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Archive for Tax Debt

Tax Debt: 10 Reasons You Shouldn’t Ignore It

IRS Debt Collection
What We Are Going to Cover

– Ignoring your tax debt won’t make it go away.  In fact, it will only get worse.

– The IRS is willing to work with taxpayers who have tax debts they cannot pay

– 10 Reasons you shouldn’t ignore your tax debt:

  1. IRS notices
  2. Automated Collections
  3. Tax refund seizure
  4. Interest will build up
  5. You will be charged penalties
  6. The IRS could file a federal tax lien
  7. IRS can issue a levy
  8. A revenue officer may show up
  9. You may not be able to leave the country
  10. IRS could send your case to a debt-collecting agency

According to Richard Millhouse Nixon, “Make sure you pay your taxes; otherwise you can get in a lot of trouble.”  Although he didn’t say it very poetically, President Nixon was definitely on to something.

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How Can You Remove An IRS Tax Lien?

What is a Tax Lien?

The Internal Revenue Service frequently files tax liens (federal) against taxpayers with unpaid tax obligations. Federal tax liens are documents that are filed with county governments (often where the relevant taxpayer lives or conducts business) informing the public that the taxpayer owes money to the IRS.

Liens are attached to a taxpayer’s property (both personal property and business property). This means that the IRS will have first dibs on the proceeds of your property such as your home or car. The tax lien can also impair your crediting rating.

However, the good news is that you can remove the IRS lien by following these strategies.

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Can Filing Bankruptcy Wipe Out Your IRS Tax Debt?

Life happens! Divorce. Job loss. Serious illness. These are life events that can cause financial hardship and force good honest folks to file for bankruptcy. Those who have struggled with an endless stream of expenses that never end often owe income taxes that just will not let them be.

Taxes are a part of life. This is true after bankruptcy. Before filing your income tax returns when there has been a bankruptcy, it’s important to know things. Many people have either partial or incorrect information whether and how bankruptcy could help.

The following information may help you get a few things straight and find the best choice for you:

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You May Be Denied A Passport If You Owe The IRS Money

If you owe the IRS taxes and have a substantial outstanding balance, there are several legal means the government uses to get those past due taxes paid. Continue reading to find out how this may impact you and your future travel plans.

The IRS and State Department have begun implementing a law passed back in 2015 that requires the State Department to deny passports to taxpayers who owe the IRS more than $51,000 in back taxes, penalties, and interest. Taxpayers who owe this much won’t be issued a new passport or get old passports renewed if the IRS has filed a Notice of Federal Tax Lien and the period to challenge it has expired or the IRS has issued a levy. Read more