Debt Discipline
Debt Discipline

Debt Is Solvable

Email sent: Nov 5, 2019 10:13 am

Is this your brand on Milled? You can claim it.



I was recently interviewed by Solvable, to discuss all things debt. To check out the video click here.


Did you know:


  • In FY 2018, close to 58 million taxpayers were assisted by calling or visiting an IRS office to resolve tax related issues.


  • AT the end of FY 2018 there were 13.1 million taxpayer delinquent accounts with the IRS with tax debt owed.


  • In 2018 the IRS accepted $ 261 Million in Offer In Compromise Settlements where tax payers paid substantially less than what they owed.


  • In 2018 the IRS filed 639 thousand bank levies and 410 thousand tax liens as enforcement action.


  • Both Transunion and Equifax found that about 9 percent of people or 19.8 million people in the national consumer credit databases have either a tax lien or judgment reported on their credit file.


  • The last IRS estimate of the tax gap stands at $458 billion per year; the IRS further estimates that its enforcement and collection activities take in approximately $52 billion in taxes, leaving a net gap of $406 billion per year. Note: The federal tax gap is the IRS' estimate of the difference between taxes owed and taxes voluntarily paid on a timely basis.


If you need help with Tax Debt, check out Solvable.


*Source:

https://www.irs.gov/statistics/soi-tax-stats-irs-data-book

https://www.irs.gov/statistics/enforcement-collections-penalties-criminal-investigation

https://www.irs.gov/newsroom/the-tax-gap

Source: https://www.creditkarma.com/advice/i/credit-score-increase-removal-tax-liens/

https://www.cpajournal.com/2017/11/06/understanding-federal-tax-gap/

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