The IRS can take your house and throw you in jail for back taxes — or can they? Here’s the precise truth: home seizure requires a federal court order, and jail requires willful fraud. Learn what the IRS actually does when you owe, and the resolution options that can help.
The IRS accepts only about 1 in 5 Offers in Compromise. Here’s how the offer amount is really calculated, what it costs to apply yourself, and how to spot the ‘pennies on the dollar’ tax-relief scam.
Can bankruptcy erase IRS tax debt? Yes — older income taxes can be discharged if they pass three timing rules. Here’s exactly how it works, from someone who’s helped thousands.
Got an IRS notice for back taxes? Here’s exactly what to do right now — your deadlines, payment plan options, and the bankruptcy rule most sites won’t tell you about.
Quick Answer: A couple facing $412,000 in total debt on $175,000 income should consult bankruptcy attorneys immediately, as taxes over three years old can be discharged and the unaffordable mortgage eliminated. Bankruptcy provides faster debt relief than payment plans and can address the pending lawsuit judgment.Question:Dear Steve,DEBT- Husband went from 280,000 to 100,000 income and …
Quick Answer: The Mortgage Debt Relief Act of 2007 would exclude the $80,000 equity loan from taxable income since it was cancelled due to foreclosure on a primary residence. SunTrust should correct the erroneous 1099-C, though enforcement penalties vary and the taxpayer can claim the exclusion when filing regardless.“Dear Jim,I am dealing with several major …
Quick Answer: The IRS typically places liens on property when taxpayers owe over $25,000, but proactive communication can lead to payment arrangements that may prevent liens. The IRS has become more cooperative, and taxpayers with $47,000 in debt should contact them directly to establish a repayment plan before pursuing refinancing options.“Dear Steve,I’m paying off the …
Quick Answer: Former IRS agent Jim Buttonow warns that tax debt relief services pose significant consumer risks due to deceptive practices and upfront fee structures. Buttonow recommends applying Telemarketing Sales Rule advanced-fee limitations to tax debt companies because they charge fees before consumers discover misrepresentations or poor service quality.photo © 2007 paul stumpr | more …
Quick Answer: Hidden spouse debt can complicate IRS collections even when filing separately, as the agency may still require household expense documentation. Before choosing debt consolidation or payment strategies, couples should first gather complete financial facts about all creditors and debts within the IRS deadline.Denny “Hi Steve,I owe $70,000 in back taxes and my IRS …
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