Blogs

After facing tough questions over the Tea Party controversy, the IRS now has to answer questions regarding the billions in tax credits given to the paper industry. In the Tea Party controversy, the IRS focused on the biases of a few employees, but the tax credit controversy has revealed that top officials of the IRS... Continue reading →

The IRS isn’t flexible when it comes to filing taxes late. The IRS assesses penalties to taxpayer who files their taxes late in order to discourage non-compliance. After the filing deadline, any amount of back taxes that remains to be paid are charged penalties and interest. The amount of penalties and interest depends upon the... Continue reading →

The resolution of back taxes can only be achieved by qualifying for an IRS debt payment plan. Taxpayers who can pay their entire tax debt in a lump sum do not need to apply for a debt payment plan. They can simply contact the IRS and pay back the entire amount. Depending on the gravity... Continue reading →

The IRS has introduced flexibility its tax debt programs, the Installment Agreement and Offer in Compromise. Now, the process of resolution is more relaxed. The evaluation and resolution process for Offer in Compromise includes more flexibility in considering the ability to pay and fewer requests for additional information about finances.Under the Fresh Start initiative for... Continue reading →

The Installment Agreement is one of the most commonly used tax debt payment plans. Taxpayers who are looking to pay their back taxes, but cannot afford to pay the entire amount can apply to pay it in fixed monthly payments under an Installment Agreement. To make the resolution process easier, the IRS has introduced flexibility... Continue reading →

Tax frauds are constantly changing the methods they use to dupe taxpayers, but there are ways taxpayers can use to recognize a tax scam before it affects them. Some of the most used ways to conduct tax fraud are using fake charitable organizations, phishing, fraud by tax preparers, and identity theft. If taxpayers keep their... Continue reading →

Many taxpayers fall victim to tax frauds for various reasons, including avoiding or evading taxes. Paying taxes may not be fun, but illegally minimizing one’s tax liabilities can attract severe punishment, including imprisonment, fines, and penalties and interest. Therefore, taxpayers must ensure they keep themselves protected from attractive tax schemes that promise large financial gains.The... Continue reading →

Tax debt resolution does not always mean a taxpayer must pay back the tax debt. Even though the IRS looks to recover the full amount, under certain circumstances, taxpayers can resolve their tax issue without actually paying the debt. However, taxpayers who have the financial capability to pay their tax debt fully will not qualify... Continue reading →

The IRS has many tax debt resolution programs to assist with the various financial circumstances of taxpayers. Some of the most commonly used back taxes resolution programs are the Installment Agreement, Offer in Compromise, Currently Not Collectible and Innocent Spouse. These programs allow taxpayers to resolve their back taxes with or without the full or... Continue reading →

Marriage brings many changes and one of the important changes is in your taxes. After you are married, you can enjoy tax credits that are only allowed for married couples. You may need to consult a tax professional to know the tax credits you can get and the adjustments you need to make. In case... Continue reading →