Tag: unpaid taxes

Can the IRS Take Your Passport?

IRS passport denial

The IRS can’t seize your passport, but they can let the State Department know if you have seriously delinquent tax debt. Once this happens, the State Department can deny your passport renewal or revoke your current passport. Before this happens, you’ll have several opportunities to resolve your tax problems and keep your right to carry… Read more »

What Happens If I Don’t File My Tax Returns?

don't file tax returns

The law obligates every citizen to pay taxes to the IRS if their income satisfies a certain threshold. Only dependents are exempted from this rule. Similar to any other rule, filing tax returns is mandatory; there are no other ways about it. Failure to file tax returns at the stipulated time often has dire consequences,… Read more »

IRS Expands Bitcoin Reporting Requirements

Bitcoin and Taxes

Less than a month before the 2018 filing deadline, the Service cast a much wider IRS Bitcoin net than the one it used in 2014. This news is particularly unsettling to the estimated 13,000 Coinbase account holders whose information was involuntarily turned over to the IRS. In a March 2018 release, the IRS repeated some… Read more »

What is a Non-Streamlined Installment Agreement?

An Income-Based Way to Retire Your Large Tax Debt In the closing minutes of Steven Spielberg’s Saving Private Ryan, a small group of American troops fell back to “the Alamo” for their last stand against an overwhelming German onslaught. Mostly due to the sacrifices of men like these, our personal liberties are guaranteed. However, our… Read more »

How To Pay Off Past Due Business Taxes

The U.S. government gets most of its money from individual income taxes. However, businesses large and small also pay billions in excise, payroll, and other taxes. If these organizations fall behind on their tax payments, relief may be available in the form of an IRS business installment agreement.  Read on to find out how to… Read more »

How To Pay Off The IRS…Guaranteed!

A stamp with the words PAID on it

When Does an IRS Guaranteed Installment Agreement Makes Sense for You? Most wage-earners never have to worry about delinquent taxes. But most people are not just wage earners. In fact, according to one survey, over half of the workers in Michigan will be freelancers by 2017. Self-employment almost inevitably creates tax problems, so it’s important… Read more »

What to do if you get an IRS Levy Letter

tax levy letter

How to Keep the IRS From Taking Your Assets In most cases, correspondence from the IRS is enough to give taxpayers that sick feeling in the pits of their stomachs. The sensation gets worse if the notice contains a dreadful four-letter word, like l-e-v-y. Most people are not exactly sure what an IRS levy letter… Read more »

What Do I Need To Know About Paying FET Taxes?

FET Tax Overview Back in the day, paying FET taxes (the federal excise tax), along with tariffs, was the cornerstone of the federal government’s revenue stream. Although the income tax, and especially source withholding of income taxes, changed the picture dramatically, the FET tax is still around, it is still high, and the Treasury Department… Read more »

How Can The IRS Seize My Assets?

A previous post examined the basic policies of tax seizures, and we learned that a lot of things must happen before the IRS takes action. However, once the IRS asset seizure process wheels start moving, they might very well grind you up.