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Archive for the ‘Tax Relief’ Category
Taxpayer Relief When Disaster Strikes
Hurricane Ida left a path of destruction that stretched from the Gulf Coast up to the New England area. Although residents in Louisiana, Mississippi, Pennsylvania, and other affected areas are left to clean up after the storm, they can relax knowing that the IRS offers taxpayer relief when disaster strikes. Who is Eligible for Disaster Tax Relief? Before the IRS can provide any taxpayer relief, the ...
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Explore Your Tax Debt Relief Options
For most people, the stress of owing back taxes can be overwhelming- especially if you’re unable to pay. Ignoring the situation, however, will only make things worse. The IRS will not turn a blind eye to your tax debt. It will continue to send demands for payment and eventually place you in collections. This means your paycheck, bank accounts, and even your property could be at risk. Before things escalate to that level, ...
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Are You Currently Not Collectible?
Although you should plan on resolving any delinquent tax bill, you may not necessarily have to pay the entire amount at once. In fact, you may not be required to pay anything, depending on your circumstances. There are several items to consider when you receive notice of an IRS debt, beginning with what your letter actually means. Notice of Assessment In the event that you pay too little or simply fail to pay a tax liability, the ...
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What Does The IRS Consider a Financial Hardship?
The IRS considers a financial situation a “hardship” when a taxpayer is unable to meet their allowable living expenses. Taxpayers experiencing financial hardship may be able to obtain a reduction in tax debt or stop IRS collection actions against them. What Are Allowable Living Expenses? Allowable living expenses are those expenses necessary to provide for a taxpayer and/or their family’s health and welfare. The IRS has established national standards for five (5) necessary expenses that are derived ...
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Choosing The Right Tax Resolution Company
Hidden among legitimate tax resolution companies are frauds that seem to operate only to scam their clients. Some well-known names such as J.K. Harris and Tax Masters turned out to be scams. In order to enlist an honest, reputable tax resolution company, you will want to do the following: Check the company’s background – The company should have been in service for years, preferably five or more, with a high success rate. Ask about the ...
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What is a Formal Resolution With The IRS?
When taxpayers owe the IRS more money than they can afford to pay, a formal resolution may be needed to prevent collection actions. What’s The Difference Between an Informal and Formal Resolution? There are two types of resolutions: informal and formal. In an informal agreement, the taxpayer works to send payments to the IRS to satisfy a debt. In a formal agreement, the taxpayer and the IRS enter into a written agreement where both agree that the ...
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After Tax Season. Refund Problems and Back Taxes
The hardest part of preparing and filing taxes is over. There are some issues, however, that can prolong your tax concerns. These issues are: Not receiving your refund on time Receiving a refund that is different from what you estimated Inaccuracies on your return Owing to a balance to the IRS Refund delays may be attributed to inaccuracies in your tax return. If you filed a paper return, your refund could ...
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When to Contact The Taxpayer Advocate
Taxpayers may be able to have their IRS issues resolved by using the Taxpayer Advocate Service (TAS). The TAS is an independent organization within the IRS that was created to help taxpayers find solutions to their tax problems. Both individual taxpayers and businesses can use the TAS. The service is free of cost. Taxpayers who are experiencing financial difficulties and are unable to secure professional representation, or are unhappy with services provided by the IRS, can ...
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The Taxpayer Bill of Rights
Twenty years in the making, the Taxpayer Bill of Rights is a list of 10 rights that Americans can use when dealing with the IRS. The Taxpayer Bill of Rights is the result of the effort of many organizations, the primary one being the National Taxpayer Advocate. A 2012 study shows that half of the taxpayers questioned in the survey believed that they had rights before the IRS, and only 11% said that they knew what ...
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IRS Installment Plans
Taxpayers that have the financial strength to pay the full amount of their tax debt, but not in a lump sum can pay their back taxes in installments. The IRS reviews the financial information of the taxpayer to determine their ability to pay. If the IRS finds that the taxpayer can pay their full tax debt, then it offers the taxpayer the choice either to pay the entire tax debt in one payment or pay ...
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