During the tax season, people may find that they owe more taxes than they can pay. When this happens, the Internal Revenue Service (IRS) allows taxpayers to establish payment agreements to pay their tax burden. In most cases, the taxpayer must make a deposit and pay interest on the balance. It is important to note [...]
Form 9465 is what you need to fill out for your installment agreement request. The IRS will look over and review your request but don’t be deterred if your first request gets shot down. You are in a negotiation, so fight your corner and only meet an installment agreement that doesn’t put you in financial [...]
The Internal Revenue Service (IRS) and State taxation authorities charge a variety of tax penalties in order to ensure taxpayers remain in compliance with tax law. Typically, the severity of tax penalties assessed depends on the violation at stake. Taxes are generally assessed by computers that in many cases, don’t understand the circumstances that led [...]
Can’t pay your back taxes off in a single lump sum like the IRS expects? If you receive a notice that you owe money on your income taxes, an IRS installment agreement (IA) or short-term payment plan could be the solution you need. It breaks your balance down into a monthly repayment plan, so you [...]
Most people in the United States must file their tax returns with the Internal Revenue Service (IRS) each year. However, tax law is complicated. Tax attorney spend a lot of time studying local, state, and federal tax codes, and it often takes years of practice to gain a thorough understanding of the law. Among the [...]
When the IRS contacts you regarding taxes owed and you do not respond in a timely manner, you can issue a federal property tax lien. This is a serious event that may affect you in many different ways, but be aware that you have options to resolve your problems like tax debt, with the IRS. [...]
Thanks to various programs, particularly the New Start Initiative (or NSI, there are numerous types of debt forgiveness from the IRS. Current non-collectible status It is very rare, but the IRS may consider that your tax debt is currently not collectible. This means that they will put their tax debt on pause thanks to life [...]
The IRS has the ability to randomly select one of your tax returns to verify that everything submitted is correct. These random checks are to cut down on tax fraud, but if you’ve made an honest mistake with reporting your numbers then you could still be subject to a variety of penalties and fines. Many [...]
The General Tax Law itself defines the Concept of Debt Article 58.1 says that "it will be made up of the quota or amount to be paid that results from the main tax obligation or the obligations to make payments on account." Therefore, we find two types of assumptions. On the one hand, we have [...]
Unpaid Taxes: Consequences of Owing IRS or State Taxes Having unpaid taxes or back taxes can lead to a variety of tax problems including significant tax penalties. The IRS and most states offer a variety of methods to limit collection actions and penalties to financially distressed taxpayers that owe taxes. Below are the various consequences [...]
