If you owe back taxes to the IRS, you may be wondering what actions they can take to collect the money from you. The truth is, the IRS has a wide range of options when it comes to collecting back taxes and they are not afraid to use them. To…
Working with the IRS has never been easy, and tax settlement agreements are always complicated affairs. If you are currently working to pay off your tax debt, you may wonder what the recently passed ‘Inflation Reduction Act of 2022’ has in store for you. There has been a lot of…
Have you ever wondered how long the IRS has to question and assess additional tax on your tax returns? For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to examine them. This period is termed the statute of limitations….
As part of its oversight role, Congress is constantly assessing the economic health of the United States, so hearing from Internal Revenue Service Commissioner Chuck Rettig that the country may be losing up to $1 trillion a year in evaded taxes is an obvious cause for concern. This estimate is…
The IRS has temporarily stopped the mailing of three collection notices – the CP501, the CP503 and the CP504 – that go to taxpayers who owe back taxes.
On April 9, 2020, the IRS issued Notice 2020-23 which has added to the due date postponement of filing and payment obligations to include those due on or after April 1, 2020 and before July 15, 2020. This notice expands on Notices 2020-18 and 2020-20.
Sometimes it happens by accident. You didn’t withhold enough from your paycheck during the year and find you owe the IRS money when it’s time to file your tax return.Or maybe you came into some money, spent it, and didn’t realize that you needed to pay taxes on your windfall.
As part of an effort to ensure compliance and fairness, the Internal Revenue Service recently announced that it will increase efforts to visit high-income taxpayers for failure to file a tax return for one or more prior years.
For most people, personal finance is a deeply private matter and the idea of revealing their personal financial information to anyone, especially total strangers, can often cause fear and anxiety. However, when taxpayers find themselves with tax debts that they are unable to pay for one reason or another, they…
You’ve filed your tax return with a balance due and are unable to pay and are unsure what you should do next. Well, within a short period of time after receiving your return, the IRS will begin its automated collection process. Here’s how it works.