Dealing with IRS debt can feel like a never-ending process. So, when you see those “settle for pennies on the dollar” ads, it can be appealing. Can you really settle IRS tax debt for pennies on the dollar? That is not always the situation for most taxpayers. In the case of it sounding too good…
If you share a bank account with your spouse, you probably don’t spend much time thinking about who owns which dollars. In most households, it is the account where income is deposited, and expenses are paid. However, that sense of normalcy can shift when one spouse owes back taxes. Suddenly, couples are faced with a…
Owing back taxes has a way of hanging over your head. But the IRS doesn’t get unlimited time to chase you down. There’s a built-in deadline called the 10-year rule. You might have heard that waiting it out is a good strategy, but that is not always the case. Here is a look at the…
When you have to deal with the IRS, that can make you feel a little stressed out. If you have notices arriving in the mail, you need to know what they mean, especially collection actions. What triggers IRS collection actions? This is the IRS’s way of enforcing payment of taxes owed. If you want to…
Receiving an audit notice from the IRS can send anyone into a panic. But not all audits are the same. So, what is the difference between a correspondence and a field audit? These are tools the IRS uses to verify information on your tax return, but they differ in scope and how they are conducted….
If you’re dealing with unpaid taxes, you might be wondering how far the IRS can go to collect. Can the IRS freeze my bank account? Unfortunately, the answer is yes, the IRS does have that authority. But it is not an instant or random action. In many cases, it can be avoided or resolved if…
Few things in life get people’s attention faster than a letter from the IRS. And when unpaid taxes enter the picture, you might ask yourself, “Can the IRS garnish my wages or bank account?” If you are dealing with IRS debt in Tennessee, you will want to know how this works, so you can take…
When you owe the IRS back taxes, the clock starts ticking. Unfortunately, it is not a short clock. The IRS has some of the strongest collection powers in the country. If you have received one of those white envelopes with the black lettering, your stress levels can spike. How long does the IRS have to…
Getting a letter from the IRS can make your stomach drop. Even if you are on top of your taxes, seeing “Internal Revenue Service” on an envelope might make you shove it in a drawer and hope it goes away. What happens if I ignore IRS tax notices? Unfortunately, they will not give up, and…
