individuals are not aware of the payment options available to them. The IRS has set up tax payment options that can be applied for people in different financial situations. This is established through… Read more »
Some people leave their tax debt to continue adding up instead of finding an immediate solution to this problem. Perhaps they think that by ignoring the problem, it will just go away. Not the case. In fact, ignoring the problem will only make it worse. One such solution is to find a tax attorney to… Read more »