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
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
27 January, 2023 | Tax Debt
Summary The New York Voluntary Disclosure Program helps taxpayers who failed to file returns and owe back taxes avoid penalties and criminal charges. To be eligible, taxpayers must disclose unfiled returns and tax amounts owed, pay back taxes, and enter into a payment agreement for future taxes. The program excludes taxpayers under audit, criminal investigation, or those who received a tax bill. It covers income, corporate, and sales taxes. The Tax Department does not impose penalti... CONTINUE READING
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
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
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
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
28 January, 2018 | Passport Tax Debt
IRS Passport Revocation The Internal Revenue Service was given a new power in 2015 known as the IRS Passport Cancellation Power under new legislation to deny, rescind, or limit a passport of anyone who owes the IRS more than $62,000 (adjusted for inflation). This threshold amount includes both taxes, interest... CONTINUE READING
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 often under-estimate the importance of this... CONTINUE READING
6 December, 2013 | Tax Debt
IRS Debt Relief Program The ability to qualify for a IRS debt relief program is contingent upon meeting certain criteria set by the tax law and IRS administrative tax rules. The two types of IRS debt relief programs are a 1) part pay installment agreement, and the second is an Offer in Compromise. Both of these programs require that all unfiled tax returns have been filed, and that you are current with the current period tax liabilities. The first... CONTINUE READING
What to Do If Your Business Is Padlocked for Unpaid Taxes If your business has fallen behind on taxes in New York, you could face more than just collection letters. The New York State Department of Taxation and Finance (DTF) and,...
