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Let's face it, taxes are pretty intimidating. From filing questions to a fear of getting audited, there's not much that's positive when it comes to taxes - apart from your yearly return, of course. Most people wind up just leaving it to a professional and just spending the check once it comes through.
When it comes to debt, tax debt is a little unique. Learn how you get tax debt, how it grows even if you file an extension, and when it becomes a problem. We'll tell you everything you need to know when it comes to IRS tax debt and what happens when you start to have problems so you can make a plan to eliminate your issues.
According to a 2012 report from the U.S. Government Accountability Office, individuals owed roughly $258 billion in unpaid tax debt to the IRS at the end of fiscal year 2011. Adding in unpaid business tax debt, that number jumps up to $373 billion.
The report goes on to say that more than half of those who owed the IRS were on the hook for less than $5,000. However the individuals and businesses who owed more than $25,000 total up to $310 billion - in other words, they account for about 83 percent of the total amount owed. So in many cases, if you're having problems with then they're probably BIG problems that may require professional help to overcome.
No two tax situations are alike, so it's not surprising that there are a range of solutions (detailed below) that you can potentially use to solve your problems. Depending on your income, employment status, and nature of your debt you'll want to use a certain solution or combination of solutions. Luckily, you don't have to figure it all out on your own.
“My situation was anything but common, but my account team focused on the dilemma and handled every aspect professionally from a legal, accounting and financial standpoint.”
Nick W.