Category Archives: IRS Collections

Having Trouble with the IRS? Your Not Alone…

Posted on 05/21/2014 by Sandy Suchoff

Owing back taxes to the IRS can not only be an individual and business problem, but a city problem as well. The City of Madison Wisconsin recently reached an agreement with the IRS to pay back $580,000 in taxes to … Continue reading →

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Creator of Beanie Babies Hit with $53.5 Million Penalty for Tax Evasion

Posted on 02/12/2014 by Sandy Suchoff

Ty Warner, the creator of Beanie Babies, has been charged with tax evasion for failing to report income in a secret offshore bank account. The 69-year-old Chicago-area billionaire has agreed to plead guilty and pay a $53.6 million civil penalty … Continue reading →

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Federal Tax Lien: What is It?

Posted on 04/18/2013 by Sandy Suchoff

    A lien is a legal claim against all your current and future property.  When you don’t pay your first bill for taxes due, a lien is created by law and attaches to your property.  It applies to property … Continue reading →

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If You Don’t Pay on Time: Understanding Collection Actions

Posted on 04/16/2013 by Sandy Suchoff

  There are several words and phrases particular to the collection process.  Here, we’ve defined some of the most commonly used collection terms: Federal tax lien:  A legal claim against all your current and future property, such as a house … Continue reading →

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How Long the IRS Has to Collect Taxes

Posted on 04/11/2013 by Sandy Suchoff

  The IRS can attempt to collect your taxes up to 10 years from the date they were assessed.  However, there are exceptions to this time frame.  For example, by law, the IRS will suspend and extend collection while: The … Continue reading →

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IRS Collections and IRS Installment Agreements

Posted on 04/04/2013 by Sandy Suchoff

  In 2012, the IRS instituted additional Fresh Start initiatives to help struggling taxpayers pay their taxes. As part of these initiatives, the IRS relaxed streamlined installment agreement rules for individuals by increasing the threshold from $25,000 to $50,000, and … Continue reading →

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New 1099-K Forms may Lead to Enhanced IRS Collections

Posted on 03/19/2013 by Sandy Suchoff

What do you need to know about Form 1099-K? Form 1099-K is an information return that reports payment card and third party network transactions for the calendar year.  1099-K forms are giving IRS new collection leads. A memo to IRS … Continue reading →

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IRS Practice and Procedure Change: Collection

Posted on 02/14/2013 by Sandy Suchoff

In 2012, the IRS instituted additional Fresh Start initiatives to help struggling taxpayers pay their taxes. As part of these initiatives, the IRS relaxed streamlined installment agreement rules for individuals by increasing the threshold from $25,000 to $50,000, and the … Continue reading →

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IRS Enforced Collection Actions

Posted on 01/28/2013 by Sandy Suchoff

At Lefstein-Suchoff CPA & Associates, continues to provide useful information that helps those in need of tax help for: tax settlements, tax debt, back taxes, IRS tax debt, an IRS levy, IRS tax audits, Offer in Compromise, IRS tax lien, … Continue reading →

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