fresno ca: The "10-Year" Tax Expiration Deadline
- 09/14/20 03:10 PM
As a general rule, the IRS only has 10 years to collect your tax debt, at which point, the debt expires and is no longer collectible. (As with all IRS issues, there are some exceptions to the rule.) The 10-years starts ticking down on the date that the tax is assessed. Once the 10-year time period has run out, the debt basically just goes away. However, there are some things that taxpayers do that can extend that date. 1) Bankruptsy - any time that the tax payer is in bankruptsy and the tax cannot be collected upon, the expiration date gets extended for the … (1 comments)
fresno ca: Why did the IRS make up my tax return?
- 09/14/20 02:50 PM
What happens with the IRS sends you a tax bill for a year that you did not file a tax return? This is what happens when the IRS has documentation that indicates that you made money (it could be a W2, 1099, or any other document issued to your social security number), but you did not file a return claiming that income. The IRS can then create was is called a "Substitute for Return" (or SFR) in which they create a tax return for you based on the information they have, and then send you the bill that they calculated. There are many … (1 comments)
fresno ca: What do the President's "Payroll Tax Cuts" mean for me?
- 08/25/20 04:27 PM
Earlier this month, President Trump announced what people are calling “Payroll Tax Cuts” as a memorandum, and there are a lot of questions. Here are some of the highlights: ~It is a memorandum that says “Hey Mnuchin, here is what I want you to do, now figure out how to do it”. What that means is that there is a WHOLE lot that we don’t know, and won’t know until we get some final guidance as this thing is supposed to take affect on Sept 1. Remember the PPP mess where we were still getting guidance (and are still getting guidance) months … (3 comments)
fresno ca: IRS Liens On Houses - How do you avoid them or get them off? Fresno CA
- 05/11/20 11:15 AM
Yes, the IRS can and will put a lien on your house. No, they don't even have to tell you. It happens automatically when you owe them money. Here is what you need to know about house liens, how they happen, how to avoid them, and how to get a lien on your house removed if you need to sell it. The IRS will put a lien on your assets (usually affect the house the most, but ti does apply to all assets) when you owe them more than $10,000. This lien happens automatically 10 days after they send you the "Demand for … (0 comments)
fresno ca: When IRS Debts Cost You Your Passport - Fresno, CA
- 05/11/20 10:52 AM
You read that correctly! The IRS has the authority to deny or revoke your passport! When, how, and why do they do this? It all has to do with past debts and you ignoring their attempts to get a hold of you. The good news is, you can avoid this situation. Here is what you need to know: In 2015, the FAST Act was passed (the Fixing America's Surface Transportation Act) and within it, in order to help enforce collections, the IRS was given permission to cancel, deny or revoke a person's passport if they owed more than $50,000 in past due taxes. … (0 comments)
fresno ca: Can Withholding Your Tax Return Help Hide You From The IRS? Fresno, CA
- 05/11/20 10:05 AM
I hear this one a few times every year: "I owe the IRS a lot of money this year. If I don't file my taxes, they won't know that I owe them, and I won't have to pay it." In a world where you are the only one who reports to the IRS, that strategy might be a great one! However, that is not the world we live in. You know all of those forms you receive every year that your accountant asks you for? W2s, 1099s from every bank and contract gig, etc? What most people do not realize is that one copy … (3 comments)
As a general rule, the IRS only has 10 years to collect your tax debt, at which point, the debt expires and is no longer collectible. (As with all IRS issues, there are some exceptions to the rule.)
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