A real nightmare, not just the one you have about waking up in a lake under the frozen ice, is paying for gas with your debit card and having system reject the payment…only to learn that the money you had in the account for rent, groceries, and gas was frozen by the IRS the day before.To make the nightmare worse – your employer sends you a letter telling you that it’s going to start shipping most of your next paychecks to the IRS.Believe it or not, when the IRS is operating on all cylinders, this scenario is common, and it’s
Continue Reading Don’t Just Stop an IRS Levy — Prevent It From Happening in the First Place
Latest from IRS Debt Resolution Blog
Facing a Large IRS Debt? Understand the Big Picture to Resolve It – Arizona IRS Debt Attorney
Arizonans call me every day feeling burdened and often scared by their IRS debt. IRS debts—In nearly every conversation, I realize that a fundamental misconception clouds the way they understand their options: they often imagine resolution as an informal chat with the IRS, haggling over a “fair” lump sum or monthly payment like a handshake agreement.The reality? IRS debt resolution is governed by strict rules, federal laws, precise financial formulas, and the ticking clock of the IRS’ collection statute. No backroom deals. Success hinges on a thorough diagnosis of finances and tax history to chart the best path forward.THE SAVINGS
Continue Reading Facing a Large IRS Debt? Understand the Big Picture to Resolve It – Arizona IRS Debt Attorney
IRS DEBT? DON’T PROCRASTINATE IN TAKING THE “FIRST STEP”
I’ve had many clients tell me that a large IRS feels so overwhelming that it freezes their ability to act. I get that and don’t judge.
The internet reminds the “frozen” all the normal stuff about waiting like:
- You’ve got to get moving – interest and penalties are growing.
- The IRS will eventually freeze your bank accounts and garnish your wages.
- IRS Liens are going to be recorded and you won’t be able to sell your home or borrow against it.
All true…but I look at it differently and that’s because sometimes and strangely, waiting i.e. doing nothing, is the
Continue Reading IRS DEBT? DON’T PROCRASTINATE IN TAKING THE “FIRST STEP”
HOW IS GOVERNMENT SHUTDOWN GOING TO AFFECT IRS COLLECTION
The IRS is operating as normal today, the 2nd of October, despite the government “shutdown” that began yesterday.
This is because it has funds set aside by the Inflation Reduction Act that will keep everyone at work for at least five (5) business days i.e. October 7.
If the shutdown continues past the 7th, as many think it may, there will be some risks to for those with un-resolved issues.
PENALTY AND INTEREST ACCRUAL
Penalty that hasn’t fully been applied, and interest each continue to add to the underlying debt despite the fact that the IRS may not be fully
Continue Reading HOW IS GOVERNMENT SHUTDOWN GOING TO AFFECT IRS COLLECTION
DEFAULTED PAYMENT PLAN, WHAT STEPS SHOULD I TAKE?
What is an IRS Payment Plan?
Most people qualify to make payments on the IRS debt over time. The IRS typically calls these “installment agreements”.
There are different kinds of IRS installment agreements.
Some are set up to pay the IRS debt in full before the collection statute expiration date expires, some pay only a portion or even none of the IRS debt before the IRS collection statute expiration date expires. Learn More
Whether or not the IRS payment is set up to full pay or to “partial pay”, many Taxpayers, at some point during the process, default on the
Continue Reading DEFAULTED PAYMENT PLAN, WHAT STEPS SHOULD I TAKE?
WILL A “FULL PAY” IRS INSTALLMENT AGREEMENT STOP IRS COLLECTION?
What Is an IRS “full Pay” Installment Agreement?
Most individuals with IRS debt will qualify to make payments on the IRS debt over time. The IRS typically calls these “installment agreements”.
There are IRS installment agreements that only pay a portion of the IRS debt before the IRS collection statute expiration date expires barring the IRS from collecting the remainder. (partial pay/ability to pay/non-collectible status arrangements)
There are also installment agreements that pay the full amount of the IRS debt, before the IRS collection statute date expires.
Which one the taxpayer proposes, will depend on that taxpayer’s situation.
Some taxpayers
Continue Reading WILL A “FULL PAY” IRS INSTALLMENT AGREEMENT STOP IRS COLLECTION?
WILL A “FULL PAY” IRS INSTALLMENT AGREEMENT STOP IRS COLLECTION?
What Is an IRS “full Pay” Installment Agreement?
Most individuals with IRS debt will qualify to make payments on the IRS debt over time. The IRS typically calls these “installment agreements”.
There are IRS installment agreements that only pay a portion of the IRS debt before the IRS collection statute expiration date expires barring the IRS from collecting the remainder. (partial pay/ability to pay/non-collectible status arrangements)
There are also installment agreements that pay the full amount of the IRS debt, before the IRS collection statute date expires.
Which one the taxpayer proposes, will depend on that taxpayer’s situation.
Some taxpayers
Continue Reading WILL A “FULL PAY” IRS INSTALLMENT AGREEMENT STOP IRS COLLECTION?
INSTALLMENT AGREEMENT PREVENT OR REMOVE AN LIEN NOTICE?
What Is an IRS Installment Agreement?
Most individuals with IRS debt will qualify to make payments on the IRS debt over time. The IRS calls these arrangement installment agreements. These installment agreements can be based on time or they can be based on the taxpayer’s financial situation. (Learn more here)
What Is an IRS Lien Notice?
When a taxpayer owes the IRS a debt, the IRS has a lien, or a claim against the taxpayer’s assets automatically. The IRS doesn’t have to sue the taxpayer, obtain a judgement and record that judgement, as other creditors do in order for
Continue Reading INSTALLMENT AGREEMENT PREVENT OR REMOVE AN LIEN NOTICE?
