Let’s say you owe the IRS a significant tax debt but no longer earn an income or barely enough to afford room and board while possessing no significant assets. Can the IRS force you to pay? Or can they take the shirt off your back? Can they take every penny you earn and leave you …
Thanksgiving is a time for gratitude, and a time for reflection, as we draw closer to winter and a new year. For many people, the end of the year is a great time to wrap up loose ends and prepare for a fresh start. That means taking care of old debts and liabilities. Being in …
Let’s start by getting right to the meat of it – the IRS never fully forgives a tax debt. Tax debt forgiveness does exist in cases of medical debt, consumer debt, and particular student loans – and although it was much easier before bankruptcy laws were massively altered in 2005, most debts could be significantly …
Do you owe the IRS money? One way of finding out is by going through any old mail they might have sent you. If you missed it the first time, a second look would help you find any notices and letters sent by the IRS explaining that you owe them money. If you haven’t received anything from …
Federal tax debt is a serious issue. The government possesses a few more tools than the average creditor, and unlike some debts, the IRS doesn’t easily forgive tax debt. The IRS expects you to pay back what you owe to the best of your abilities, whether a few hundred dollars or several hundred thousand. The …
One of the functions of the IRS is to ensure that taxpayers adhere to their tax liability. To that end, the IRS attempts to combat the so-called “tax gap”, an estimated gap in the nation’s total tax liability and the money the IRS is pooling together from estimated payments and withheld taxes. To reduce that …