Tag Archives: IRS Tax Debt

No Money to Pay Your 941 Employment Taxes? How to Deal

Payroll taxes are a pesky reality of life as a business owner. Not only do you need to report on any taxes withheld from employees’ paychecks, you’re also responsible for getting these taxes to their final destination. Your failure to deposit withheld taxes on time could prompt harsh consequences from the IRS — consequences that […]

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 […]

You Just Filed Your Taxes and You Owe a LOT of Money: Now What?

Realizing you owe the Internal Revenue Service (IRS) money can be scary and stressful. Still, you don’t want your tax issues to get any worse, so getting a plan of action in order is essential. First of all, don’t panic. Take a deep breath and approach the situation with a clear head, so you can […]

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. […]

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 […]

How Does Your IRS Tax Debt Affect Your Credit Score?

Your credit score plays an important role in your life. It determines the interest rate you’ll have to pay on car loans, home mortgages, etc. In addition, insurers may factor in your credit score when they’re trying to decide your auto insurance rates. Potential employers might also check out your credit worthiness when making their […]

Do You Owe Money to the IRS for 2015? Will You Owe More For 2016? Here’s a List of Critical Dos and Don’ts

Being in debt to the IRS can be scary, regardless of how much money you owe, but ignoring the debt will only make the problem worse. So, what do you do if you already owe the IRS money for 2015, and you’ve just found out you’ll owe again in 2016? Let’s take a look at […]

IRS Tax Debt Resolved!

Many times when our clients hire us to resolve their outstanding IRS tax debt, they are usually up against a wall. Either their bank accounts have been levied, wages garnished, or the IRS is knocking at their door. One of our clients came to us in January of this year with a levy against his […]