Making it through an IRS audit is stressful and anxiety ridden, but for many, it is not the end of the road in dealing with the IRS. Many IRS audits result in balances due. Here...
Read PostCategory: Currently Not Collectible, Installment agreements, IRS Audits, Offer in compromise, Tax liens
When the IRS gets you with a levy, bad things can happen – your wages are frozen and you are looking at living without a paycheck. The money you need to pay bills is suddenly...
Read PostCategory: Automated Collection Service, Bankruptcy and the IRS, Innocent spouse, Installment agreements, IRS Collection Problems, IRS levies and property seizures, IRS Seizures, Offer in compromise
IRS tax liens are not forever. They do expire – here is an overview of when: For starters, the IRS has 10 years to pursue you for the unpaid taxes that caused the lien to...
Read PostCategory: Statute of limitations on collections, Tax liens
The IRS has updated its handbook on Collection Due Process appeals (Chief Counsel Notice 2009-10). Included in the handbook is internal IRS guidance on issues such as disqualified employment tax levies, levies on single member limited...
Read PostCategory: Appeals - collection actions
I often have new clients come in who owe the IRS under $25,000 and have the ability to repay the debt with monthly installment agreements. If we determine they can repay the debt within 60 months,...
Read PostCategory: Automated Collection Service, Installment agreements, IRS collection notices, IRS Financial Statements
IRS enforced collection activity continues to heat up. Compromise settlements are down by 70% while bad debt accounts continue to accumulate. Here are the numbers: 1. 779,000 taxpayer accounts were assigned to the IRS collection queue. 2....
Read PostCategory: Currently Not Collectible, IRS Collection Problems, IRS Enforcement Statistics, IRS levies and property seizures, IRS Seizures, Offer in compromise