The Internal Revenue Service has a good deal of power and tenacity when it comes to collecting taxes. However, in some cases, it may be possible to negotiate with the IRS to have a debt canceled. If you are struggling to pay a tax bill, there are several IRS debt forgiveness programs that may help. [...]
IRS Statute of Limitations sets legal time limits that both the government and taxpayers must follow. These limits specify which situations allow for extensions or pauses in payment and collection deadlines. In some cases, there are no time limits for the government to assess or collect a tax debt. Here are some of the most [...]
When a taxpayer owes the IRS but cannot afford to pay the entire liability, they may be eligible for the Offer in Compromise program. This tax relief option could allow a taxpayer to settle IRS debt for an amount lower than the total due. Here are some important things to know about the OIC program. [...]
If you don't file your taxes on time, you'll end up facing consequences. The IRS will charge penalties and interest for not filing or paying taxes when due. Your personal assets and bank accounts may also be seized to pay past due taxes. It's important to understand what happens if you receive a failure to [...]
Social Security benefits are offered to support individuals who may become disabled or need additional income support. How these benefits are taxed can be complicated and involve several government agencies. Here are some frequently asked questions about Social Security Disability benefits and taxes. Is Social Security Disability Taxable? 10 FAQs Regarding Benefits and Taxes What [...]
Finding out you owe the government money on taxes can be daunting. This debt can grow quickly, and the IRS has the power to seize your assets. Before your tax problems get to this point, you have options to reach an agreement with the IRS on how to pay the debt. 14 Frequently Asked Questions [...]
For those who are married and filing income tax returns jointly, the situation may arise where an unreported item or error on a joint return can cause the IRS to notify you of a tax debt due. Either spouse may be held responsible for the entire debt, even if one spouse had no knowledge of [...]
There are many ways that a taxpayer or business can accrue a tax debt, such as failing to file, or not making the correct estimated payments. Depending on your unique tax situation, you may qualify for tax debt relief under the Fresh Start Initiative implemented by the IRS. However, you must meet the following basic [...]
When the IRS contacts you about taxes due, and you do not respond in a timely manner, they can issue a federal tax lien on your property. This is a serious event that can impact you in many ways-- but keep in mind that you have options for resolving your issues with the IRS. 7 [...]
Are you interested or worried about paying tax debt? There are options to help manage or even reduce the amount you owe. Consider the following reasons why hiring a tax attorney can help you find tax debt relief. 8 Ways an Attorney Can Help with Tax Debt Relief Negotiate an Installment or Payment Agreement Make [...]
