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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... 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

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

How long can the IRS collect taxes you owe?

22 September, 2022 | Tax Debt Tax Relief

Understanding the IRS Statute of Limitations One of the most common and pressing questions taxpayers ask when facing back taxes is: How long can the IRS collect the money I owe? It’s a fair concern, especially when penalties and interest accumulate and the IRS’s collection powers seem endless. Fortunately, there are legal limits in place—specifically, what is known as the IRS Statute of Limitations on Collecti... CONTINUE READING

Does the IRS Tax Debt expire after 10 Years?

15 September, 2022 | Tax Debt

Generally, IRS tax debt expires after 10 years. This means the IRS can no longer collect the debt through methods like wage garnishments or bank levies once this period passes, unless they obtain a court judgment. Start of the Clock: The 10-year period begins from the date the tax debt was initially assessed. If a tax return is filed late, or if the IRS files a "substitute ta... 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: Your Rights, Options, and Next Steps Few things create as much anxiety as getting a call or letter from a debt collector. When that debt involves unpaid federal taxes, the fear can multiply fast. The good news is that even when your IRS tax debt is turned over to a private col... 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

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

What Happens If You Owe the IRS More Than $10,000? If you're wondering, "I owe $10k in taxes, what should I do?" you're definitely not alone — and more importantly, there's a way out. While the IRS takes a debt of this size seriously, the agency has programs to help you...