It can be tempting to crumple up and toss a parking ticket but throwing it away doesn’t make it go away. Parking authorities hold onto their copies of those tickets and those who don’t pay immediately pay up eventually – often through offsets. Just ask Michael Gardner. His state tax refund was garnished by 80% … Read more
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
If you felt like your wallet was a few dollars lighter this year, you’re likely right. New tax changes which went into effect for the tax year 2013 finally hit taxpayers in 2014: to date, receipts as reported by the Treasury are up for every single month as compared to 2013. So far, the government … Read more
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
Taxes From A To Z: G Is For Garnished Wages.
Tax revenues are on track to hit a historic $3 trillion in 2014. Why are tax revenues increasing? And what does it mean going forward?
With tax fraud – especially identity theft related tax fraud – there can be huge dollars at stake. Criminals use that money to finance high-profile, high-spending lifestyles at taxpayer expense. But when their luck finally runs out, what happens next?
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
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
L is for Levy. In God we trust; all others must pay cash. The IRS, like most creditors, wants to get paid. And if you owe money to the IRS, they’re going to do all they can to make sure that happens. One of the ways that the IRS works to make sure they get … Read more