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Those who have a significant amount of debt may consider using bankruptcy. They want to eliminate their debts or consolidate them into a repayment plan. Top causes for bankruptcy include issues like credit card debt or medical debt. But what if you owe back taxes? You...
The Internal Revenue Service (IRS) usually sends taxpayers notices and letters to provide an update or remind them to take a particular action. The CP259 notice is one of them. You will receive this notice when the IRS requires you to file a business tax return for...
When the IRS issues a Statutory Notice of Deficiency, commonly known as a 90-Day Letter, taxpayers face a critical juncture in their financial lives. This document is not just another piece of mail to be filed away; it demands immediate attention and careful action....
It’s very common for people to worry about making mistakes on their taxes. Whether you are filing for personal reasons or as a small business owner who is filing on their own, you may be concerned that an error is going to open the door for criminal charges. You worry...
Yes, the IRS has the authority to take money directly from your bank account, but this process is typically a last resort and involves several steps. The IRS can issue a bank levy if you owe back taxes and have not made arrangements to pay. Here’s how it works. What...
It can certainly be a difficult situation if the IRS conducts an audit and determines that you owe a significant amount in back taxes. You may have to pay fines or fees, along with the tax debt that you already owe. If this debt is very high, then you may want to...
Disagreeing with a government office over a tax assessment can feel like a David and Goliath scenario that is impossible to overcome. Taking a structured approach to the situation can help you plan your next steps and rationally address the issue. Here is a guide to...
People who owe taxes have to deal with collection efforts made by the government. This often starts with demand letters and similar measures, but those efforts can increase to tax liens and levies if the debts remain unpaid. Tax liens and levies operate in different...
If you have a balance due on a tax account, which means you owe the Internal Revenue Service (IRS) money, the department will mail you a CP501 notice. When you receive this notice, you need to act quickly, as the wrong moves can lead to additional interest and...
If the Internal Revenue Service (IRS) says you owe them money, you need to act. You may choose to contest their calculations, but, often it is better to accept they are right. If you can pay off the full amount you owe then good, but what if you cannot? What if doing...