The IRS has recently awarded new contracts to private collection agencies, but what exactly are private debt collectors and what do they do? The IRS has been plagued by a drop in employees and resources for years, leading to lower and lower auditing rates, and increased concern over the fact that the agency may be …
If you receive an IRS notice, it can be extremely stressful. But what does it mean to be audited by the IRS? What are your options to resolve it? An audit from the IRS is not necessarily routine, but it isn’t something to immediately fear, either. If you aren’t being audited by the IRS, then …
If you have received a Notice CP90, it is important that you act immediately. To help you through the process, this guide examines what the notice means, and what your options are. Each year, the IRS sends out millions and millions of notices and letters to taxpayers, for a variety of reasons. Each of these …
To stay in good standing with the IRS, you must avoid liens. But, what is a state tax lien and how can it be resolved? A lien of any kind is a legal claim on a person’s assets or property, to serve as collateral for a debt. In practical terms, liens effectively allow a creditor …
When paying your taxes, there are many things to consider, including backup withholding. What is backup withholding, and how does it affect you, the taxpayer? The government collects taxes on income, among other things. But there are many different types of income, and some taxpayers don’t always report the income they generate. Furthermore, some taxpayers …
As of June 2021, the IRS has begun issuing balance due notices and final notices to taxpayers as the collections process resumes. If you receive an IRS Notice LT11 or Letter 1058, here’s what you should do. Here’s an important piece of news: according to the IRS, balance due notices (including final notices) are in …