Tag Archives: Taxes
Did you know the IRS launched tax season on January 29? Millions of Americans are gearing up to file their taxes, and if everything goes smoothly, receive tax refunds. In 2017, the IRS issued 108,761,000 refunds. However, your tax refund could be offset by the Department of the Treasury or the IRS if you owe government debt. Tax refund offsets can be issued for: Defaulted federal student loans: Your tax refund could be offset if you have defaulted on federal student loans. In this case, the Department of Education would refer your defaulted loans to the Department of the Treasury to initiate a tax refund offset. You are generally considered in default after 270 days of nonpayment. Unpaid child support: You could be subjected to a tax refund offset for unpaid child support. The Office of Child Support Enforcement could refer your unpaid support to the Department of the Treasury….
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