IRS collections, tax debt, liens, levies, and what to do when you owe the IRS more than you can pay right now.
There are two parts to settling up with the IRS: assessment and collections. I took a look at what you need to know about IRS collections and statutes of limitations—you’ll find it here. *** The link will take you away from my site. You’ll find most of my new work at Bloomberg Tax (don’t worry,…
Tax agencies have a variety of ways of encouraging tax compliance, including publishing taxpayer delinquency lists and filing liens. The rules—and your options—can vary between states and IRS. Here’s what you need to know, including how to avoid notoriety. *** The link will take you away from my site. You’ll find most of my new…
Earlier this month, the IRS announced that it would put a temporary hold on automated collection notices, unfiled tax return notices, and balance due notices that it sends to taxpayers. The IRS said the stop would last until the existing backlog is “worked through.” However, the timing of that happening is anyone’s guess since, as…
If you owe the Internal Revenue Service (IRS), you may be able to apply for a payment plan online to pay off your balance over time – but not right now. The IRS has scheduled a planned outage for the service. The website currently says: This service will be unavailable from approximately 12 a.m. (midnight)…
Are your accounts receivables piling up? With so many people out of work, many businesses are experiencing slow payers and (gulp) non-payers. If you’re not sure about the practical and tax aspects of handling those accounts, here are a few things to keep in mind. Don’t assume that you can send a Form 1099-C for…
There was an article that circulated recently suggesting that bankruptcies didn’t peak as expected. If the folks who are reaching out to me are any indication, just give it time. With unemployment numbers still high and many areas still under shutdown orders due to the pandemic, it’s clear that the economy is not back to…
The Internal Revenue Service (IRS) is adding barcode technology to its tax notices. Starting this month, the IRS will add QR codes to certain tax notices. QR stands for quick response, since the code can convey a lot of information to your smartphone in a short period of time. It’s similar to a barcode but…
Did you recently receive a penalty notice for your payroll tax deposit even though you remitted the correct amount? You’re not alone. The Internal Revenue Service (IRS) has announced that a “small population of employers” may have received notice that they were being assessed a failure to deposit penalty – even though the penalty doesn’t…
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. U is for Undue Hardship. If you’d read any posts on extensions – like this one – you are aware that…
With a week to go before the tax filing season deadline, many folks may be focusing on July 15, 2020, as the date to mail in payments for the 2019 tax year. But there’s another payment deadline looking: the Internal Revenue Service (IRS) is reminding taxpayers who took advantage of the People First Initiative tax relief that…