Posts tagged "Back Taxes or Tax Debt"

IRS has new strategy for collecting tax debt from nonfilers

The IRS loses billions of dollars every year in tax revenue from those who neglect to file tax returns. An audit was done by the Treasury Inspector General for Tax Administration (TIGTA) to determine if the IRS controls were effectively identifying and addressing expired tax filing extensions. The TIGTA found that while the IRS sends proper notification 640,000 nonfilers each year, they missed approximately 1.9 additional taxpayers in 2012 and 2013 combined. As of May of this year, the back taxes for these nonfiling taxpayers equaled $7.4 billion.

CPA or lawyer: Who do you need for your tax issue?

When you have a tax issue to resolve, it can be difficult to know if the matter is best resolved through a certified public accountant (CPA) or a qualified tax attorney. In most situations, the particular circumstances will determine if one or the other, or both, are needed.

IRS to hire private tax debt collectors for delinquent accounts

The IRS is hoping that the third time's the charm with private tax debt collection. Beginning in early 2017, private companies will be hired to pursue old, delinquent, outstanding accounts that the IRS doesn't have time to do itself. 

When a deceased student's loan is forgiven, the IRS comes calling

Under state and federal tax laws, a debt that the creditor forgives the debtor generally is considered taxable income for the debtor. The thinking is that having the debt obligation removed is a financial benefit, even though there is no direct increase in income.

Couple's injury award in limbo over back tax controversy

Among other things, having the IRS after you for a tax bill can affect your ability to use funds awarded to you in a lawsuit verdict or settlement. Such money is meant to compensate you for some wrong done to you by another party, not enrich you. Being deprived of that money can put a serious strain on your finances.

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