How Does the IRS Notify You of a Tax Lien? A tax lien is one of the IRS’ strongest tools for coercing repayment of long-term or significant tax debt. While it might not constitute a physical claim of your belongings – meaning, the government is stopping short of taking your assets or garnishing your wages …
An excise tax is a type of tax that is imposed on certain goods or services at the point of sale or consumption. Unlike general sales taxes, which are levied on all goods and services, excise taxes are targeted to items like tobacco products, alcohol, gasoline, firearms, and other luxury goods. As such, these taxes …
Does the IRS Refile a Tax Lien After 10 Years? Taxpayers collectively owe the US government over $114 billion in back taxes – including hundreds of thousands of federal employees. However, just because the tax gap is substantial doesn’t mean that the IRS isn’t doing anything about it. In addition to ramping up audits in …
It’s been at least two weeks since you filed your tax return. By now, you can expect your annual tax refund to arrive by mail or via direct deposit any day – but no matter how often you refresh your banking app, nothing’s come in. Should you be worried? Probably not. According to the IRS, …
How Long Can the IRS Collect Back Taxes? If you owe the IRS money, then it may help to know that you are far from alone. Every year, millions of taxpayers miss the mark on their tax return, forget to file, or otherwise incur a debt with the Internal Revenue Service. While the IRS does …
Does the IRS forgive tax debt after 10 years? Legally speaking, debt usually does not last forever. There are state-specific statutes of limitations on things like commercial debt, which prevent creditors from suing you for an old debt if the clock has run out. There are a few reasons why debt can expire: first, …