There are times where you agree with the IRS that you owe taxes, but you can’t pay due to your current financial situation. If the IRS agrees that you can’t both pay your taxes and your reasonable living expenses, it may place your account in Currently Not Collectible (CNC) (hardship) status.
Posts Tagged ‘delinquent taxes’
Boxer Floyd Mayweather Jr. is asking the Internal Revenue Service for a temporary reprieve on his tax debts until he fights Conor McGregor in an upcoming bout. Mayweather reportedly filed a petition with the U.S. Tax Court, according to the legal news website Law 360, claiming his funds are not accessible and asking for an […]
You may qualify for relief from penalties if you made an effort to comply with the requirements of the law, but were unable to meet your tax obligations, due to circumstances beyond your control. If you received a notice, be sure to check that the information in your notice is correct. If you can resolve […]
Things are changing in IRS collections. The IRS never cold called taxpayers. But that may change. And it opens the door for more scams. Federal law now allows the IRS to use private debt collectors to hunt down certain delinquent accounts, typically old debts from taxpayers who have been hard to locate. •If your account […]
Tax trouble or owe the IRS delinquent taxes? The IRS collection process is a world unto itself, and an experienced tax lawyer can be a life saver. The IRS is the largest collection agency in the country and by far the strongest. But they still have to follow the rules. The first letter a taxpayer […]
Every September through November the IRS begins to send out federal tax liens and levies to anyone who may owe a balance to Uncle Sam. Receiving a notification from the IRS stops everyone in his or her tracks. Chances are it could be a simple situation that can be remedied quite quickly. While it is […]
States across U.S. Seen Reducing Taxes by the Most Since 2001 (From Accounting Today) U.S. states are taking advantage of an expanding economy to cut taxes by the most in 14 years while spending more on education and other programs, according to the National Association of State Budget Officers. States reduced taxes and fees this […]
Fresh Start Installment Agreements You can make monthly payments through an installment agreement if you’re not financially able to pay your tax debt immediately. However, you will reduce or eliminate a number of penalties and interest you pay and avoid the fee associated with setting up an installment agreement if you pay your tax bill […]