If you default on an IRS installment agreement, you usually have 30 days from the date on Notice CP523 to fix it before the IRS ends your plan. After termination, the IRS can levy your wages, bank accounts and other assets. In most cases you can reinstate the plan by catching up on missed payments, paying any new tax due, and paying a revision fee.
Owing taxes to the IRS can be stressful...especially when the balance is substantial and interest and penalties are adding up. Fortunately, the IRS offers options that make it easier for qualified taxpayers to manage or resolve tax debt without digging deeper into financial hardship.
If you find yourself facing possible criminal tax charges, you will almost definitely need to seek help from criminal tax attorneys who have a thorough understanding of tax law and can review the particular details of your case to see what can be done to help you. Tax crimes are federal crimes that can carry heavy financial penalties, jail time and other negative consequences. We'll look at some possible strategies to take in addressing your criminal tax charges and walk through the process so you know what to expect and what you can do to get the best possible outcome.
Editor’s Note: This post was originally published in March 2013 and has been updated for accuracy and comprehensiveness.
If you find yourself owing a lot of money to the IRS, you're not alone. But what can you do if you won't have the money you need to pay off your tax bill? One solution is to set up an IRS installment plan. These plans make it possible to pay off your tax balance over time, rather than all at once.
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We live in the age of the 1099 employee. A recent study found that an estimated 15% of employees are independent contractors. Other studies estimate that number to be ever higher. With cost savings for employers, flexibility and other personal benefits for employees, it is no surprise that hiring practices in many industries are starting to include an increasing amount of independent contractors. But as a self-employed contractor, you should understand your tax obligations and responsibilities to avoid entanglements with the IRS.
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Editor’s Note: This post was originally published in January 2017 and has been updated for accuracy and comprehensiveness.
The IRS can use a host of methods to collect on your back taxes. It can levy your assets, put a lien on your income, and use other means to recoup your government debt.
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It is now past Tax Day, and if you're taking stock of their tax liabilities and saying, “Yikes!” - you're not along. Many people are watching as their tax debt keeps growing with interest and penalties and wonder where it all stops.
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The IRS still considers a seasonal worker an employee, regardless of how many hours or months you worked.
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This post dives into levy avoidance. If you don’t want the IRS seizing your property, this post is for you. Actually, this post is for people who have property levied by the IRS and anyone else who wonders what happens when you don’t pay your taxes.
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Wouldn't it be great to get rid of your tax debt without any consequences? Unfortunately, it's not a common option. At least, not without understanding how the IRS sees discharging or expiring your tax debt.
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