Back Taxes Or Tax Debt

In our last post, we began discussing two common repayment options for taxpayers: installment agreements and offers in compromise. Like installment agreements, there are certain requirements that must be met for a taxpayer to qualify for an offer in compromise. As...

Paying back tax debt is not always an easy task, for either businesses or individuals. Whether the difficulty is because of tight finances, an unexpected tax bill, both or something else, taxpayers need to understand their options for getting right with the IRS.Two...

When a taxpayer is unable to pay his or her tax debt, one of the consequences is that the Internal Revenue Service will file a Notice of Tax Lien, a document notifying creditors that the federal government has a legal right to the taxpayer’s property to satisfy...

Having unpaid taxes isn't a situation that only affects one particular group of people. Old or young, wealthy or not, employed or unemployed, any person can wind up owing taxes to the IRS. Generally speaking, the solutions people are faced with are the same as well....

Filing your own taxes can be fairly simple for some people. For others who have complicated employment tax structures, multiple incomes sources, investments, properties, significant deductions and/or businesses to report, it can be all but impossible to do their own...

These days, millions of Americans are struggling with debt, from credit card debt to mounting medical bills. This debt can grow very quickly and make it all but impossible to keep up with regular payments, which leads to penalties which only makes the situation worse....

Getting divorced is one of the most significant and stressful events a person can go through. Unfortunately, it also has a considerable impact on another stressful event: filing your taxes.If you recently got divorced or plan to get divorced between now and the end of...

Failure to pay taxes is a situation that government agencies take very seriously. If there are suspicious returns, incorrect records or missing documents in regards to your return, it may not be long until the IRS comes calling.While this can undoubtedly be a...

In previous blogs, we have talked about the many ways you can resolve back taxes if you are unable or fail to pay them on time. We have also discussed the fact that the penalties and consequences of unpaid taxes can usually be limited to financial penalties. However,...

In our last post, we examined three different options people have when it comes to resolving state tax debt. In this post, we will look a little more closely at one of the options available: repayment with an installment agreement.An installment agreement allows you...