IRS Currently Not Collectible Status: The Hardship Status
March 16, 2023 by Jill B.
IRS Currently Not Collectible Status: The Hardship Status Each year, almost 30 million taxpayers file a return and owe taxes. Most people pay the taxes when they file, but about 4 million to 5 million taxpayers are unable to pay. About 3 million of these people set up payment plans with the IRS. These payment…
The IRS Partial Payment Installment Agreement: Do You Qualify?
March 15, 2023 by Jill B.
The IRS Partial Payment Installment Agreement: Do You Qualify? For some debtors, paying off their tax debt in full is impossible. If a true financial hardship can be proven, the Internal Revenue Service (IRS) can permit a debtor to enter what is known as a “Partial Payment Installment Agreement” (PPIA). This is an agreement that…
Unpaid IRS Taxes: What You Should Know
March 2, 2023 by Jill B.
Unpaid IRS Taxes: What You Should Know 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…
Tax Evasion vs Tax Fraud And The Statute Of Limitations
February 25, 2023 by Jill B.
Tax Evasion vs Tax Fraud And The Statute Of Limitations Many of us have heard about tax evasion and tax fraud. What do these terms really mean? Is there a difference between tax evasion and tax fraud? In short, the answer is YES. Tax evasion and tax fraud may appear to be problems only faced by…
Unfiled Tax Returns: What Should You Do?
February 15, 2023 by Jill B.
Unfiled Tax Returns: What Should You Do? Taxpayers that fail to file their tax return for one or more years can become overwhelmed later on when attempting to file all of their missing tax years all at once. Missing all or a portion of their records, personal hardship and/or neglect are some of many reasons…