While cryptocurrency transactions have yet to hit the IRS’s top list of tax scams, the agency has been watching the market for the past few years and making advances toward ensuring cryptocurrency transactions get reported and related taxes paid. From requiring...
Have you ignored an IRS notice that you owe tax debt? If so, the agency’s next step could be placing a lien on your property. A federal tax lien is a legal claim by the government against your assets that is filed when you have failed or neglected to pay your tax...
If you failed to file your tax return or didn’t pay your taxes on time, you will likely receive a CP501 or other IRS notice detailing the amount you owe, including penalties and interest. Most taxpayers assume the penalties are unavoidable, but you can successfully...
Back taxes refer to taxes from a prior year that were either fully or partially unpaid. The failure to pay could be intentional, for example, if a taxpayer didn’t have enough money to pay their bill and filed a return without payment. Or a taxpayer sometimes has...
If your tax debt is totally overwhelming and you have no hope of being able to pay it, even with an installment plan over several years, then you may be a candidate for the IRS’s Offer in Compromise (OIC). An OIC allows you to settle your tax debt for less than the...
While they are most often mentioned simultaneously, filing and paying your taxes are two different things, and each accumulates independent penalties and interest when you don’t meet the deadline. Even if you cannot pay your taxes, you should always file your tax...
