The CP501 notice is a bill for unpaid taxes from the IRS. This notice is less aggressive than some other IRS notices, but it can still result in consequences if you don’t take action to resolve your tax debt problems. There are several ways to respond to a CP501...
Back Taxes and Tax Debt
When Tax Debt May Be Dischargeable
Some older income tax debts may be dischargeable in bankruptcy. There are a number of requirements that must be met, so consult a bankruptcy attorney and a tax resolution attorney to discuss your options before filing bankruptcy. General Requirements Generally, your...
How Is Tax Debt Treated in Bankruptcy?
Some tax debts may be dischargeable in either a Chapter 7 or Chapter 13 bankruptcy. There are many criteria that must be satisfied and complex rules that apply to the dischargeability of tax debt. The Automatic Stay First, the automatic stay of bankruptcy will protect...
Innocent Spouse Relief vs. Offer in Compromise
Many factors will affect whether you should considering requesting innocent spouse relief or submitting an Offer in Compromise (OIC). Your eligibility and the benefits you will receive from each program depend on the following factors: Your financial situation. How...
What to Do If Your Spouse Leaves You With Tax Debt
The IRS can go after either or both spouses for tax debt from a joint return. This is true even if you have a divorce settlement stating that your former spouse will handle the tax debt. If your former spouse won’t hold up their end of the bargain and resolve your tax...
How Long Does It Take to Get Out of Tax Debt?
Many factors influence how long it takes to completely eliminate your tax debt. The length of your repayment period or settlement plan will depend on the following circumstances: How much tax debt you have and your financial conditions Which tax resolution options you...
How to Resolve Your Tax Problems in 2019
If you’re finally ready to resolve your tax problems in 2019, your first step should be to consult a tax resolution attorney. Every situation is unique, depending on your financial situation, how much you owe, which relief strategies you may qualify for, and other...
Filing Tax Returns When You Already Have Tax Debt
You are unlikely to receive a refund check if you already have a significant amount of IRS tax debt. The IRS will generally use the Treasury Offset Program (TOP) to seize your refund money before you ever get to see it. However, there are still many good reasons to...
How to Make Sure Your Tax Refund Isn’t Seized
Tax refunds can be seized when you owe back taxes or have other types of debt, such as student loans. You’ll need to talk to the agency responsible for collecting your debt in order to resolve the issue and start getting your tax refund checks again. IRS Tax Debts The...
Stay in Tax Compliance While You Pay Off Your Tax Debt
In most cases, taxpayers who owe the IRS back taxes will also continue to incur new tax obligations. This gives the IRS the ability to place additional conditions on your installment agreement or Offer in Compromise, namely that you must comply with your current tax...