Posted on April 28, 2023

Taxes seems to be a minor consideration when it comes to selecting your place of residence, but for Americans living overseas, taxes have suddenly become an important factor in choosing whether to remain a U.S. citizen or not. After the IRS began to strictly implement Foreign Account Tax Compliance Act (FATCA) to curb tax evasion,... Continue reading →

Posted on April 24, 2023

There are certain myths connected with tax debt that often lead taxpayers into further complicating their tax issues and paying more than what is required. One prominent myth is that the original tax debt amount remains the same over time. The fact is, from the day the taxes are due, usually April 15th, the IRS... Continue reading →

Posted on April 23, 2023

The tax code has grown enormous over the years, as additions and amendments have been made to it. Today, it has become so gigantic that both taxpayers and the government are required to spend more money on compliance with it. The talk of the overhauling of the tax code is ripe, but removing parts from... Continue reading →

Posted on April 22, 2023

Tax preparation is difficult for most taxpayers and part of the reason is the complexity in the tax code. At present, the tax code is 10.8 million words and 14,000 pages long. Due to the complexity and enormity of the tax code, even tax lawyers often specialize in just one area of the tax code.... Continue reading →

Posted on April 21, 2023

The complexity in the tax code has been a matter of much debate. Taxpayers have been feeling the burden of complying with a very long and complex tax code every year. Even though there is a consensus that the tax code needs to be simplified, it will be difficult to generate consensus on what stays... Continue reading →

Posted on April 18, 2023

If you were required to file taxes this year and you could not pay by the filing deadline of April 15th, then you should explore ways to resolve back taxes immediately. Sooner or later, the IRS will discover that you owe taxes and will initiate collection actions. To collect back taxes, the IRS first sends... Continue reading →

Posted on April 17, 2023

There are various ways to pay tax debt. The simplest method to pay back taxes is to pay the full debt amount, including penalties and interest charged on it. As the IRS prefers full payment to any other payment option, there is no friction between the IRS and the taxpayer payee. For those who cannot... Continue reading →

Posted on April 16, 2023

The tax season is over, but many taxpayers could not file their return before the April 15th deadline or file for an extension. In such cases, taxpayers must first determine the amount of taxes they owe to the IRS. After determining the amount, they should consider the penalties and the interest that the IRS will... Continue reading →

Posted on April 11, 2023

Low-income taxpayers or those who are facing financial hardship can receive a reduction in their tax debt if they are unable to pay the full IRS tax debt amount. To achieve a reduction in debt, taxpayers must qualify for tax debt reduction payment plans of the IRS such as Offer in Compromise and Partial Payment... Continue reading →

Posted on April 10, 2023

If you have unpaid taxes, you need to get pro-active. In many cases, it is procrastination or lack of knowledge that leads to tax debt. In simple cases of IRS debt, you need to do a little research to select the most appropriate tax debt payment plan. In complicated cases that involve lien or levy,... Continue reading →