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On a repossion can the IRS collect for the bank?
No. But any debt that is forgiven is taxable as income.
What happens when your income tax refund is garnished for debt?
So you were expecting a tax refund from the IRS after you filed a tax return. Insteasd of getting your refund, the IRS sent you a letter saying that your refund was used (garnished) to satisfy your back tax debt. What is going on? This means that you have a back tax liablility with the IRS and the IRS will take your refund to satidfy that debt. If you got your refund check garnished and you were unaware you owed the IRS, you need to take care of this situation fast. The IRS can start enforced collections against you and go as far as garnishment of your pay and levy your bank accounts. You can find out more at wallysworldoftaxes.blogspot.com.
What is debt-trap?
Debt Trap is a situation where you add on a new debt in order to pay an existing debt. Generally, when the firm or an individual is over leveraged all the credit sources are exhausted, the firm or individual arrives at a situation of debt trap.
What about your car or airplane can you keep if filing bankruptcy for IRS debt?
You can't file bankruptcy "for IRS debt." You have to list all your debts and assets, and you can keep what you can exempt under state or federal laws. If you have little or no equity in an asset, you should have no problem.
What is the financial bailout package crisis?
There is no such crisis as the financial bailout package crisis. the bailout was created to overcome the financial crisis.
Which charities can help with IRS debt?
Charities that can help with IRS debt are Step Change Debt Charity and also Debt help online. The IRS also offers an Offer in Compromise service to help pay any debts.
If a lender purchases a debt and cancels the debt is there a time limit for a debt cancellation?
Cancellation of debts depending on individual circumstances can take a very lengthy time. When a debt is cancelled the creditor/collector is required to send a 1099C to the debtor and the IRS. A portion of the debt then becomes taxable income.
Where can one find information on IRS debt trouble?
A person can find information on IRS debt trouble. The first thing to do would be to go to google and search IRS debt trouble. Finding information on google is a great way to find information.
Do you have to declare what you save to the IRS if you go through debt settlement?
Yes, you have to declare what you save to the IRS if you go through debt settlement. You can read more information at www.debtfreedestiny.com/debt-settlement/debt-settlement-and-income-taxes
Can IRS take your refund for court ordered debt?
Yes, the IRS is entitled to dock a refund for a variety of things, including court ordered debt.
Is there a IRS debt relief program?
Yes there is a IRS debt relief program. It has been around since 2007. For you to qualify you need to owe the IRS at least 20,000$ in taxes. But there is some exceptions to that rule.
Where can I get more information about tax debt settlements?
You can get information about tax debt settlements from the IRS.
Can credit card companies submit your debt to the IRS as income and make you pay taxes?
They can, and are actually required, to submit your debt to the IRS. If they have written the debt off, it is essentially income to you. It is as if they gave you the amount of the debt. Which means that you have to pay income tax on that income.
If you have unpaid taxes to the IRS and you have a co-signer on a personal loan can the co-signer be liable for your debt to the IRS?
No.
Where exactly can I find IRS relief?
You can first try contacting the IRS at IRS.gov and if need be you can contact a company that works with the IRS to settle your debt. You can the Better Business Bureau in your area to ask for a list of companies that handle debt relief.
What steps do you take to resolve tax debt?
You first need to contact the IRS to determine what kind of debt you are in and for how much. You then may need to try and negotiate a payment plan with the IRS directly.
What is an IRS offer of compromise?
An offer in compromise from the IRS is when the IRS allows someone to settle their tax debt for less than what is owed. Eligibility requirements for an offer in compromise can be found on the official IRS website.
