Do you owe back taxes to the IRS? Until your debt is paid in full, the federal agency can assess penalties, interest, and more. Fortunately, you have options on how to settle your debt with the IRS. One solution is an Offer in Compromise.
If you’re having tax problems
Category: Unpaid Taxes
When you owe the IRS money in back taxes, the federal agency can use a variety of ways to obtain the debt, including assessing a bank levy. This means the IRS can place a freeze on your accounts and seize the money until your tax debt us satisfied. To try to have the bank levy… Read more »
When you owe the IRS money in back taxes, you are expected to pay it back either in one lump sum or by setting up a payment plan. Failure to pay the taxes – or to follow through with the agreed-upon payment arrangement – can cause the IRS to take action. One type of… Read more »
Knowingly not filing your taxes, providing false information, and other tax crimes can have serious consequences for taxpayers. While some penalties may come in the form of fines, some punishments can be as severe as prison time. Take a look at five tax crimes and their penalties and learn why you need a tax attorney… Read more »
When you file your income taxes and it shows that you are owed a refund, it doesn’t necessarily mean you will get the money. There are certain situations where the IRS will keep your refund. Take a look at three reasons why the IRS can keep your refund and how a tax attorney can… Read more »
When you owe money to the IRS, you can typically set up a payment plan. But what happens if your financial situation changes before you’ve completed your payments, and you default on your plan? Find out what to do if you default on your IRS payment plan, and how a tax attorney can help.
Being in debt is not pleasant…and tax debt is no different. While filing for bankruptcy may help you with most debts, it is not always the best solution for dealing with IRS debts. One of the most popular ways for dealing with IRS debts is by settling tax debts through the Offer in Compromise Program.
The IRS can assess back taxes, interest, and penalties for the failure to report Bitcoin Income. The IRS has made Bitcoin tax compliance a priority as part of its Virtual Currency Compliance campaign.
If you can’t pay your tax debt in full, you may still have options for avoiding an IRS tax lien. The IRS allows certain taxpayers to receive a lien withdrawal, lien discharge, or lien subordination.
The IRS is required to leave you with a minimum amount of monthly income when your wages are being garnished. The remaining funds will be seized and applied to your tax debt until your balance is paid off or the wage levy is released.