If you owe back taxes or if the IRS has threatened you with a bank levy, wage garnishment, lien, seizure, penalties, or denial of an installment agreement, you can put an end to your IRS problems. Whatever your IRS tax…
An offer in compromise is an agreement between you and the Internal Revenue Service (IRS) that settles a tax debt for less than the full amount owed. The program provides eligible taxpayers with a path toward paying off their tax…
What is an IRS audit? An IRS tax audit is a review/examination of a business or individual's books and records and financial information to ensure that taxpayers are accurately reporting their income and expenses, and paying the correct amount of…
Past due financial obligations can affect your current federal tax refund. The Department of Treasury's Financial Management Service, which issues IRS tax refunds, can use part or all of your federal tax refund to satisfy certain unpaid debts. Here are…
Donations made to qualified organizations may help reduce the amount of tax you pay. The following are eight essential tips to help ensure your contributions pay off on your tax return. 1. If your goal is a legitimate tax deduction,…
The IRS generally has ten (10) years to collect a tax debt. After that time has passed, the IRS can no longer legally collect the debt. The ten year period begins from the date that the tax was assessed, not…
A 48-year-old Pennsylvania woman was sentenced March 1 to two years' probation for trying to obstruct the administration of IRS law, according to the U.S. Attorney's Office for the Middle District of Pennsylvania. The woman was also ordered to cooperate…
All taxpayers are expected to immediately full pay their delinquent taxes. When this is not possible taxpayers may be permitted to pay their back taxes over a period of time. If a taxpayer is unable to make full payment of…
The IRS has established a program that allows taxpayers to voluntarily reclassify independent contractors as employees and pay significantly reduced prior employment taxes (approximately 1% of one year's worth of compensation), with no penalties or interest. The voluntary classification settlement…
Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When you sell a capital…