TopConsumerReviews.com
      May 28, 2018

Home  >  Tax Relief  >  Articles

Best

Tax Relief

  1. Comm Tax Relief
  2. Tax Defense
  3. National Tax Relief
  4. Freedom Tax Relief
  5. 911 Tax Relief

Your Information Is Secure
60-Plus Ways to Save Money Newsletter

Latest Reviews

Business Cards

Dancewear

Fitness Clothing

Golf Clubs

Graduation Invitations

Green Cards

Home Warranties

Personal Checks

Refrigerators

VPN Services

 

Related Articles

Can the IRS Garnish Wages?

How To Choose A Tax Relief Agency

Protecting Yourself From Tax Relief Scams

Questions To Ask Tax Relief Agencies

Why Would The IRS Settle My Tax Debt?

 

Top Consumer Reviews Articles

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.

Top Democrat: We need property tax relief, Gov. Murphy. Restore homestead rebates

New Jersey is known for many things - our beautiful shore, our great history, Bruce Springsteen - but it's also known for something much less attractive: having the highest property taxes in the nation. New Jersey's residential property taxes set a new ...

Published:  Mon, 21 May 2018 08:44:00 GMT



Conroy Working to Protect Middle Class Tax Relief

VILLA PARK, Ill. - To help middle class families save more on their taxes, state Rep. Deb Conroy, D-Villa Park, is sponsoring legislation extending the standard income tax exemption for working families that is set to expire at the end of this fiscal year.

Published:  Fri, 25 May 2018 10:17:00 GMT



Workers face losing €1.3bn in tax relief on pensions

Workers are facing a double threat to the €1.3 billion-worth of annual tax relief on their pension contributions. Please Subscribe or Log in to continue reading Please Subscribe or Log in to continue reading

Published:  Sat, 26 May 2018 17:42:00 GMT



Prop. 72 promises tax relief for water conservation

WEBVTT >> ONLY 3% OF THE WATER IN THE WORLD IS POTABLE TO BEGIN WITH. WE SHOULD NOT BE SQUANDERING OUR WATER. MIKE: PROP 72 IS A PUSH FOR WATER CONSERVATION USING METAL RECYCLING TANKS LIKE THESE TO SAVE WATER AT HOME IN A STATE THAT IS FREQUENTLY BONE-DRY ...

Published:  Thu, 24 May 2018 20:10:00 GMT



Alcohol industry pushes lawmakers to uncork excise tax relief

The alcohol industry is pressing Congress to make permanent the excise tax relief it received under the Republican tax law. The measure President Trump Donald John Trump Oregon governor to face state rep in November Ashford, Eastman neck and neck in ...

Published:  Wed, 16 May 2018 03:00:00 GMT



Pension tax relief cut could save €1bn a year - ESRI

A State-supported think-tank has questioned the level of tax relief given to people for saving for a pension. An Economic and Social Research Institute (ESRI) paper found that high-income households are the big winners from the tax treatment of pension ...

Published:  Wed, 23 May 2018 18:30:00 GMT



Tax Reform Offers Relief for Taxable 401(k) Loans

Your article was successfully shared with the contacts you provided. While a 401(k) plan loan can often provide an option for obtaining otherwise unavailable financing, the rules governing these loans are specific and failure to follow them can, in some ...

Published:  Fri, 25 May 2018 11:00:00 GMT



Share Us!    Share TopConsumerReviews.com on Twitter Share TopConsumerReviews.com on LinkedIn Share TopConsumerReviews.com on Google+ Share TopConsumerReviews.com on Pinterest

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure