Tag: tax debt

Be aware of new collections scam

According to the Michigan Department of Treasury, Michigan taxpayers with past-due tax debts should be aware of a new scam making the rounds through the U.S. Postal Service, according to the Michigan Department of Treasury. In the scheme, taxpayers are...

IRS.gov now shows tax balances

  • May 4, 2017
  • Maria Montie, CPA, MST, CVA, MAFF

Instead of taxpayers and their tax professionals being forced to call the IRS to ask for a payoff amount, taxpayers who authenticate their identities can use an online system to look up their outstanding tax balances. If they owe less...

IRS tests faster processing for certain installment agreements

  • May 2, 2017
  • Maria Montie, CPA, MST, CVA, MAFF

Last year, the IRS piloted a test to provide streamlined processing of installment agreements for tax balances between $50,000 and $100,000. The test allowed people who these amounts to establish an installment agreement with payments terms of 84 months without...

IRS Collection Financial Standards expense limits increase

  • April 27, 2017
  • Maria Montie, CPA, MST, CVA, MAFF

In late March/early April of each year, the IRS updates a set of standards it uses to help determine a taxpayers’ ability to pay a delinquent tax debt. These expense standards set budget limits for taxpayers’ maximum payment amounts for...

Stricter guidelines for IRS offer in compromise program

  • April 25, 2017
  • Maria Montie, CPA, MST, CVA, MAFF

The IRS has traditionally allowed taxpayers some extra time to file all their required returns during the application process for an offer in compromise. However, a recent change requires taxpayers to file all their required returns before applying for this...

Revocation of passport for unpaid taxes

  • March 21, 2017
  • Maria Montie, CPA, MST, CVA, MAFF

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

  • March 9, 2017
  • Steve Wisinski, CPA, MAFF

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,...