Archive for May 2018
The Pros and Cons of IRS Installment Agreements
Some tax debtors lack the resources to pay all of the taxes they owe at the time of filing. For those who fail to pay on time, the IRS assesses heavy fees and penalties and, if the balance goes unpaid for long enough, the debtor can face having his or her assets seized and sold.…
Read MoreAvoiding Large FBAR Violation Fines
Not just for the uber-wealthy, foreign or “offshore” accounts are common for many people, including those who have immigrated to or are temporarily working in the United States. Although having a foreign bank account can be beneficial for many reasons, failure to report those accounts can lead to jail time and massive fines. Regardless of…
Read MoreRemoving an IRS Federal Tax Lien
One of the most serious consequences of owing tax debt to the IRS is a federal tax lien. Federal tax liens can prevent you from being able to purchase or sell property, obtain credit to purchase a car, or even impact certain types of employment. But what is an IRS federal tax lien and, if…
Read MoreChapter 7 Bankruptcy and Tax Debt
You may already know that Chapter 7 bankruptcy is a way to eliminate some types of debt, but did you know that in certain cases you can also erase your tax debt? Chapter 7 bankruptcy is a government-backed debt liquidation option that allows debtors to eliminate eligible debt. Unlike Chapter 13 bankruptcy, Chapter 7 does…
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