As it turns out, yes, you CAN go to jail for owing the IRS. Two Guys’ Tax Trouble: The $18 Million Scheme Meet Joseph Nubla and Henry Ku from Northern California. These pals are in hot water, looking at 3 and 2.5 years behind bars. Why? Well, they tried to pull off hiding a whopping …
The IRS announced a second year of delays in implementing a 2021 law apps like Venmo, PayPal, and Cash App to send tax forms (1099-Ks) to users who received over $600 in the current tax year. The goal of this delay is to reduce taxpayer confusion and avoid sending an estimated 44 million 1099-K forms …
The IRS Fresh Start Program was initiated in 2011, at the tail-end of the Great Recession fuelled by the subprime mortgage crisis, the collapse of the United States housing bubble, and the resulting global financial crisis. It was an important compromise and overhaul by the IRS designed to help taxpayers resolve their tax issues more …
The money you earn is yours to keep and do with as you please. Right? Well, for the most part, that statement rings true – but when you incur a certain level of debt, and a creditor decides to exercise their power to collect on that debt, you may quickly find the contents of your …
How Does the IRS Notify You of a Tax Lien? A tax lien is one of the IRS’ strongest tools for coercing repayment of long-term or significant tax debt. While it might not constitute a physical claim of your belongings – meaning, the government is stopping short of taking your assets or garnishing your wages …
It’s been at least two weeks since you filed your tax return. By now, you can expect your annual tax refund to arrive by mail or via direct deposit any day – but no matter how often you refresh your banking app, nothing’s come in. Should you be worried? Probably not. According to the IRS, …