Tax Collections Hit Record Highs With No Dip In Spending

With two more months left to go in the fiscal year, the feds are on a roll. Tax revenues for the first ten months of the fiscal year topped a record $2,672,414,000,000 (report downloads as a pdf). Those numbers represent almost 8% in growth of tax revenues over those collected in 2014. In pure dollars, … Read more

What To Do When You Can’t Pay Your Tax Bill In Full

Ready to file your federal tax return? If you’re ready to file and make payment, check out these prompt payment options. But what if you can’t pay what you owe? File anyway. Penalties apply for failure to file and failure to pay. To reduce the hit to your wallet from penalties, be sure to file … Read more

Congress, Ignoring History, Considers Turning Over Tax Debts To Private Collection Agencies

The tax gap in the United States is estimated to be about $385 billion. The tax gap is the difference between what the Internal Revenue Service (IRS) expects to collect in taxes and what they actually collect. That sounds like a lot of money. And I agree that it is. But considering that the IRS … Read more

States, Local Governments Consider Aggressive Tax Collection Efforts To Plug Budget Holes

All of the taxes in the world don’t mean a thing if you can’t collect on them – or so many states and localities are figuring out these days. Taxing authorities from Tennessee to New Jersey are reporting shortfalls and lags in collections activities just as cuts from federal funding are being felt. Some taxing … Read more

Taxes From A To Z: O Is For Offer In Compromise

O Is For Offer in Compromise. When you owe a debt to the IRS, there are a few ways that you can handle it. Most commonly, you can enter into an installment agreement; under an installment agreement, you agree to pay off your debt over a period of time. If you can’t pay the full … Read more