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What does IRS tax code 826 mean?
IRS tax code 826 means that IRS tax refund will be offset to another year. This happens when there are back taxes owed.
What happens to my owed back taxes when I retire?
You still owe them. In the US, the IRS has 10 years to collect taxes.
What happens if I overpaid my federal taxes?
If you overpaid your federal taxes, you can request a refund from the IRS. They will send you the excess amount you paid back to you.
When IRS garnishes taxes for back child support what happens tot he money?
It goes to the State(s) that referred the case to IRS. The State then forwards the money to the obligee or retains it as reimbursement for public assistance issued.
What happens if you cannot produce the receipts requested for an IRS audit?
what will happen if i do not show up for a irs audit
What happens if I didn't claim income and the IRS finds out?
if the IRS finds out that a person does claim income, the IRS can audit the person. If audited, the person will have to go in person to their local IRS agency and explain the situation.
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.
Do you owe IRS back taxes?
yes
Does the IRS look at cash deposit in banks?
Yes, it is possible. If a deposit of over $5000 happens in an account, the bank has to intimate the Government & the IRS. The IRS can then use this information to verify it the account holder has enough earning potential to match the deposits on his/her account. If they feel there is any inconsistency between the earning & the cash held in the account, they can investigate the person to find if he/she is evading tax.
Can you get a US passport if you owe the IRS and what if you already have a passport will you be denied to leave or return to the US if you owe the IRS for back taxes?
If you owe back taxes to the IRS and the IRS is currently trying to collect from you, you need to resolve your tax issue. The IRS will not stop you from abtaining a passpert or leaving the country unless you are being ivestigated criminally. That would be the work of the CID division of the IRS. They investigate taxpayers who are criminally negligent for defraudung the IRS or criminally negligent on back taxes. Hopefully you are not in this situation. A resolution is an agreement between you and the IRS to pay back the taxes you owe. As long as you have a resolution the IRS will not enforce collections against you. More answers can be found at my blog. wallysworldoftaxes.blogspot.com
When a person dies owing the IRS and is not married are the children responsible?
The estate is responsible for the IRS bill. If there is not enough to cover it, the government may not get it.
What if the IRS overrefunds you?
The IRS will eventually discover their error and will come collecting. The IRS will send out a letter explaining the situation and asking that you pay back the amount of excess refund. If you have already spent the excess, you are still required to pay. Call the IRS immediately to fix the problem. The IRS will collect on the money owed as they would back taxes.