WHAT ARE THE PROS AND CONS OF AN IRS “NON-STREAMLINED” INSTALLMENT AGREEMENT?
What Is an IRS “non-Streamlined” Installment Agreement?
An IRS non-streamlined installment agreement is an agreement a taxpayer makes with the IRS to pay a tax debt in full when it is between $50,000.00 and $250,000.00. The taxpayer must agree to pay the debt in full on or before time that remains before the IRS’ collection statute expiration date runs out. These types of agreements are relatively new, and come with some benefits for certain taxpayers, and negatives for others.
What Are the “pros” of An IRS “non-Streamlined” Installment Agreement?
TAXPAYER IS ABLE TO AVOID PROVIDING FINANCIAL DISCLOSURE
A non-streamlined installment
Continue Reading WHAT ARE THE PROS AND CONS OF AN IRS “NON-STREAMLINED” INSTALLMENT AGREEMENT?
WHAT ARE THE PROS AND CONS OF AN IRS “NON-STREAMLINED” INSTALLMENT AGREEMENT?
What Is an IRS “non-Streamlined” Installment Agreement?
An IRS non-streamlined installment agreement is an agreement a taxpayer makes with the IRS to pay a tax debt in full when it is between $50,000.00 and $250,000.00. The taxpayer must agree to pay the debt in full on or before time that remains before the IRS’ collection statute expiration date runs out. These types of agreements are relatively new, and come with some benefits for certain taxpayers, and negatives for others.
What Are the “pros” of An IRS “non-Streamlined” Installment Agreement?
TAXPAYER IS ABLE TO AVOID PROVIDING FINANCIAL DISCLOSURE
A non-streamlined installment
Continue Reading WHAT ARE THE PROS AND CONS OF AN IRS “NON-STREAMLINED” INSTALLMENT AGREEMENT?
PROS AND CONS OF “STREAMLINED” INSTALLMENT AGREEMENT
What Is an IRS “streamlined” Installment Agreement?
An IRS streamlined installment agreement is an agreement a taxpayer makes with the IRS to pay a tax debt in full that is less than $50,000.00 over 72 months or the remaining time on the IRS’ collection statute period. These types of agreements are very common and come with some benefits for certain taxpayers, and negatives for others.
What Are the “pros” of An IRS “streamlined” Installment Agreement?
TAXPAYER IS ABLE TO AVOID PROVIDING FINANCIAL DISCLOSURE
A streamlined installment agreement helps the taxpayer avoid the additional difficulty related to providing the IRS a
Continue Reading PROS AND CONS OF “STREAMLINED” INSTALLMENT AGREEMENT
PROS AND CONS OF “STREAMLINED” INSTALLMENT AGREEMENT
What Is an IRS “streamlined” Installment Agreement?
An IRS streamlined installment agreement is an agreement a taxpayer makes with the IRS to pay a tax debt in full that is less than $50,000.00 over 72 months or the remaining time on the IRS’ collection statute period. These types of agreements are very common and come with some benefits for certain taxpayers, and negatives for others.
What Are the “pros” of An IRS “streamlined” Installment Agreement?
TAXPAYER IS ABLE TO AVOID PROVIDING FINANCIAL DISCLOSURE
A streamlined installment agreement helps the taxpayer avoid the additional difficulty related to providing the IRS a
Continue Reading PROS AND CONS OF “STREAMLINED” INSTALLMENT AGREEMENT
WHEN TO CONSIDER “FULL PAY” INSTALLMENT AGREEMENT
What Is an IRS “full Pay” Installment Agreement?
The IRS has several types of payment plans that a taxpayer can use to pay their IRS debt in full over time.
EXTENSION TO PAY
When a taxpayer is attempting to pay the debt in full but needs some more time to gather the funds and possibly to conduct some additional analysis of options, an IRS extension to pay can be requested. If the IRS agrees, it will place a hold on IRS levy activity for a period of up to six months allowing the taxpayer this time to pay the debt
Continue Reading WHEN TO CONSIDER “FULL PAY” INSTALLMENT AGREEMENT
WHEN TO CONSIDER “FULL PAY” INSTALLMENT AGREEMENT
What Is an IRS “full Pay” Installment Agreement?
The IRS has several types of payment plans that a taxpayer can use to pay their IRS debt in full over time.
EXTENSION TO PAY
When a taxpayer is attempting to pay the debt in full but needs some more time to gather the funds and possibly to conduct some additional analysis of options, an IRS extension to pay can be requested. If the IRS agrees, it will place a hold on IRS levy activity for a period of up to six months allowing the taxpayer this time to pay the debt
Continue Reading WHEN TO CONSIDER “FULL PAY” INSTALLMENT AGREEMENT
CP40 LETTER? WHAT DOES IT MEAN?
When the IRS issues a CP40 letter, it means three things:
1. The IRS has assigned collection of your IRS debt to a private debt collector
The IRS is understaffed, and as a result has moved some collection files to private collection agencies. It’s chosen your file because it may have found it difficult to locate you or your assets.
There are four private collectors who are licensed to collect IRS debt. CBE Group, Conserve, Pioneer and Performant.
Your CP40 letter should contain the contact information of one of those four companies.
The IRS has a page dedicated to
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STEPS TO DETERMINE BEST OPTION
First Step – Understanding how It Really Works
Many taxpayers have the mistaken impression that making a “deal” with the IRS is an informal process. Unfortunately, it’s just the opposite. It’s a process governed by a number of laws and rules and also by how those laws/rules apply to the taxpayer’s situation. Once this is understood, it’s easier to understand why the second step is necessary.
Second Step – Understanding Options
The law provides a number of ways to deal with an IRS debt
Everyone with an IRS debt would like it to be forgiven of course. The primary method
Continue Reading STEPS TO DETERMINE BEST OPTION