Advice

If you fail to meet filing, payment, or reporting obligations, IRS penalties can significantly increase your tax liability. These penalties are designed to encourage timely compliance, but taxpayers can avoid or reduce them by understanding how they work. This guide outlines the most common IRS penalties, how they accumulate, and ways to prevent or minimize…

Tax resolution does not necessarily have to be complicated and stressful. Tax professionals work on behalf of a taxpayer to achieve the best possible resolution to their tax problem. When seeking help from tax resolution companies, taxpayers must make inquiries about the services provided by the company, their location and history, and their staff members,…

In many cases, resolution of back taxes does not involve full payment of the tax debt. Tax debt reduction becomes necessary for the IRS in cases where taxpayers have no means to fulfil the entire tax debt amount. In such cases, the IRS brings down the total tax debt amount so that taxpayers can pay…

Any discussion regarding a tax increase on the rich always includes its affect on employment because it is believed that it is the rich who provide employment. The importance of employment cannot be undermined and its relationship with taxes must also be considered before introducing any tax increases.When President Obama declared that taxes on the…

The possibility of a tax increase has created a great divide between high and low class Americans. The rich are expected to pay higher taxes because of their income. The middle and lower-income groups, on the other hand, cannot pay higher taxes because they cannot afford to do so.Economists state that increasing taxes on the…

Tax debt should be resolved quickly because the IRS may use its collection methods anytime to recover it. Initially, the IRS sends notices regarding paying back IRS taxes, including the amount and how to pay it. However, IRS suggestions regarding the resolution of back taxes are aimed to get the maximum payments possible, while most…

Higher cigarette taxes will not promote health on all fronts. In the state of Massachusetts, where cigarette prices have increased $1 per pack, residents can expect an increase in the cigarette smuggling from low-priced states to Massachusetts. With the cigarette tax rate touching $3.51 per pack in Massachusetts, it has become the second-highest cigarette tax…

Back tax resolution can be simple by making informed decisions from the start. Knowing IRS policies, tax laws, and the details of your tax debt is essential in correctly preparing a tax debt case, and effectively presenting it before the IRS.IRS back taxes can be resolved early and favorably by choosing the most appropriate IRS…

Back tax resolution can be achieved by qualifying for an IRS debt resolution plan. There are many resolution plans designed to allow taxpayers to pay their tax debt comfortably, depending on the various financial factors. Tax debt resolution may involve a reduction in the amount of tax debt if a taxpayer does not have the…

IRS debt reduction plans are attractive to taxpayers, but their presence is there to help taxpayers whose financial condition does not allow them to pay in full, resolve their tax debt affordably. Each IRS reduction plan has strict qualifying restrictions taxpayers must meet.The IRS assesses the financial condition of taxpayers including identifying any assets, retirement…