Tax Relief Companies

The IRS has the legal power to collection tax debt within the ten year Statute of Limitations. Although the IRS begins collection actions by sending notices regarding the payment of tax debt, if the tax debt still remains unresolved it can move to aggressive collection actions such as tax lien and levy. Under a tax…

The IRS begins collection action by alerting taxpayers about the taxes owed. The IRS sends notices informing taxpayers about the amount of tax debt and how to resolve it. If after receiving multiple notices a taxpayer does not make efforts to resolve it, the IRS proceeds to aggressive collection actions. Tax lien and tax levy…

The IRS had been trying to curb tax evasion for as long as it has existed, but it was only after the strict enforcement of Foreign Account Tax Compliance Act (FATCA) that evading taxes by using tax havens became difficult. Under FATCA, U.S. taxpayers with overseas bank accounts and assets over a certain threshold are…

Taxpayers must understand the basic IRS rules and tax laws to achieve successful tax debt relief. Even when the help of a tax professional is used, it is beneficial for taxpayers to understand the particulars of their case. Tax debt relief can be achieved through various methods, but not all methods are open to all…

Not being able to pay the full amount of tax debt should not stop taxpayers from seeking a tax debt resolution. There are various IRS tax debt resolution plans that allow taxpayers to resolve their tax debt without paying the entire amount of tax debt. A Partial Payment Installment Agreement or an Offer in Compromise…

There are many individual tax breaks that cost the government billions of dollars each year in lost potential revenue. Tax breaks for individuals add more than a trillion dollars annually to government expenditures. To reduce government deficit, some believe that many of the tax breaks should be removed. Experts, on the other hand, state that…

It is a misconception that corporations get most out of tax breaks. It is individual taxpayers that enjoy the benefits of tax breaks the most. The government keeps an account of tax preferences, which tracks the value of individual tax breaks. Individual taxpayers receive many tax credits, deductions, exemptions, premiums and tax loopholes, including tax…

There are many myths surrounding tax debt, including the belief that anyone can get a tax debt reduction. Many fraudulent tax companies misuse tax debt reduction payment plans, such as the Offer in Compromise program to attract taxpayers into hiring their services. Before applying for a tax debt resolution plan, taxpayers should consult with a…

A tax debt resolution is simple to achieve using the right tools. Tax resolution companies are a medium where taxpayers can confront the IRS, negotiate with them, and reach a satisfactory resolution. Tax debt resolution requires the knowledge and understanding of tax laws, tax codes and IRS policies, which few taxpayers have, making it essential…

The Supreme Court’s decision to strike down Defense of Marriage Act (DOMA) allows same-sex married couple to enjoy the tax benefits of marriage regardless if the state they reside in recognizes their marriage. Same-sex spouses can now file their tax returns jointly as a married couple. However, same-sex couples may face an increase or decrease…