Tag: back taxes
IRS temporarily stops mailing notices to taxpayers with balances due
The IRS has suspended the mailing of three notices – the CP501, the CP503 and the CP504 – that go to taxpayers who have a balance due on their taxes. Although the IRS continues to make significant reductions in the backlog of unopened mail that...
Cryptocurrency owners may owe back-taxes
The Internal Revenue Service is warning more than 10,000 holders of cryptocurrency that they may be subject to penalties for skirting taxes on their virtual investments. The IRS has begun sending letters to taxpayers who potentially failed to report income...
Revocation of passport for unpaid taxes
The IRS has reminded taxpayers that Code Sec. 7345 allows the agency to certify to the U.S. State Department if an individual has seriously delinquent tax debt, which could impact obtaining or keeping a U.S. passport. The IRS has not...
IRS to begin private collection of federal tax debts
Beginning this spring, the IRS will start to collect federal tax debt through one of four private collection agencies. The new program enables these designated contractors to collect, on the government’s behalf, outstanding inactive tax receivables. A sample taxpayer notice,...
IRS offers tool for balance inquiries
The IRS recently announced the launch of an online application that will assist taxpayers with straightforward balance inquiries in a safe, easy and convenient way. This new and secure tool, available on IRS.gov allows taxpayers to view their IRS account...
Pay back taxes and avoid tax liens with the IRS Fresh Start program
Since its inception, the IRS Fresh Start program has made it easier for taxpayers to pay back taxes and avoid tax liens. Even small business taxpayers may benefit from Fresh Start. As a reminder to our clients, here are three...