An offer in compromise (OIC) is an agreement with the IRS that can enable you to settle your tax debt for less than the full amount you owe.
It's one of the worst things that can appear on your credit report - a federal tax lien can take between 50 to 200 points off your credit score. This can increase your borrowing costs and have a long term impact.
California law is tough on delinquent taxpayers. The California Franchise Tax Board, known as the FTB, is the state equivalent of the IRS and is required by law to publish twice per year the list of the top 500 delinquent individual and corporate income taxpayers against which the state has filed tax liens.
Yes it can. There are many factors that can you leave you owing back taxes in your 50s or early 60s include divorce or early withdrawal of retirement funds/default on debts after a sickness or job loss.
Computer crashed? Were you caring for an ailing loved one? Did you misplace tax forms in a cross country move? Any of these reasons could have prevented you from filing your tax return on time.
The calendar is already turning to April, which means the tax filing deadline is just around the corner. For those who owe taxes, this is not good news.
Many scenarios can leave you owing federal and state taxes. Often you don't find out just how much until this time of year.
In December, President Obama signed a transportation bill with a catchy acronym - the Fixing America's Surface Transportation (FAST) Act. One provision requires the Internal Revenue Service utilize private collection agencies on "inactive tax receivables."
We just wrote about a proposed Congressional bill allowing for the IRS to limit, revoke or deny a passport to individuals owing more than $50,000 in tax debt. Known as the Fixing America’s Surface Transportation Act or the FAST Act, this is a part of a five year, $305 billion spending measure to fund a number of federal transportation projects.
A proposed Congressional bill would allow for the IRS to limit, revoke or deny a passport in the event an individual owes "seriously delinquent tax debt" of more than $50,000. This debt can include interest and penalties tacked on to one's tax bill.