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Category: Tax Debt

IRS Notice of Deficiency and Form 5564

5 May, 2024 | Tax Debt Tax Notices

What is an IRS Notice of Deficiency? An IRS Notice of Deficiency is an official letter you receive from the IRS if the tax agency determines that you owe them more money after you’ve already filed your yearly income tax return. This claim will happen if the IRS makes a legal determination that you owe additional income tax. This notice will note the unpaid tax debt plus interest and could potentially include penalties, too. The IRS might determ... CONTINUE READING

Is the IRS Fresh Start Program

5 May, 2024 | Tax Debt Tax Help

Is the IRS Fresh Start Program Legitimate? What to Look Out For If you’ve struggled with past due taxes, an ever-growing tax bill, and more interest and penalties than seem fair, you’ve likely come across information on the IRS Fresh Start program. Depending on your sources, you may have heard that it’s a way to pay less than what you owe on your taxes, a way to spread payments out over time, or a way to delay payments until you are able to ca... CONTINUE READING

Understanding Reduced Tax Refunds: How the Treasury Offset Program Works

7 April, 2024 | Tax Debt

Tax season is often met with anticipation as individuals eagerly await their tax refunds. However, some taxpayers may find that their refunds are less than expected or even reduced to zero. This occurrence may be attributed to the Treasury Offset Program (TOP), a mechanism through which the Department of Treasury's Bureau of the Fiscal Service (BFS) can intercept refunds to offset certain debts owed by taxpayers. Let's delve into the details of how this program operates and what tax... CONTINUE READING

When Does the IRS Come for Back Taxes?

9 March, 2024 | Late Filed Returns Tax Debt Uncategorized

How Long Until the IRS Comes After You for Back Taxes? Navigating federal back taxes can be daunting, to say the least. If you’ve got unpaid or unfiled taxes to deal with, it’s natural to feel some stress about the possible repercussions. The first step forward is understanding how long it takes for the IRS to initiate collection actions for back taxes. From there you can get a look at the bigger picture of your own situation. As of early 2024, the IRS has recently begun... CONTINUE READING

Letter 725-B Means the IRS Wants to Meet With You

7 November, 2023 | Tax Debt

Letter 725-B: The IRS Wants to Meet With You When it comes to taxes, one of the few things that is worse than getting an unexpected letter is getting an unexpected visit from the IRS at your home or place of business. If you're not prepared, a surprise visit from someone you like can be unsettling. Now, imagine a visit from an IRS employee who wants to review your financial records and c... CONTINUE READING

What to Do After Receiving an IRS CP523 Notice

7 November, 2023 | Payment Plans Tax Debt

Taxpayers’ Guide to the IRS CP523 Notice How to Deal With a Terminated IRS Installment Agreement Dealing with the Internal Revenue Service is enough to cause even the calmest person to worry, and panic is nearly guaranteed when you receive certified mail from the IRS. This is especially true if you get a CP523 notice. This letter says that the IRS is terminating your installment agreement, and you must pay in full now.   Although this letter may feel threatening, you do... CONTINUE READING

What Happens If You Owe the IRS Over $100,000?

25 July, 2023 | Tax Debt

What to Expect If You Owe the IRS Over $100,000 Owing money to the IRS can be extremely stressful, but the situation is even more stressful when you owe into the six figures. When you owe this level of tax debt, you may be worried that the IRS is going to come after you, and there's a pretty significant possibility of that happening. Even if the IRS doesn't contact you right away, the agency will eventually do everything possible to collect that money. The IRS can take very severe c... CONTINUE READING

What Does IRS Notice CP501 Mean & What to Do?

3 June, 2023 | Tax Debt Tax Help

CP501 is one of the first notices that you will receive if you owe taxes to the IRS. Usually, the agency sends out CP501 notices to taxpayers whose accounts are in the automated collection system (ACS). In contrast, other notices, such as the CP14, may come from the ACS or a revenue officer. This notice is a demand for payment. It doesn't threaten any advanced collection... CONTINUE READING

IRS Tax Relief Forms and Instructions

26 April, 2023 | Tax Debt Tax Help

IRS Tax Relief Forms: Resources for Taxpayers The Internal Revenue Service has many different options for people who get behind on their taxes. But to request help, you need to file the right forms. This guide provides an overview of the relief forms you need to file based on the resolution option you want to pursue. Keep in mind that in some cases, you may need to apply for multiple programs. IRS Penalty Abatement If you file or pay late, the IRS will assess penalties on yo... CONTINUE READING

What If You Don’t File Taxes for One to 20 Years?

22 March, 2023 | Tax Debt Unfiled Tax returns

Taxpayers Guide to Unfiled Taxes Based on Different Time Frames The consequences of not filing your taxes vary based on how much you owe and how long it's been since you filed. If you haven't filed taxes for several years and you're worried about what's going to happen, you are not alone. Many people are in the same situation. The good news is that there are ways to catch up on your unfiled returns, and the process may be easier tha... CONTINUE READING

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A Deep Dive Into Form 14653

Living outside the United States while still a citizen can be challenging, as you still have legal obligations and requirements you must fulfill with the U.S. government. It’s easy to fall behind on tax filings and other legal obligations, and in fact, many people d...