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Tax Debt and Bankruptcy Blog

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By Michael S. Anderson of Anderson Tax Law logo for Arizona tax attorney Michael S. Anderson P.C.
  • I am in IRS Not Collectible Status, will it resolve my tax debt?

    No, IRS Not Collectible Status (NCS) does not resolve the liability – by itself. Some explanation: IRS Currently Not Collectible Status There are several ways to deal with IRS debt.  The most common are the Offer in Compromise, Bankruptcy, Payment Plans of various types, and Placement in Non-Collectible Status. IRS NCS is a “designation” the…

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  • Does an IRS installment plan extend the 10 year collection statute?

    An IRS Installment Plan doesn’t extend the IRS Statute of Limitations period for the collection of debt. The IRS has 10 years to collect a tax debt.  The 10 year period begins on the date the tax balance is “assessed”. The tax is usually assessed when the IRS processes the tax return. If your 2004…

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  • IRS LEVY – Two reasons to file the IRS Collection Due Process Appeal late

    IRS LEVY? Two reasons to file the IRS Collection Due Process Appeal late The IRS is a debt collection machine. If there were an NFL Draft for debt collection outfits, the IRS would be the first player drafted every year. Part of the reason why the IRS is so good at its job is because…

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  • IRS STATUTE OF LIMITATIONS ON COLLECTION OF DEBT – Sometimes you shouldn’t stop it

    The IRS has 10 years to collect a debt. Yes, you read that right. This rule is commonly called the IRS Statute of Limitations on Collection. It is real, and it is responsible for the elimination of millions in tax debt each year. Unfortunately, many taxpayers don’t understand that it exists or how it works….

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  • Designating how payments are made to the IRS – When is it important? Hint…Statute of Limitations and Bankruptcy

    Designating how payments are made to the IRS If tax debt is owed to the IRS for more than one previous year or quarter, it is wise to tell the IRS how to apply the payment you are making to your tax bill. This is often called “designating” the payment. If you don’t tell them…

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