Tax debt is money owed to the IRS when a taxpayer’s total tax liability exceeds what they’ve already paid through withholding, estimated payments, or prior credits. It can result from underpayment during the year, unfiled returns, audit adjustments,...
The IRS accepted just 31% of Offers in Compromise in fiscal year 2023. That’s roughly 17,000 approved out of 54,000 filed. The rejected 69% share a pattern we see constantly at Austin & Larson Tax Resolution. Incomplete documentation, math errors on the...
Many taxpayers are facing the crippling effects the IRS can have on you once you get a tax debt. They can begin collection activity on any tax year with an unpaid tax balance. Collection activity can include levies, liens, and wage garnishments. It can be a scary...
In fiscal year 2024, one IRS program generated $7.7 billion in additional tax assessments. That program runs without a single human examiner touching it. The Automated Underreporter system flags mismatches between your return and third party data. Most taxpayers had...
The IRS filed 196,996 Notices of Federal Tax Lien in fiscal year 2024, up from 179,019 the year before. That number is climbing as pre-pandemic deferred balances cycle through the collection system. If you’re reading this, you probably have one attached to your...
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