IRS Installment Agreements and Tax Payment Plans Can’t pay your back taxes off in a single lump sum like the IRS expects? If you receive a notice that you owe money on your income taxes, an IRS installment agreement (IA) or short-term payment plan could be the solution you need. It breaks your balance down [...]
Federal Income Taxes: Filing Requirements, Deductions, and Tax Relief Most people in the United States must file their tax returns with the Internal Revenue Service (IRS) each year. However, tax law is complicated. Tax attorney spend a lot of time studying local, state, and federal tax codes, and it often takes years of practice to [...]
Federal Tax Liens: Consequences and Options for Resolution When the IRS contacts you regarding taxes owed and you do not respond in a timely manner, you can issue a federal property tax lien. This is a serious event that may affect you in many different ways, but be aware that you have options to resolve [...]
IRS Debt Forgiveness Programs and Installment Agreement Options Thanks to various programs, particularly the New Start Initiative (or NSI, there are numerous types of debt forgiveness from the IRS. Current non-collectible status It is very rare, but the IRS may consider that your tax debt is currently not collectible. This means that they will put [...]
IRS Tax Audits: What to Expect and How to Protect Your Rights The IRS has the ability to randomly select one of your tax returns to verify that everything submitted is correct. These random checks are to cut down on tax fraud, but if you’ve made an honest mistake with reporting your numbers then you [...]
Understanding Tax Debt: Penalties, Collection, and Resolution Options The General Tax Law itself defines the Concept of Debt Article 58.1 says that "it will be made up of the quota or amount to be paid that results from the main tax obligation or the obligations to make payments on account." Therefore, we find two types [...]
Unpaid Taxes: Consequences, Penalties, and IRS Relief Options Having unpaid taxes or back taxes can lead to a variety of tax problems including significant tax penalties. The IRS and most states offer a variety of methods to limit collection actions and penalties to financially distressed taxpayers that owe taxes. Below are the various consequences and [...]
IRS Tax Debt Forgiveness: Options for Resolving Back Taxes Millions of Americans each year are indebted to the IRS and owe back taxes on their income. Because such a large portion of the country's population owes the government agency money, the IRS cannot realistically collect all of those back taxes. That facilitated the need for [...]
IRS Tax Relief Programs for Back Taxes and Tax Debt If you owe taxes but can't pay the IRS all you owe, consider filing Form 9465 (Installment Agreement Request) with your tax return to request an installment payment plan. In certain situations, the IRS cannot deny an installment payment request if you owe less than [...]
Taxable Social Security Benefits and Self-Employed Tax Deductions Some people have to pay federal contributions on their social security benefits. This generally happens when you have any other significant income, such as wages, self-employment interest, dividends, or other taxable income, that must be reported on the tax return, in addition to benefits. No one pays [...]
