6 Tips From Science Help You Stop Ruminating On Your IRS Debt

When you face a large IRS debt, your mind may keep replaying the situation: Like a broken record endlessly playing in your mind, you may think, “How will I get through this? Why didn’t I do something different? What if I lose my house, business or family? What’s going to happen next?” Such repetitive thinking—known […]

Rebuilding Your Credit After IRS Debt: Dos and Don’ts

Delinquent IRS debt may negatively impact your credit score even after it has been settled or paid off. A low credit score can make it difficult for you to buy a house, finance a car or get a loan. Follow these tips to improve your credit score. Check Your Credit Report The IRS won’t report […]

Lessons to Learn From IRS Debt Collectors Accused of Not Playing by the Book

The IRS recently switched collection tactics, and the agency now hires outside collection companies to recover debt. One of these companies, Pioneer Credit Recovery, has been using illegal and unethical tactics to collect these payments, reports the New York Times. If a debt collector contacts you, keep these tips in mind: Know What to Expect […]

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 […]