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, …
How long are IRS payment plans? It may come as a surprise to most people, but tax debt is not uncommon. Americans owed an estimated $114 billion in back taxes in 2020 alone. Among federal employees alone, about 318,000 people are estimated to owe the IRS taxes, to the tune of a total of $3.3 …
Owning a home is expensive. From mandatory and nondeductible expenses and fixed costs to the rising costs of home improvements – remodeling a bathroom alone cost an average of $13,400 in 2020 – homeowners win the security and legacy of a home of their own for an enormous annual expense sheet. In addition to basic …
Tax liens are one-way state and federal tax authorities can pressure taxpayers into paying off their debts. But what if a taxpayer is at the end of their rope financially, and decides that the best thing to do is file for bankruptcy? Can tax liens be wiped out in bankruptcies? Well, bankruptcy can resolve most …
According to the IRS – and tax law – paying your taxes is not optional. Failing to do so means the government can utilize certain methods to coerce payment and downright take your money before it even lands in your account. This is wage garnishment. Other commercial creditors can also garnish wages if certain conditions …
The California Middle Class Tax Refund is a tax refund issued by the California Franchise Tax Board for taxpayers who sent in a 2020 tax return to provide financial relief during unprecedented inflation. An estimated 32 million Californian taxpayers have already benefited from the MCTR. Here’s what our team at Rush Tax Resolution recommends you …