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How to Run a Small Business and Motivate People While Under a Cloud of IRS Debt

As a small business owner, you’re at a higher-than-average risk of being audited. If you have IRS debt while running your company, the stress and uncertainty associated with your burden can distract your focus: It’s no fun to market your products or services with an IRS black cloud hanging around in the background; It’s anxiety-provoking […]

IRS Debt Collection: What Will It Look Like in 10 Years?

Here’s a mind boggling fact: approximately 17 percent of IRS taxes go unpaid each year. This figure takes into account IRS cheating as well as delinquency. This lost revenue creates major headaches for the federal government, and policymakers on both sides of the aisle have floated ideas for closing the gap. Over the next decade, […]

Using the 5 Whys to Understand Why You Got into IRS Tax Debt in the First Place

Life doesn’t always go according to plan, despite our best intentions. When we get into tricky situations, it can be helpful to know what went wrong–so we don’t make the same mistakes in the future. The “5 Whys” provides a simple yet powerful framework for doing so. Especially when it relates to IRS tax debt. […]

5 Questions to Ask an Enrolled Agent

Many people facing IRS action seek the advice of enrolled agents. But what do these professionals do? Are they worth the investment? How do you find someone who shares your values and who has the experience to handle your complex challenge? An agent is a person who has been qualified to represent taxpayers in front […]

3 Ways an IRS Tax Lien Can Cause Problems – Both At Work And At Home

A federal tax lien is the government’s claim against your property if you fail to pay or otherwise ignore a debt. A tax lien only occurs after the IRS assesses your liability and sends you a bill for how you much you owe–but you neglect to pay the bill in time. The best way to […]

Communicating with the IRS About Money You Owe the Government: 4 Do’s and 2 Don’ts

You’ll be communicating with government agencies often if you have IRS debt. Your communications may affect your installment plan and overall payment amount, so observe the following do’s and don’ts: Do Respond To All Communication Never ignore letters or phone calls from the IRS. Having an IRS debt can be daunting, but ignoring the situation […]

What Happens If You Miss a Payment on Your IRS Payment Plan?

So you negotiated a payment plan with the IRS, and the agency is leaving you alone. Collection calls and demand letters have ceased, but you recently missed a payment deadline. What can you expect if you miss a payment on your IRS payment plan? Here’s the simple answer: Communication is Your Friend Contact the IRS […]

Can Bankruptcy Wipe Out Your IRS Tax Debt?

Filing for bankruptcy is a last-ditch measure when you see no other way to get out of a financial hole. What happens if part of your debt is IRS Tax Debt? It depends on how you’re filing for bankruptcy and how you’ve handled your tax filings. The two most common types of personal bankruptcy are […]

Haven’t Filed Your 2016 Taxes? Here’s What To Do Now.

You missed the April 18th tax filing deadline this year. Work got in the way, or there was a family crisis, or you were worried because you knew you didn’t have the money to pay the taxes you owed. You never got around to filing the request for a tax filing extension either—and since it’s […]