Tax Debt Archives - Page 3 of 4

NYS Voluntary Disclosure Program

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

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

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 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

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

IRS Debt Relief Program

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

Can you file Bankruptcy on IRS Debt?

17 November, 2013 | Tax Debt

Can you file Bankruptcy on IRS Debt? Under the tax law, filing for bankruptcy is one way to reduce or even eliminate your tax liabilities, but often it is not the best solution for our clients. In response to the question can you file bankruptcy on IRS debt? In general, there are two different types of bankruptcy, liquidation or “straight bankruptcy” (Chapter 7) and reorganization (Chapter 11 or Chapter 13). Liquidation or straight bankruptcy will res... CONTINUE READING

Defaulting on a IRS or NYS Tax Installment Agreement

30 September, 2013 | Tax Debt

Defaulting on a IRS or NYS Tax Installment Agreement Many of our clients that owe the IRS or NYS for unpaid back taxes had us create tax installment agreements which are paid monthly to satisfy the tax debt. The terms of the installment agreement require that the taxpayer stay in compliance by paying all taxes owed on time, and filing all tax returns on time, and not incurring a new unpaid tax liability. As sometimes happens in tough economic time... CONTINUE READING

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