Supreme Court. Photo by dbking (cc2.0)
One of the strongest weapons that the IRS has on their side is the tax levy. For taxpayers, it can cripple them financially. Understanding a tax levy is simple: this is when the IRS seizes assets to satisfy tax debt. In other words, they come and take from you because you are not willing to give it up on your own. (more…)
Dept. of the Treasury. Photo by Woodley Wonderworks (cc2.0)
The prospect of an IRS audit or IRS collection is a frightful thing for many. But whether you handle the situation yourself or enlist the help of a tax professional, there’s a reasonable and fear-free way to correct the problem. For most people, payment plans, amended or late returns are within reach. (more…)
The IRS says its recent program to allow taxpayers to freely step forward to report previously undeclared offshore bank accounts has been very successful. (more…)
photo by mjames1408 (cc2.0)
Are you into rap music? If so, you may know a thing or two about Method Man from the group Wu-Tang Clan. The popular rapper is in trouble this week for failing to pay thousands in back taxes. (more…)
With the economy crunching many people, tax debt is on the rise. Simply put, some people cannot afford to pay what they owe the IRS. This leads to the question of whether or not all tax debt is bad. There is no easy way of saying this, but all tax debt is bad for you and your finances. This is something that can really bring you down if you let it. (more…)
If you owe money to the IRS there are many ways to pay the debt. One of the most common is through a payment plan, also known as an installment agreement. But just like any other big financial decision you need to know if this is the best move for you. (more…)
photo by zieak (cc-by)
Those who have been hiding assets in foreign accounts should be aware of the amnesty program extension that was recently passed by the IRS. The original deadline for reporting this income to the IRS was October 15 – this has been expanded due to a large number of applications for the program. (more…)
Swiss National Bank. photo by friedwater (cc-by)
Many people believe that having an offshore account is illegal if they reside in the United States. Is this true? Absolutely not. But if you have an offshore account you must report any saving and income to the IRS on your tax return. Not doing this is illegal, and can eventually result in major problems with the IRS – especially now that they are cracking down in this area. (more…)
by walknboston (cc-by)
If you believe that the IRS has made an error in applying the tax law in your issue, filing an official appeal may be the only way to reach an agreement over your tax dispute. (more…)
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