The IRS Fresh Start Program was initiated in 2011, at the tail-end of the Great Recession fuelled by the subprime mortgage crisis, the collapse of the United States housing bubble, and the resulting global financial crisis. It was an important compromise and overhaul by the IRS designed to help taxpayers resolve their tax issues more …
The money you earn is yours to keep and do with as you please. Right? Well, for the most part, that statement rings true – but when you incur a certain level of debt, and a creditor decides to exercise their power to collect on that debt, you may quickly find the contents of your …
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 …
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, …
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, …
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 …