Fortunately, the easy answer to that question is no. The IRS will not immediately file a tax lien against an individual who cannot pay his or her taxes. Boston residents who cannot financially meet this obligation may find a way to avoid such liens as the collection process proceeds.
Imagine this: a while back, your business was having some cash flow problems and you got behind on your taxes. You weren’t able to make an offer in compromise or cover the taxes in the timeframe requested by the IRS, so they put a tax lien on your business assets. Fast forward to today, when you are trying to raise capital to grow your operation. Will that tax lien make it impossible to secure financing?
On tax day, an acquaintance shared via Facebook that she had received a letter from the IRS that included a significant tax bill. Federal tax debts can add up for a number of reasons and can follow you for a long time.
Tax day is quickly approaching. This year, you have a few extra days with the April 18 deadline.
A recent news headline suggested Ivanka Trump had been hit with a tax lien for non-payment of taxes. This was misleading.
Debt is not all created the same. Certain creditors - the IRS for example - have additional powers to collect past due balances. Failing to deal with a tax problem could mean the agency seizes your wages or even Social Security benefits.
We don’t often write about celebrity tax problems in this blog. And while you may not owe $2.5 million in back taxes, this story does illustrate the tools the IRS has at its disposal to collect.
Installment agreements are available in most cases when you owe taxes to the IRS. This can allow you to make manageable monthly payments and avoid collection actions like wage garnishment or a levy of your bank account.
In the latest episode of HBO series “Last Week Tonight with John Oliver,” the host created a company and bought approximately $15 million of consumer medical debt for pennies on the dollar. He then relieved 9,000 of their old medical debts.
The sale of debt is expanding from past due medical accounts and unpaid credit card balances to tax liens. The private investors who purchase these debts are usually much more aggressive with their collection efforts.