There are many reasons why taxpayers find themselves with tax problems and on rare occasions it is due to criminal intent. However, the majority of tax problem resolution cases we deal with are caused by some serious event that occurred in the taxpayer’s life.
If you have been procrastinating about filing your 2017 tax return or have unfiled tax returns for prior years, you need to consider the consequences, such as penalties, interest, and aggressive IRS collection actions.
In April, the IRS began mailing letters to a small group of taxpayers whose past due tax accounts are being assigned to one of four private debt collection agencies. The program will expand to thousands of other taxpayers later in the spring and summer.
We’ve previously written about a law enacted in December 2015 that authorizes the Secretary of State to deny the issuance or renewal of passports to “seriously delinquent” taxpayers. The purpose of the law is to use travel as a way to enforce tax collections.
You may not always be required to pay back your debts in full. It is not wholly uncommon for a debt to be forgiven or otherwise discharged – a creditor may fail to collect, discontinue attempts to collect or outright forgive your debt for whatever reason – thus leading to a cancellation of the debt in the amount specified.
Making the decision to venture out on your own and work for yourself can be an exciting, yet frightening prospect. Nevertheless, it is important for those who are self-employed to know and understand the tax implications associated with such a decision.
Are you one of tens of thousands of Americans who employs a service provider in your home? Perhaps you have hired a nanny, babysitter, cook, maid, or a personal health care assistant.
When you owe taxes, you are expected to pay. If you don’t pay in full and you do not make some type of payment arrangements with the Internal Revenue Service, they can use aggressive tactics to collect.
No taxpayer ever wants to owe the IRS or have problems with this powerful agency. Unfortunately, it is easy to make mistakes or face financial problems that make paying taxes on time a major hardship.