When you find out that the IRS can take money from your bank account, that is a scary moment. The thought of losing money you’ve set aside for rent, groceries, or other needs can make an already stressful situation feel overwhelming. But the IRS cannot take every type of income without limits. That means you…
Finding out that the IRS has levied your bank account can be one of the most stressful financial situations you’ll ever face. You might be asking, “How does an IRS bank levy work, and can you stop it?” Fortunately, an IRS bank levy does not always mean you’ve run out of options. In many cases,…
No one wants to find out that their bank account has been frozen. You might have noticed that your debit card was declined while you were paying for groceries, an automatic bill payment didn’t go through, or your bank notified you that the IRS had placed a levy on your account. No matter how you…
Many people who owe back taxes might have heard about the IRS’s 10-year rule. With that, the IRS has 10 years to collect a tax debt after it has been assessed. However, once that collection period expires, the IRS loses its legal ability to pursue collection actions. While that may seem like you just have…
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….
