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How Does Sustained Debt to the IRS Affect Your Credit Score?

IRS tax debt can impact nearly every facet of your daily life. Beyond the financial burden and the general stress of constantly dealing with the IRS, you may eventually wind up with a less than desirable credit score, which, in turn, could leave you struggling to obtain new lines of credit. Before you get too […]

The Pharma Bro Case: Important Takeaways for How NOT to Deal With the IRS

“Pharma Bro” Martin Shkreli is best known for hiking the prices of life-saving medications by an astounding 5,000 percent. He has also made waves with his snarky commentary on the pharmaceuticals industry. These actions, while reprehensible in the eyes of his detractors, did not lead to his recent incarceration. Rather, he got in trouble with […]

Do You Have Large Unexpected IRS Tax Debt?

Getting a large, unexpected tax bill from the Internal Revenue Service (IRS) is alarming for anyone, but when your small business is already at risk, it’s especially anxiety-inducing. After all, not squaring up with the IRS can mean dire consequences for your business—including frozen assets, seized bank accounts and even shutting down for good. If […]

How IRS Debt Affects Credit— And What You Can Do

If the IRS audits you and finds you underpaid your taxes, the taxes themselves (along with any penalties and fees) don’t immediately impact your credit score, but how you pay that debt can cause those numbers to drop. How much you owe and how you choose to pay both impact your ability to borrow money […]

What’s the Difference Between an IRS Tax Lien and an IRS Tax Levy?

The Internal Revenue Service uses two main approaches to recover owed taxes: IRS tax liens and IRS tax levies. Both actions can prove disastrous for taxpayers, but in different ways. If you owe taxes, and you are at risk of collection, it is important to gain an understanding of these tactics and how they may affect […]