If you are thinking about hiring a debt settlement company, there are important things that you need to consider. First, you will want to understand how debt settlement works. What is debt settlement? Debt settlement is a process where you and your creditors work together to settle a delinquent amount. You can do this on […]
Dealing with IRS tax debt is unlike dealing with any other debt collector. Unlike other collectors, the IRS has the power to do things without a filing lawsuit. The IRS can garnish your wages, levy bank accounts, and even put a lien on your home without a judgment from the court. Keep in mind that the […]
The Government Accountability Office (GAO) recently did a study on federal tax withholding. The study found that many employers are not withholding enough from employees’ paychecks under the new tax law. What does this mean? This means that more Americans are likely to owe more than usual for their 2018 taxes. So, how many Americans will […]
Being selected for an IRS tax audit is scary. This does not mean you intentionally did something wrong on your taxes. The IRS conducts randomly selected audits. However, it is likely that the IRS believes your tax return contains errors. There are several steps to take to prepare for an IRS tax audit: Get Organized: Well, […]
What Do You Need to Know? According to 26 USC 7345, if your IRS tax debt totals more than $51,000, the IRS will certify to the State Department that your debt is “seriously delinquent.” If your debt is certified, you will be unable to get a new passport or renew your existing one. If your […]
It may be surprising to find out that there are certain scenarios where IRS tax debt can be discharged (eliminated). Or, your tax debt can be managed through bankruptcy. This will depend on a combination of factors, including under what chapter of bankruptcy you file. You should consider the age of the taxes, the taxes’ […]
