The Internal Revenue Service (IRS) has a program that allows taxpayers to settle their tax debts for less than they owe. This program is called Offers in Compromise and may be a legitimate option if a taxpayer cannot pay their full tax liability, or doing so creates a financial hardship. There are
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Installment Agreements Offer an Alternative to Bankruptcy
If you do not want to file for bankruptcy, consider working with your accounting professional to set up an Installment Agreement. This is an agreement between the taxpayer and the IRS to allow you to pay your back-tax liabilities in monthly payments, over an extended timeframe. The IRS usually utilizes
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Bankruptcy Basics You Need to Know
Are you considering bankruptcy but aren’t sure which form would be best for your financial situation? This post walks you through the basics of bankruptcy so you can make an informed decision about your next steps. According to FindLaw, “Bankruptcy is a generalized term for a federal court procedure
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What Items Are Considered in a Bankruptcy Filing?
Making the decision to file for bankruptcy can be scary and feel overwhelmingly invasive. So, it can be helpful to learn which of your assets and liabilities, as well as other aspects of your life, are taken into consideration in the proceedings. This checklist includes some of the issues that will be
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IRS: Seniors, retirees not required to take distributions from retirement accounts this year under new law
WASHINGTON — The Internal Revenue Service today reminds seniors and retirees that they are not required to take money out of their IRAs and workplace retirement plans this year. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives required minimum distributions during 2020 for
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What to Do If You Can’t Pay Your Taxes?
We know the story: Things are tight financially, so you either don’t file your tax returns, or you file the returns but don’t pay the balance due. But don’t worry, you tell yourself, next year will be better and I will be able to catch up. Now it is 2-3 years later and a letter arrives from the IRS.
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Economic Impact Payments being sent by prepaid debit cards, arrive in plain envelope; IRS.gov answers frequently asked questions
As Economic Impact Payments continue to be successfully delivered, the Internal Revenue Service today reminds taxpayers that some payments are being sent by prepaid debit card. The debit cards arrive in a plain envelope from “Money Network Cardholder Services.” Nearly 4 million people are being
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Here’s why some people’s Economic Impact Payment is different than expected
As people across the country receive their Economic Impact Payments, some might receive a different amount than they expected. Eligible individuals receive a payment for $1,200. Two eligible individuals filing a joint return receive $2,400. And, eligible individuals receive up to an additional $500
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IRS People First Initiative provides relief to taxpayers facing COVID-19 issues
Due to COVID-19, the IRS’ People First Initiative provides relief to taxpayers on a variety of issues from easing payment guidelines to delaying compliance actions. This relief is effective through the filing and payment deadline, Wednesday, July 15, 2020. • Existing Installment Agreements – Under
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