Blogs

The resolution of tax debt may or may not require the payment of the debt. Currently Not Collectible is an IRS payment plan where taxpayers receive a stay of collections and the postponement of payment because of their inability to fulfil the tax debt in their current financial situation.If taxpayers do not have the ability... Continue reading →

There are various IRS tax debt payment plans taxpayers can use to achieve a successful tax debt resolution. Although some payment plans involve the full payment of tax debt, there are IRS plans that allow taxpayers to pay a partial amount or postpone the payment of tax debt.Taxpayers need to calculate their financial strength, including... Continue reading →

Questions about Apple’s tax activities led to the discovery that the company used shell companies based in Ireland to keep a large part of its profits in Ireland in order to evade taxes in the U.S.Irish Prime Minister Enda Kenny, who was attending an EU summit on tax evasion said, “Ireland’s corporate tax rate is... Continue reading →

Tax evasion by the wealthy and large corporations amounts to billions in lost revenue for the Treasury each year. The U.S. government, looking to increase revenue, is now going after taxpayers who do not fulfil their tax obligations by hiding assets overseas. Apple Inc. is currently in the news for evading billions in taxes by... Continue reading →

It is becoming increasingly difficult for tax evaders to hide their assets overseas. The Foreign Account Tax Compliance Act (FATCA) has brought greater transparency in financial dealings of U.S. taxpayers with offshore bank accounts. The IRS is making deals with more countries in order to cut down on tax evasion by wealthy taxpayers who hide... Continue reading →

Most taxpayers believe that if they cannot pay their IRS debt, they cannot resolve it. It is a myth that leads to many taxpayers facing tax liens and tax levies. Therefore, it is essential for taxpayers to know that the IRS provides them with various options to satisfy their tax debt.The IRS has payment plans... Continue reading →

When taxpayers think about resolving their tax debt, they look for ways to decrease their overall tax liability. While there are many ways to reduce a tax debt legally and stay within IRS rules and regulations, not every taxpayer qualifies for tax debt reduction. It is advisable to use legal tax help to understand the... Continue reading →

A study by the Congressional Budget Office (CBO) predicts that this year’s federal deficit is going to fall to $642 billion. In fact, the U.S. Treasury received a surplus of revenue in April. The surplus touched $113 billion. Even though the reasons for the surplus might be temporary, the decreasing deficit will give policymakers even... Continue reading →

Taxpayers who have tax debt want to reduce their tax liability and avoid IRS collection actions. Most taxpayers who are under tax debt want to resolve their tax debt, but they do not have the money to pay their entire tax debt. However, they do not necessarily need to pay back the entire IRS back... Continue reading →

IRS debt can become a pain in the neck if it is not resolved early. The IRS can use aggressive collection actions such as a tax lien and levy to collect back taxes. It usually happens when taxpayers avoid paying their tax debt, even after constant reminders by the IRS.It is important for taxpayers to... Continue reading →