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Tax debt seems difficult to resolve, but it can become simple with correct planning. Before the actual process of resolution begins, taxpayers need to understand the basic policies of the IRS, the particulars of their case and how it can impact resolution, and the basics of tax laws that have an impact on their case….

There is a thin line between saving taxes and tax evasion. If the IRS discovers anything that is not consistent with the tax laws, it will make inquiries. It is hard to deal with the IRS in cases of tax fraud and tax evasion because it is often difficult to prove that the error was…

Every taxpayer with tax debt wants to get that burden off their shoulders, but often they are unaware of the best method to achieve tax debt relief. It helps to remember that tax debt resolution does not always involve full payment of tax debt. There are various IRS debt payment plans that involve tax debt…

A federal tax lien is a collection action under which the IRS seizes the property and/or assets of taxpayers to ensure payment of tax debt. Tax lien and tax levy are the most aggressive collection actions of the IRS. To place a lien, the IRS does not need court permission. Forbes shares some interesting facts…

For any amount of tax debt, the IRS recommends taxpayers to pay the full amount. Even though the IRS quotes various benefits of paying in full, many taxpayers have limited financial capacity, which forces them to look for other options. The IRS has various tax debt payment plans, including Offer in Compromise and Partial Payment…

Tax habits are hard to break, but if the consequences of bad tax habits spell trouble with the IRS, breaking them looks a lot easier. Paying all taxes owed on time is the simplest way to stay compliant, but many times taxpayers often end up in trouble with the IRS because of lack of knowledge…

Taxpayers must avoid getting into IRS debt by complying with tax laws. Sometimes, taxpayers get into tax debt without their knowledge. Inaccuracies in tax returns or lack of knowledge of tax laws also cause tax debt. The IRS takes collection action to recover tax debt regardless of the reason for the tax debt. Avoid IRS…

To curb tax evasion, the U.S. brought in Foreign Account Tax Compliance Act (FATCA) in March, 2010. According to the IRS, “FATCA targets tax non-compliance by U.S. taxpayers with foreign accounts”. The law requires U.S. taxpayers to report foreign financial accounts and offshore assets to the IRS. Reporting also needs to be done by foreign…

The early resolution of tax debt is important to avoid additional penalties, interest, or the risk of collection actions. If they have the financial strength to pay the tax debt in full, but not in a single payment, taxpayers can apply for an IRS Installment Agreement. Tax Debt Payment Using Installment Agreement Satisfying the tax…

More than 90 percent of federal tax breaks go to individual filers. According to government records, the total amount of tax breaks, including deductions, credits, exclusions and other breaks contribute to government expenditures of nearly $1.2 trillion a year. Post Crescent tracks the steep hike in the value of individual tax breaks. “Since the government…