IRS

Unpaid federal taxes can create serious financial pressure, and concerns about losing property often follow. Federal law gives the IRS authority to collect overdue taxes, but strict rules control when and how seizures happen. Knowing these limits helps you understand...

You may feel uncertain when you claim business losses because you recognize that certain patterns can prompt IRS scrutiny. Losses can support your return when they reflect legitimate business activity, but specific indicators can signal potential concerns. When you...

Getting a rejection from the IRS after applying for a payment plan can feel discouraging. You may have counted on that plan to catch up on your tax balance and avoid collection actions. Fortunately, you still have options to resolve the situation and get back on...

Few things are more stressful than seeing your paycheck shrink because of an IRS wage garnishment. It can happen when you owe back taxes and don’t take steps to resolve the balance. Understanding why it happens and what you can do next helps you take control before...

Income tax oversights and errors can cause financial devastation. The unpaid amount due to the Internal Revenue Service (IRS) can increase rapidly. The IRS assesses interest and also imposes fines for underpayment and late payment of taxes. Taxpayers might make the...

 A lot of people tend to ignore what little “snail mail” they receive these days. One thing you should never ignore is a piece of mail from the IRS. Tossing it in the trash or shredding it isn’t going to make the problem go away. In many cases, it will only escalate,...

Missing the deadline to file your tax return can happen. Whether you forgot about it, didn’t finish your return on time, the situation can be remedied. Below are some important points to consider. You should still file The first step is to file your tax return as soon...

If you receive a Statutory Notice of Deficiency (SNOD), you’ve likely received multiple notices already from the IRS that you owe back taxes – or at least they’ve been sent. SNODs are sent using certified mail, so they are more likely to get a taxpayer’s attention...

Knowing that you owe the Internal Revenue Service (IRS) money is a stressful experience, particularly if they start the collections process. There are several ways that the IRS may work to get the money it’s due, one of which is a levy.  A tax levy is a tool that...

The IRS sends a notice of deficiency when it believes a taxpayer owes additional taxes. This letter, also called a "90-day letter," gives the recipient 90 days to respond before the IRS assesses the tax. Ignoring this notice can lead to penalties, interest, and...