CANDACE STEVENS's (numbercruncherllc) Blog

2 / 2 IRS Notices are official documents that the Internal Revenue Service (IRS) sends to taxpayers to communicate important information about their tax return or tax account. The IRS issues a variety of notices to taxpayers to notify them about a range of issues, including: Changes to tax retur...

When an individual files for bankruptcy, their tax debt may be handled differently depending on the type of bankruptcy filing and the specific circumstances of the case. Here are the general guidelines:Chapter 7 Bankruptcy:In Chapter 7 bankruptcy, most unsecured debts are discharged, meaning they...

Tax debt can be discharged through bankruptcy under certain circumstances. However, it's important to understand that not all tax debts can be discharged through bankruptcy. The rules regarding the discharge of tax debt in bankruptcy are complex and depend on several factors.Because it is a quick...

There are times when a taxpayer is unable to resolve their IRS problem.  When this happens, contact TAS, the Taxpayer Advocate Service. Taxpayers who are in financial trouble, seeking assistance in resolving tax issues that have not been resolved through normal channels, or who believe that an IR...

An IRS Levy can be issued against various types of property, including bank accounts, wages, vehicles, real estate, and other personal property.   Once the IRS issues a levy, it will typically freeze the assets or property, and then seize or sell them to satisfy the debt.It's important to note th...

IRS Levy.  These words evoke fear.  Fear of losing money in your bank account, wages, your house, your car, and other assets.  However, the IRS cannot seize any asset they want.  I.R.C. § 6334(a) lists assets that the IRS is not allowed to levy.   Wearing Apparel And School Books Fuel, Provisions...

We are taxed on almost every type of income we receive.  Believe it or not, if you were to embezzle funds, it is taxable.  But I come bearing good news.  Below are 18 types of income that are not taxable. Life Insurance Death Benefits Vacation Rental Income (If you rent your home for 14 days or l...

There are times when you acknowledge that you owe the IRS money but are unable to pay due to your financial circumstances. Your account may be placed in the status of Currently Not Collectible (CNC) if the IRS agrees that you are unable to pay both your taxes and basic living expenses.The IRS wil...