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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Barry Fowler Tax Advisor

If a taxpayer suffers damage to their home or personal property, they may be able to deduct the loss they incur on their federal income tax return. If their area receives a federal disaster designation, they may be able to claim the loss sooner.

Damage that occurs as a result of natural disaster, fires, accidents, thefts or vandalism are often tax deductible if the loss is major and not covered by insurance or other reimbursement. It’s important to be aware of the help the IRS provides in the event of a disaster.

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