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Category: Tax Debt

What Happens If You Owe the IRS More Than $10,000?

7 January, 2023 | Tax Debt

A lot of people call our office and say, "I owe 10k in taxes what should I do?" First, it's important to note that you are definitely not alone. A lot of people owe $10,000 or more in back taxes, and the IRS has programs available to help you resolve your tax debt. However, it's also important to note that the IRS takes this level of debt very seriously. You won't go to jail, but you will face other collection actions.... CONTINUE READING

NY State Tax Warrant: What to Expect and How to Resolve

4 December, 2022 | Tax Debt Tax Help

What Is a Tax Warrant in NY? How to Resolve New York Tax Liens The New York Department of Taxation and Finance (NYS DTF) can file a tax warrant against you if you have delinquent income tax, sales tax, or other New York State taxes. This is the first collection action taken by the state, and it creates the legal pathway for the NYS DTF to seize your wages, bank accounts, and property. If New... CONTINUE READING

What Is IRS Form 433-F Used for? Tips and Instructions

1 December, 2022 | Tax Debt Tax Help

IRS Form 433-F Instructions and When to File The Internal Revenue Service uses IRS Form 433-F to gather detailed financial information about taxpayers who apply for certain tax relief programs. This form requires a financial information statement, and it helps the IRS decide if you qualify for non-traditional types of payment plans such as partial payment installment agreements and payment p... CONTINUE READING

How Your Unfiled Taxes Won’t Let You Sleep Soundly?

23 November, 2022 | Late Filed Returns Tax Debt

No one likes to carry any kind of debt on them, especially when it is the debt of unfiled taxes for which you might have to pay huge penalties and even go to jail (in very limited cases). So, it is never too late to correct your mistakes and speedily file the tax returns and get the situation under control. Often, you might need the help of a tax lawyer to reduce penalties and make the process go smoothly and reach a solution you can afford to pay. He... CONTINUE READING

Does the IRS Tax Debt expire after 10 Years?

15 September, 2022 | Tax Debt

The short answer to this question is yes, the IRS tax debt does expire after 10 years. However, there are a few things you should know about this expiration date. The 10-year clock starts ticking from the date that the tax debt was initially assessed. So, if you owed taxes for the 2016 tax year, for example, but didn’t file the return until 2020, the 10-year clock would start ticking in 2020. In some cases, the IRS will file a substitute tax return, which would trigger the clock t... CONTINUE READING

Can You Go to Jail for Not Paying Taxes?

4 May, 2022 | Tax Compliance Tax Debt Tax Fraud Tax Penalties

The short answer to the question of whether you can go to jail for not paying taxes is “yes.” Whether a person would actually go to jail for not paying their taxes depends upon all the details of their individual tax circumstances. Sometimes people make errors on their tax returns or are negligent in filing, but they are not intentionally trying to avoid paying taxes. It is a long-standing policy of the Internal Revenue Service (IRS) not to pursue prosecution of individuals who fail to fi... CONTINUE READING

Four Different Ways to Settle the IRS Tax Debts

9 February, 2022 | Tax Debt

Tax Debt SettlementNo taxpayer wants to get into the IRS tax debt and need a tax debt settlement. Still, every year thousands of taxpayers get into it due to different reasons. And once they get into it, their tax debts keep increasing day-by-day with the addition of penalties and interests. At some point, if the IRS tax debts are not paid, they get double and become an unwanted burden for the taxpayers. They have to pay this at any cost.... CONTINUE READING

IRS Tax Debt- Collection Agency referral

2 December, 2018 | Tax Debt

IRS Tax Debt- Collection Agency referral One of the most frustrating situations in life is dealing with debt collections agencies. This is compounded if they were referred a tax debt. If you are wondering how to deal with collectors, read on for some valuable information about how to deal with collections agencies. About a Collection AgencyCollections agencies are businesses with one purpose; collecting outstanding debts. These busin... CONTINUE READING

IRS Passport Revocation

28 January, 2018 | Passport Tax Debt

IRS Passport Revocation   Recently, the Internal Revenue Service was given a new power - IRS Passport Cancellation Power under new legislation to deny, rescind, or limit a passport of anyone who owes the IRS more than $59,000 (adjusted for inflation). This threshold amount includes both taxes, interest... CONTINUE READING

Two uses of the IRS form 433-A, 433-B or 433-F

2 June, 2016 | Tax Debt

Two uses of the IRS form 433-A, 433-B or 433-F While involved with an IRS collection case, for matters over $50,000 the IRS will ask for a 433-F form to be completed, which is a financial disclosure of your assets and income, or a form 433-A/B form (a variety of the 433-F form) if an IRS Revenue Officer is assigned to your case. From the clients perspective they... CONTINUE READING

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Willful and Non-Willful Failure to File FBAR Penalties

FBAR Penalties: What to Expect If You Don't Report Foreign Bank Accounts Nothing’s quite as alarming as finding out you’re in violation of a law that you didn’t know existed. If you have foreign bank or financial accounts, you may be required to file an FBAR every year. Failing to do...