Scams & Alerts

An old tax debt can become a serious problem because of the threat of IRS collection actions and the difficulty in resolve older tax debt. As most of the time, old tax debt is difficult to pay in a lump sum due to the interest and penalties accrued over time. To ease the pain of…

An increase in tobacco taxes is used to bring in revenue and deter smoking, but does higher taxes really achieve this? The answer is disappointing. Higher taxes on tobacco can expand its black market. Huffington Post shares particulars of how an increase in tobacco taxes encourages black markets. “In New York City, a legal, fully…

The resolution of IRS back taxes can involve the full payment of the entire back tax amount, partial payment of the tax debt amount, or the postponement of payment. However, the resolution of tax debt can be achieved with a partial payment or no payment only if a taxpayer has insufficient finances to pay the…

An important issue for every American is preparing for retirement. The U.S. Chamber of Commerce and American Association of Retired Persons (AARP) unified in their effort to urge policymakers to implement solutions that will help Americans have a more secure retirement. AARP shares their stance and the reasons for it: “Unless we reverse current trends,…

Many times circumstances may lead to a taxpayer getting into debt with the IRS. Having a lack of information regarding IRS policies is a common reason for the delay or non-payment of taxes. To avoid getting into tax debt, taxpayers should make every effort to pay their taxes before the filing deadline and pay the…

The controversy that started in 2009 has come back to haunt the IRS. When the American paper industry came to the IRS to receive $2 billion in fuel tax credits cleared, the IRS did not offer any rulings. In 2009, the IRS said paper companies, which had been generating power by burning black liquor, a…

Recently, the U.S. government took aggressive steps to counter tax evasion by bringing in more transparency with foreign countries. The U.S. made agreements with various countries under the Foreign Account Tax Compliance Act (FATCA) to initiate the exchange of American taxpayers’ financial information. Along with making efforts to bring down tax evasion, the IRS is…

The IRS has introduced flexibility in the tax debt resolution process. The process of resolving IRS debt through an Installment Agreement or an Offer in Compromise is now much easier but the eligibility factors have remained unchanged. This is not the first time the IRS has made efforts to simplify the process. The IRS offered…

There are multiple ways in which tax frauds tempt and trap taxpayers to cheat them out of their money, such as convincing taxpayers to become a party in conducting illegal financial activities, trapping them into paying heavy fees for legal or illegal gains, and indulging in forgery to extract money from them without their knowledge….

According to the filing requirements of the Affordable Care Act (ACA), or Obamacare, businesses are required to report to the IRS each of their workers’ access to and enrollment in health insurance. However, the complexity of the reporting process has led to the IRS postponing enforcement of the law for another year. Tax News shares…