Tax agencies have a variety of ways of encouraging tax compliance, including publishing taxpayer delinquency lists and filing liens. The rules—and your options—can vary between states and IRS. Here’s what you need to know, including how to avoid notoriety.
*** The link will take you away from my site. You’ll find most of my new work at Bloomberg Tax (don’t worry, it’s outside of the paywall). You can find out more about my new gig here.
The Internal Revenue Service (IRS) has announced that a new payment option has been added to the private debt collection program. The payment option is intended to make it easier for those who owe to pay their tax debts, although some practitioners, like me, fear that it could lead to abuse. Taxpayers can now choose a preauthorized…
If you owe money to the federal government, your federal income tax refund can be seized to satisfy your debt. This is often referred to as “offset” since the seizures are part of the Treasury Offset Program (TOP); the program is administered by Financial Management Service, a branch of the U.S. Department of Treasury. Examples…
And here I thought, in an election year, that nothing would get done. In the blink of an eye, the Senate has managed to pass a bill that does practically everything. The bill, which has the descriptive title, “Moving Ahead for Progress in the 21st Century Act” or “MAP-21” is called, in shorthand, the “Highway…
And here I thought my days of reporting on Joe Francis were over… It turns out that the Girls Gone Wild founder hasn’t quite put his tax woes behind him. After taking a deal to plead guilty to two misdemeanor counts of filing false tax returns – and escaping additional jail time in the process…
There are two parts to settling up with the IRS: assessment and collections. I took a look at what you need to know about IRS collections and statutes of limitations—you’ll find it here. *** The link will take you away from my site. You’ll find most of my new work at Bloomberg Tax (don’t worry,…
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…