Federal income tax refunds totaling $1 billion may be waiting for an estimated one million taxpayers who did not file a federal income tax return for 2011. To collect the money, these taxpayers must file a 2011 tax return with the IRS no later than Wednesday, April 15, 2015. Continue reading
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IRS Tax Tip 2015: Stay Vigilant Against Bogus IRS Scams
Tax scams take many different forms. Recently, the most common scams are phone calls and emails from thieves who pretend to be from the IRS. They use the IRS name, logo or a fake website to try to steal your money. They may try to steal your identity too. Here are several tips from the IRS to help you avoid being a victim of these tax scams: Continue reading
emails from thieves who pretend to be from the IRS. They use the IRS name, logo or a fake website to try to steal your money. They may try to steal your identity too. Here are several tips from the IRS to help you avoid being a victim of these tax scams: The IRS Fresh Start Program Helps Taxpayers Resolve Debts Easily
What’s the IRS Fresh Start Program?
The IRS Fresh Start Program was designed to help taxpayers with delinquent tax liabilities to both pay back their taxes, and avoid any liens being filed against them. The Fresh Start Program made changes to Installment Agreements, Offers in Compromise (OIC), and tax lien filings. Continue reading
Tax Tips for Preparing an Offer in Compromise
An Offer in Compromise is an option offered by the IRS for resolving outstanding tax liabilities. Through an Offer in Compromise, an eligible taxpayer can resolve their outstanding tax liabilities for an amount less than the amount of their total liability.
Through an Offer in Compromise, an eligible taxpayer can resolve their outstanding tax liabilities for an amount less than the amount of their total liability.Although you may hear many advertisements regarding “Saving Pennies on the Dollar” and promises of all your tax debts being written off, the actual process of preparing and receiving an accepted offer from the IRS is actually a much more complicated process. Continue reading
Should You Seek Professional Help For Your Tax Problem?
The question of should someone seek professional help is one that is constantly asked in society today. Usually this deals with a debilitating condition such as alcoholism, depression, and other mental health issues. However, knowing exactly when and where to seek professional help is sometimes overwhelming itself.
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society today. Usually this deals with a debilitating condition such as alcoholism, depression, and other mental health issues. However, knowing exactly when and where to seek professional help is sometimes overwhelming itself.Four Types Of Installment Agreements Help You Pay Tax Debts Monthly
If you’re financially unable to pay your tax debt immediately, you can make monthly payments through an installment agreement. As long as you pay your tax debt in full, you can reduce or eliminate your payment of penalties or interest, and avoid the fee associated with setting up the agreement. The IRS has four different types of installment agreements: guaranteed, streamlined, partial payment, and non-streamlined.
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nt agreementCan’t Full Pay Your Taxes On Time? Request An IRS Installment Agreement
File Form 9465 to request an installment agreement
If you cannot full pay the IRS the amount you owe within 120 days, you can request a monthly installment agreement by filing Form 9465. Form 9465 can be used if you are an individual who owes individual income taxes, employment taxes related to a sole proprietorship that is no longer in business, or trust fund recovery penalties. Form 9465 can be filed with your tax return, or you may file Form 9465 by itself in response to an IRS notice. Continue reading
IRS Form 433-B: Collection Information Statement for Businesses
Introduction to the IRS Form 433-B
What is it used for?
The Internal Revenue Service (IRS) Form 433-B Collection Information Statement for Businesses is used when a business owes federal taxes and cannot pay them in full.