One of the functions of the IRS is to ensure that taxpayers adhere to their tax liability. To that end, the IRS attempts to combat the so-called “tax gap”, an estimated gap in the nation’s total tax liability and the money the IRS is pooling together from estimated payments and withheld taxes. To reduce that …
Trouble with the IRS? You may be tempted to deal with it yourself – but before you get in over your head, it would be wiser to consider professional tax resolution services. While the IRS works through a code of conduct that holds the taxpayer’s rights in high esteem, it can still be a daunting …
If you face a substantial tax debt without the means to pay it off, even in a few years’ worths of monthly installments, you may want to consider an offer in compromise (OIC). An offer in compromise is a process through which you can negotiate a lower total tax debt with the IRS. However, it isn’t …
Tax debt can cause significant stress, and dealing with it can be a very daunting process. Here’s how to pay back tax debt with IRS payment plans. Tax debt is special in the most insidious way – it follows you everywhere, is almost impossible to get rid of, and can continue to grow at rates …
Small business tax deductions can help your business continue to run smoothly. Here’s what to know about relief options for your small business. The IRS defines small businesses – within the context of tax relief and deduction options – as any business with assets under $10 million. These businesses, including self-employed professionals and independent contractors, can …
The IRS has recently awarded new contracts to private collection agencies, but what exactly are private debt collectors and what do they do? The IRS has been plagued by a drop in employees and resources for years, leading to lower and lower auditing rates, and increased concern over the fact that the agency may be …