The Internal Revenue Service (IRS) reports that millions of Americans fall behind on their tax obligations. According to recent data, as of 2020 taxpayers currently owe the feds over $114 billion in back taxes, penalties and interest payments. So, what’s a taxpayer to...
Those who owe the Internal Revenue Service (IRS) a large sum of money may believe that they are in the clear if they do not hear from the agency about that bill for a couple of years. If they haven’t reached out, they must have lost track of the bill, right?...
There are often two distinct groups as tax season approaches. Some anticipate a refund and start planning large purchases, and others know they will owe more than they can afford to pay. As tax season gets closer, you may start to worry about what you will owe and...
Sometimes people forget to file their tax returns. As a result, they start receiving notices from the International Revenue Service (IRS). In this case, the IRS starts sending penalty assessments, bills and letters of enforced collection to taxpayers. The worst you...
While most U.S. citizens are tax compliant, a minority of taxpayers do not adhere to the U.S. tax law. The Internal Revenue Service(IRS), however, exists primarily to ensure that those who don't conform to the tax system remit their tax payments fairly. The IRS...
The IRS is resuming certain collection and enforcement processes that were suspended since April 2020 due to the coronavirus pandemic. On June 15, 2021, the IRS began following up with taxpayers who have failed to respond to prior balance due notices. Balance due...
Owning your own business is a major accomplishment; however, it is a task that requires much planning and preparing for. Not only does a business owner in Washington, D.C. and elsewhere need to form the business and create a business plan so it operates properly, he...
It is reasonable for many people to think that bankruptcy is not an option to resolve federal tax debt, but in certain cases, the debt may be dischargeable after certain conditions have been met. To determine eligibility, you must consider both the type of tax at...
Once January rolls around every year, people shift gears from talking about the holidays and New Year's resolutions to planning for the inevitable tax season. The vast majority of Americans pay their taxes in full and on-time.It might surprise most people to learn,...
Changes to tax laws have left many Americans unsure about their own tax liability. Taxpayers with complex assets typically face a more complicated filing process, but this year’s filing season may be even more confusing with new rules in place. Without help from...