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      December 13, 2018

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TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

Why Would The IRS Settle My Tax Debt?

There are few words in the English language which can evoke fear in Americans in quite the same way as “Internal Revenue Service” can.

Even law-abiding, annual tax filers cringe when they hear those words. The fear of being audited often is an irrational one, even for those who take creative liberties with their deductions.

But what happens to those who legitimately owe back taxes? What is the best way to handle their debt with the least amount of pain from the IRS?

According to the most recent figures, the IRS estimates that over 20 million Americans owe back taxes. There are numerous reasons for each and every case of back taxes being owed. For some, a tough economy has made it difficult to pay what is owed to a variety of creditors, not just the IRS. Unfortunately, the IRS has a job to do, and they are not swayed by excuses for failure to pay taxes.

The IRS has a number of options available at their disposal for collecting overdue taxes. Actions they are permitted to take include the seizure of assets, the placing of liens on a taxpayer’s property, garnishing wages or claiming future tax refunds.

Prior to taking any action to recover overdue taxes, the IRS will send a notice to the taxpayer, outlining the full amount owed. It is required by federal law to itemize the full amount, indicating how much is the actual tax owed, how much is penalties for failure to pay and how much of it is interest.

Once that notice is issued, the taxpayer will have a set amount of time in which to pay the amount in full before the IRS will take one of the actions at its disposal to recover the funds.

So what do you do if you are among the 20 million Americans who owe back taxes?

There are a number of options available to taxpayers who find themselves in this predicament.

One of the most popular courses of action is for taxpayers to enter into what is known as an installment agreement with the IRS. Taxpayers who agree to an installment repayment plan are seen as being in compliance, and the IRS is less likely to take a harsher course of action to recover back taxes. The only downside to an installment plan is that interest continues to accrue on the total amount owed while taxpayers are making payments, similar to what happens when a person makes only the minimum payment on a full credit card balance.

Another option, which the IRS makes available on its own website, is what is known as an “offer in compromise”.

This option allows taxpayers to settle their debt for less than the full amount that is owed if they can prove that paying in full would cause a financial hardship for them. Qualified candidates for this option must meet specific criteria as determined by the IRS, and must provide documentation supporting their ability to pay, income level, current expenses and asset equity.

Anyone who currently is in the process of bankruptcy does not qualify for this option.

How American Politicians Abandoned Family Values for Tax Cuts and Debt Relief

In 2009, California Representative and future Republican House Majority Leader and dad Kevin McCarthy said that he was worried about the America he was building for his kids. "When I think of the futu...

Published:  Wed, 12 Dec 2018 08:45:00 GMT



Macron breaks silence on violent French protests, promising tax relief

PARIS - President Emmanuel Macron broke his silence Monday on the exceptional protests shaking France and his presidency, promising broad tax relief for struggling workers and pensioners - and acknowl...

Published:  Mon, 10 Dec 2018 14:05:00 GMT



Puerto Rico governor signs bill for $2 billion in tax relief

SAN JUAN (Reuters) - Puerto Rico Governor Ricardo Rossellí³ signed into law on Monday legislation to provide nearly $2 billion in tax relief over five years amid concerns by the U.S. commonwealth's fed...

Published:  Mon, 10 Dec 2018 14:16:00 GMT



"˜I saw them': Macron seeks to appease "˜yellow vest' protesters with wage increase and tax relief

PARIS - French President Emmanuel Macron announced late Monday that he will increase France's minimum wage by 100 euros - about $114 - a month and slash overtime and some pension taxes in an effort to ...

Published:  Mon, 10 Dec 2018 14:27:00 GMT



MN attorney general sues "˜tax debt relief' firm for violating consumer protections

Minnesota Attorney General Lori Swanson is suing a "tax debt relief" company for allegedly violating the state's consumer protection laws. Swanson filed a lawsuit in Hennepin County District Court Tue...

Published:  Tue, 11 Dec 2018 14:01:00 GMT



French president pledges tax relief in bid to calm rioting

PARIS - President Emmanuel Macron broke his silence Monday on the exceptional protests shaking France and his presidency, promising broad tax relief for struggling workers and pensioners - and acknowl...

Published:  Mon, 10 Dec 2018 21:40:00 GMT



MN attorney warns about companies offering tax relief

A new warning from the Minnesota Attorney general tonight about companies offering to help settle your tax debt. One man says he paid a company thousands of dollars... with no results. Heidi Wigdahl h...

Published:  Tue, 11 Dec 2018 15:20:00 GMT



The Orange County Register Names Optima Tax Relief a Top Workplace for Fourth Consecutive Year

SANTA ANA, Calif., December 12, 2018 (Newswire.com) - Optima Tax Relief, the nation's leading tax resolution firm, announces today that it is a recipient of The Orange County Register's 2018 Top Workp...

Published:  Wed, 12 Dec 2018 06:25:00 GMT



Rioting French vowed tax relief

PARIS -- President Emmanuel Macron broke his silence Monday on the protests shaking France and his presidency, promising broad tax relief for struggling workers and pensioners -- and acknowledging his ...

Published:  Mon, 10 Dec 2018 23:39:00 GMT



Macron Promises Tax Relief as France Protests March On

(Newser) - President Emmanuel Macron broke his silence Monday on the exceptional protests shaking France and his presidency, promising broad tax relief for struggling workers and pensioners-and acknow...

Published:  Mon, 10 Dec 2018 14:00:00 GMT



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