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.
Anyone who has been through the divorce process knows that it is more of a marathon than a sprint. If you think you crossed the finish line with a final divorce decree in 2015, you still have one more decision. How will you file your taxes?
It might not be tax season, but that has not stopped phone scammers.
It's May, and most taxpayers are thankful they won't need to think about filing and paying their taxes again for roughly 11 months. Other taxpayers, however, will likely be hearing from the IRS as they either knowingly or unknowingly failed to pay the full amount of taxes owed. In fact, the Internal Revenue Service estimates that some 5 million U.S. taxpayers have tax debt.
There may be all sorts of reasons why someone is unable to pay all of his her taxes to the IRS.
Someone who doesn't file income taxes isn't necessarily trying to evade taxes. After all, there are a lot of people out there who simply procrastinate. Others may not have been required to file.
It's been a few months since we last discussed the offer in compromise (OIC). As we explained in our April 2 post, the OIC is a procedure for resolving tax debt with the IRS for less than the taxpayer owes.
Marriage in modern times is supposed to be about love. But whether Cupid's arrow has struck or not, it is also invariably about property.
Tax debt can become unmanageable. When that happens, it doesn't matter how talented someone is in their chosen profession. The overriding need is for a debt relief strategy.
The relationship between tax debt and bankruptcy can raise many potential issues. For starters, it depends on what type of tax debt is involved and what type of bankruptcy.