How much do you owe the IRS, and at what rate will your debt grow? These are critical questions, especially when dealing with the IRS. Tax debt is a few types of debt that can’t typically be avoided even with bankruptcy, and the IRS is a powerful creditor. Let’s look at what penalties the IRS …
A letter from the IRS can mean anything, from a harmless notice of a minor automated change in your return to something more significant, such as a reminder of an overdue balance. Dealing with the IRS when you receive any correspondence from them is a priority, as the agency has more than enough tools to gain …
The IRS is never someone you want sitting opposite you at the negotiation table. But sadly, there are times when we don’t have a choice. Difficult financial circumstances, personal tragedies, or even simple clerical errors can lead to tax debt and unwanted calls. And when the IRS decides it’s time to turn up the heat, …
If you have tax debt, there are a few ways you can get back in good standing with the tax man, one of these being an offer in compromise. You may be asking yourself “how much should I offer in compromise to the IRS”? Here’s what to know. Tax debt is frightening. A debt to …
If you are in bad standing with the tax man, they may initiate garnishment. However, there are ways to stop IRS wage garnishment, here’s what you should know. Wage garnishment is when a creditor takes a portion of your compensation and wages to pay off a debt. Rather than empty out a bank account or …
Bank levies can be a serious matter, especially if you receive multiple notices. You may be asking yourself “how often can the IRS levy my bank account?” This guide can help. The main question here is: how often can the IRS levy a bank account? The short answer is that the IRS can issue as …