Tax Debt Archives - Page 3 of 3

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

Fresh Start Program Helps Taxpayers Who Owe the IRS Back Taxes

19 April, 2013 | Tax Debt

Fresh Start Program Helps Taxpayers Who Owe the IRS Back Taxes If you owe back taxes, the Internal Revenue Service offers a Fresh Start initiative that makes it easier to pay back taxes and avoid tax liens. This program can benefit small business taxpayers and individual taxpayers and 1) help back taxes, and 2) give some certainty to your tax problem. The Fresh Start program changes best pr... CONTINUE READING

Failure to File and Failure to Pay

6 March, 2013 | Tax Debt

Failure to File and Failure to Pay When a taxpayer does not file their returns for their personal income taxes, or if a taxpayer files for an extension but never files, the IRS does not forget about the unfiled returns. For each year a taxpayer does not file, the IRS may issue a notice of deficiency for each year at issue. One defense to the Failure to File Penalty in the Tax Code is reasonable cause. To prove reasonable cause for failure to file ti... CONTINUE READING

Tax Settlements to Exonerated Prisoners: A Way to Avoid this Tax Problem

2 January, 2013 | Tax Debt

Tax Settlements to Exonerated Prisoners: A Way to Avoid this Tax Problem Federal Congressmen introduced a bill on March 22, 2012 that would prohibit the Internal Revenue Service from taxing settlements awarded to anyone wrongfully convicted of a crime and then exonerated later. These wards are typically paid out by the State or City who wrongfully convicted the person. The Wrongful Convictions Tax Relief Act of 2012 would amend the Internal Revenu... CONTINUE READING

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