irs collections: Does My IRS Debt Live Forever?! - 01/15/19 02:55 PM
Not many people know this but the IRS has only a set time to collect unpaid taxes. Once this collection period passes, called a statute of limitations on collections, the tax debt is written off.  
IRS Statute of Limitations on Collections
Generally, the IRS has 10 years from the date of assessment to collect a tax. Sounds easy right. Wait out the IRS for ten years and you're home free. Not so fast.
First, 10 years is a long time and the IRS is certainly not going to sit idle. The IRS has the power to seize bank funds or garnish your wages. … (1 comments)

irs collections: Tax Compliance, The First Step to Recovery - 01/15/19 02:45 PM
Alternate title: Why Being Current is the Key to Resolving Your Back Taxes
This may sound strange but if you owe money to the IRS, it is more concerned - at least initially - with your current tax situation than your unpaid taxes. While that may sound backwards, the IRS' reasoning is solid: taxpayers who get current with their tax obligations are more likely to stay good taxpayers well into the future.
What does it mean to be current?
So what does being current (or tax compliant as I call it) mean? First, if you haven't file the current year's tax return than file … (0 comments)

irs collections: What To Do With An IRS Final Notice - 12/16/18 06:26 PM
If you receive an IRS final notice of intent to levy, you need to act now! Don't Ignore the IRS Final Notice!
In my last post, I talked about the sequence of IRS collection notices received from the IRS. If you receive an IRS final notice of intent to levy, you need to act now! Most IRS collection notices are just reminders to pay your taxes. Not so with IRS final notices. Ignore this notice at your own peril.
Before going any further, I want to point out the IRS final notice of intent to levy has changed a bit. The notice now … (1 comments)

irs collections: How IRS Collections Works - 02/16/18 05:35 PM
How IRS Collections Works: What You Need to Know?
 
My firm focuses on helping taxpayers in Portland, Maine with IRS tax problems. One of the keys to resolving their tax issues is understanding the process. From filing a tax return to the final notice of intent to levy, there is a logical sequence of how the IRS collects taxes. This post provides the basic framework.
The Framework
The process starts when the IRS receives your tax return. Upon receipt, the IRS records a tax assessment against the taxpayer's "account" for the taxes shown on the tax return. If the taxpayer has not paid his or her taxes in full the IRS … (5 comments)

 
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James Wade

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