Posted on December 27, 2022

The IRS has eased the terms of  certain tax debt payment programs to help taxpayers resolve their tax debt. The IRS’ Fresh Start initiative is an effort to relax some of the restrictions in certain IRS tax debt payment plans. Most of these relaxations involve flexibility in the disclosure of financial information, increasing the maximum... Continue reading →

Posted on December 26, 2022

Taxpayers who cannot afford to pay their entire tax debt often look for resolution methods that can help them to resolve their back taxes. It is important to resolve the tax debt as early as possible so that IRS debt penalties and interest do not accumulate. IRS collection actions can also be avoided if taxpayers... Continue reading →

Posted on December 20, 2022

Tax debt resolution can become simpler and smoother if taxpayers keep a few essentials in mind. Before seeking help from a tax service, taxpayers should review their tax case so that they understand how a tax service can help them. It will help them to hire the right service for the resolution. In most cases... Continue reading →

Posted on December 19, 2022

Tax debt cases can be simple or complex. Simple tax debt cases are those that do not involve negotiation with the IRS and do not require qualifying for a tax debt payment plan. Complex tax debt cases, on the other hand, are those that require preparation, representation and negotiation to reach a successful resolution. Complex... Continue reading →

Posted on December 13, 2022

Most taxpayers who have a substantial tax debt find it difficult to pay the entire amount in a single payment. Even if you have the financial ability to pay the full amount, you may choose to pay in installments if paying the full amount all at once would upset your financial stability. The IRS offers... Continue reading →

Posted on December 12, 2022

Tax debt reduction plans are heavily advertised because of their attractiveness to taxpayers deep in tax debt. Many fraudulent tax resolution companies have used tax reduction plans, specifically Offer in Compromise, to tempt taxpayers into contracting their services. In reality, tax reduction plans have strict qualifying factors that most taxpayers do not meet. The most... Continue reading →

Posted on December 10, 2022

The Foreign Account Tax Compliance Act (FACTA), which was created to curb tax evasion, has increased the tax troubles of Americans living abroad. Even though the effort will increase transparency in the financial activity of American taxpayers overseas, especially in tax havens, it is the average taxpayer that will shoulder the increased tax burden. Americans... Continue reading →

Posted on December 10, 2022

Americans who live overseas already face the extra challenges of more paperwork and tax reporting requirements entailed in living abroad. Now, the American Citizens Abroad (ACA) organization has discovered that many Americans living abroad will be subject to double taxation due to certain clauses of the Affordable Care Act. Americans living overseas whose income reaches... Continue reading →

Posted on December 6, 2022

Taxpayers that have the financial capability to pay the entire amount their tax debt should not apply for tax reduction plans such as Offer in Compromise or Partial Payment Installment Agreement. They must consider whether they can pay the entire amount in a single payment or prefer to pay it in installments. The advantage of... Continue reading →

Posted on December 5, 2022

Tax debt that remains unpaid will grow because the IRS charges interest and penalties on unpaid debt. Even after a taxpayer has qualified for a payment plan and has started to repay the tax debt, the interest and penalties keep accumulating on the amount that remains to be paid. Interest and penalties only stop with... Continue reading →