Find out how unpaid tax collection has changed during the COVID-19 pandemic.
As most people know, the IRS and state taxing authorities have a tremendous amount of power to collect unpaid taxes by way of enforced collections. “Enforced collections” refers to methods the government can use to collect unpaid taxes forcibly, and almost always involve taking something of value from an indebted taxpayer without the taxpayer’s consent. …
IRS Enforced Collections: Tax Levies & Wage Garnishments Read More »
A taxpayer who accrues a balance due with the IRS receives a lot of correspondence as the IRS tries to collect on that liability. Some of this correspondence appears threatening, but actually doesn’t have much “bite.” Other correspondence means there could be serious danger up ahead, and may require immediate action. What is a cp504 …
Since the IRS is, far and away, the largest tax collecting agency in the U.S., it makes sense that people dread falling behind with federal taxes. But, what if you owe a state taxing authority? There is a common, and oftentimes mistaken, belief that a state tax liabilty is less serious and easier to fix …
This is a question that many have when they first hear about the IRS statute of limitations on collections. In this post, we’ll answer that question and a lot more as we take a deep dive into the rules governing the statute of limitations placed on the IRS when they are trying to collect back …
Resolving a serious tax liability, whether by way of an Installment Agreement, Offer in Compromise (OIC), or Currently Not Collectible Status, is often a painstakingly difficult, time-consuming, and stressful process. So, the last thing anyone who survives this process needs is to wind up defaulting their agreement. It’s really bad news. Not only will the …
How to Avoid Defaulting an IRS Tax Resolution Agreement Read More »
Generally speaking, the IRS sent you certified mail to show it attempted to give you notice of whatever issue the IRS wants to address with you. The IRS sent you certified mail because the IRS wants to protect itself in case, among other reasons, you argue the IRS failed to give you notice and an …
When an IRS bank levy occurs, banks are required to hold onto your levied funds for 21 days before they can legally release them to the IRS. This 21-day count begins on the day that the bank processes the IRS levy or “freezes” the balance in your account. Perhaps no other action taken by the …
It is not at all uncommon for people who owe money to the IRS to lose sleep at night worrying about all kinds of horrific things that could happen as a result of their unpaid taxes. Aside from oxygen, food and shelter are as fundamental as it gets in terms of basic human needs. So, …
In this blog, I’m going to talk about situations that I truly hope you don’t find yourself in. I’m going to talk about the narrow circumstances under which the IRS can force you in front of a court of law, or even put you in jail. Knowing what kinds of behaviors could trigger the wrath …
Can I Wind Up in Jail or Prison for Unpaid IRS Taxes? Read More »
“A wise and frugal government, which shall leave men free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned — this is the sum of good government.” Thomas Jefferson, First Inaugural Address, 1801 There is a tad bit more government in …
If you have accrued a tax liability and think that an IRS collection representative will cheerfully explain how to best go about resolving your tax debt, think again. The IRS does a terrible job of advising taxpayers about their options for resolving unpaid taxes. The IRS Collections Department’s function is to collect as much of …
The Keys to “Easy” IRS Installment Agreement Negotiations Read More »
Once an individual or business falls behind with taxes, a time-bomb clock starts ticking. If you are unable to full pay your tax liability and you wish to avoid nasty consequences, you must become eligible for some form of voluntary tax resolution.
If you have had the misfortune of experiencing an IRS levy then you have experienced the feeling of dread when looking at your bank account’s zero balance and no way to pay that month’s bills. You may also know how hard it can be to get a levy released. Below are top five basic strategies …
It’s Not Easy Going Green: How Tax Blues Plague The Budding Marijuana Industry Since 2012, the legalization movement for cannabis has taken the country by storm. Starting with Colorado and Washington in the 2012 election, marijuana has now been legalized in 10 states over the past 6 years. Medical marijuana laws are in effect in …
Marijuana Business Tax Blues in Oregon, Washington, California & Colorado Read More »
Damon Roberts Interviews Vice President Michael A. Zacha of Fortress Financial Services Inc on Tax Resolution Services On December 8th, at 4 pm Eastern Standard Time (1 pm PST), Fortress Financial Services, an experienced national tax resolution services company with in-house tax attorneys, will be featured on Spotlight Television. Spotlight Television is a national television …
As a tax attorney who deals exclusively with resolving tax debts, I see a disproportionately large number of home healthcare providers as clients. Through the many home healthcare clients I have helped, I have learned that there are several aspects of the business model that put home healthcare businesses in grave danger of accruing a …
Home Healthcare Companies and Tax Liabilities: A Particularly Toxic Combination Read More »
The CP523 notice of intent to levy intent to terminate your installment agreement is more or less saying that the agreement is in default and may terminate in 30 days. If the agreement does terminate, involuntary enforced collection action will commence. This could mean garnished wages, levied accounts receivable or levied bank accounts. This could …
If you owe the Internal Revenue Service money, your passport could be at risk right now and you might not even know it. Whether you already have your passport or you have just applied for one, if you travel abroad for any reason then you need to know if your delinquent taxes are about to …
Most people who have had the misfortune of getting behind with the IRS have heard about tax settlements, otherwise known as Offers in Compromise (OIC), as a method for repaying far less than the full amount owed. Many fewer realize that there is an alternate method that can effectuate a similar result: the repayment of …
Many people who owe taxes to the IRS are terrified that the IRS will swoop in and take their retirement nest egg or retirement income, thereby leaving them destitute for their golden years. Can the IRS really do that? Generally, such assets are “off limits” to creditors thanks to federal protections. But they are not …
Can The IRS Take My 401K, Social Security, IRA, Pension & Retirement? Read More »
