A Step-By-Step Guide To Settling Tax Debt With The IRS

A Step-By-Step Guide To Settling Tax Debt With The IRS

by | | Back Taxes

💡 Key Takeaways Evaluate your financial situation to understand your overall debt and expenses. Review IRS notices for specific details about your tax debt and your rights. Communicate proactively with the IRS to show intent to resolve your debt. Explore IRS payment...
Can The IRS Tax Levy Be Issued Without Notice?

Can The IRS Tax Levy Be Issued Without Notice?

by | | Dealing With the IRS

💡 Key Takeaways The IRS must provide notice before issuing a tax levy. Taxpayers receive a final notice of intent to levy via certified mail. You have 30 days to respond to a Notice of Intent to Levy. Exceptions exist where the IRS can levy without prior notice....
What Does An IRS Audit Letter Look Like?

What Does An IRS Audit Letter Look Like?

by | | Dealing With the IRS

💡 Key Takeaways An IRS audit letter includes your name, taxpayer ID, tax year, and a unique identification number. The letter specifies the audit’s purpose and items under scrutiny. Respond by the deadline to avoid penalties or further scrutiny. You have...
How Do Back Taxes Work?

How Do Back Taxes Work?

by | | Back Taxes

💡 Key Takeaways Back taxes are unpaid taxes from previous years that accumulate interest and penalties. Ignoring back taxes can lead to severe consequences, including wage garnishments and property seizures. Payment plans with the IRS allow for manageable monthly...