Tag: tax collection

Private Tax Collectors

Private Tax Collectors in IRS Debt Collection

The Internal Revenue Service has recently started a new collection program. Specifically, it has begun engaging in the practice of assigning tax debt accounts to private collection firms. This practice will change the game for debtors in a lot of ways. For one thing, private tax collectors will now be directly contacting tax debtors for […]

Audit risk

What’s YOUR Audit Risk?

For those who itemize their tax return, understanding the differences in risk between tax deductions is highly beneficial. Not all tax deductions carry equal audit risk. Though all deductions will reduce a taxpayer’s taxable income, certain deductions carry more risk of an IRS audit than others. In part, this follows from the substantiation requirements of […]

IRS Tax statute

Limits on IRS Collections

Dealing with IRS tax debt can be a very onerous task. If you have unpaid tax debt, this can lead to a variety of negative consequences. You can have your wages garnished, your bank account frozen, or have other valuables seized. To combat tax debt, we’ve discussed some of the resolution options which taxpayers can […]

tax levy

Tax Levy Strategies

Learning about tax terminology and basic tax concepts is important. That’s why we devote so much effort toward this task. But it’s equally important to know how to respond when the IRS attempts to enforce your back tax debt. Tax knowledge is supremely important, but this is partly because knowledge enables you to act properly when the time arises. […]

IRS tax debt

4 Tips to Avoid IRS Tax Debt

Falling behind on personal income taxes can happen to anyone, but it’s not inevitable.  With just a little advance planning, taxpayers can reduce the likelihood of falling behind with the the Internal Revenue Service. Obviously, no one wants to end up with IRS tax debt problems, but some people simply end up facing insurmountable problems […]

Tax Warrants

Understanding New York Tax Warrants 

Falling behind on tax obligations is a very common phenomenon.  It can happen for a whole variety of reasons. As New Yorkers, we understand, perhaps better than anybody, the difficulty of balancing life with past and current tax obligations. It’s very common for New York taxpayers to get caught up with their many other responsibilities.  […]

Debt Consolidation Terms

Common Debt Consolidation Terms

We’ve previously provided concise definitions for various terms related to debt resolution.  We also discussed the basic purpose and mechanics of debt consolidation in the earlier post. In this post we’ll continue in the same vein and discuss several important debt consolidation terms. We’ll develop a glossary of debt consolidation terms.  That way, our readers can increase […]

cancellation of debt

Is Cancellation of Debt Income?

Tax relief is a major part of our professional practice.  It follows, then, that we should expend some ink going over what constitutes taxable income.  One of the more confusing forms of taxable income is the phantom income known as cancellation of debt or, simply, COD income.   It’s the source of many bewildered telephone calls to this law […]

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