Every year, millions of people file their taxes only to find out they owe more than they can afford. While many manage to pay in full or set up monthly payment plans with the IRS, there’s a large group of taxpayers—millions, in fact—who simply can’t pay anything at all. If that sounds familiar, you’re not alone.…
When facing significant tax debt, finding a manageable solution can be a top priority. The IRS offers various options to help taxpayers with outstanding balances, and one option that may reduce your burden is the IRS Partial Payment Installment Agreement (PPIA). But how does this plan work, and do you qualify for it? This guide…
Tax Facts:• A taxpayer can file back taxes for any past year, but the IRS usually considers a taxpayer in good standing if they have filed the last six years of tax returns.• If a taxpayer was qualified for federal tax credits or refunds in the past but did not file tax returns, they may…
In recent years, the IRS has been cracking down on tax crimes. Some tax crimes are civil crimes, such as Tax Fraud. With a civil tax violation, the enforcement penalties will come down to money. Other tax crimes, such as Tax Evasion, are more serious and are considered criminal. With a criminal tax violation, the…
If I can’t pay my income taxes, should I still file my return? The penalty for an unfiled return is much greater than the penalty for not paying. If you fail to file your return, the IRS charges a monthly penalty that equals 5% of your balance. The penalty starts on the date following the…
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