» IRS Debt Collection

How Long Can the IRS Wait Before Imposing Tax Assessments?

March 12th, 2018

Posted By

Joseph R. Viola

When taxpayers discover errors in their tax returns, or they learn they were supposed to file FBAR reports, the problem they uncover can sometimes span years. The larger these foreign financial accounts are, the quicker the unpaid taxes, penalties, a… Read More

Categories: IRS Audits, IRS Debt Collection, Tax / IRS Penalties

Private IRS Debt Collectors Tear Up Rules

Private IRS Debt Collectors May Have Broken Federal Law

July 25th, 2017

Posted By

Joseph R. Viola

In April 2017, the IRS began using private debt collectors to pursue unpaid back taxes. But after only two months, it appears at least one of the contractors may have broken federal law to get the job done. 2015 Law Allows for Private IRS Debt Collec… Read More

Categories: IRS Debt Collection

Tax FAQ & Info

Is there a "hardship distribution" exception I can use to avoid federal tax on an emergency distribution from my IRA to meet unexpected expenses?

The rules for IRAs are much different from those governing 401(k)s, which causes a lot of confusion. In general, there are no restrictions on IRA distributions but your IRA distribution will be treated as taxable income earned in the year of the distribution and must be reported as such. The financial institution holding the IRA will also report your distribution to the IRS. There is an additio…

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How Long Can the IRS Wait Before Imposing Tax Assessments?

Private IRS Debt Collectors May Have Broken Federal Law

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