Tax Revenues On Pace To Reach Record $3 Trillion In 2014
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?
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IRS Seizes ID Thieves’ Bling, Result For Taxpayers Is Ka-Ching!
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?
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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…
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5 Ways To Pay Your Taxes When You Don’t Have The Cash
The good news for taxpayers? More than half of us didn’t owe taxes for the last tax year on record. The bad news for taxpayers? The other half of us did. Hopefully, if you fall in the latter category this year, the amount that you owe isn’t too bad. But if it’s more than you…
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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…
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Taxes From A To Z: L Is For Levy
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…
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IRS Announces Efforts To Help Struggling Taxpayers
It’s tough out there these days and increasingly, taxpayers are scurrying away from their tax obligations for fear that they won’t be able to pay. As a practitioner, I’ve seen the drill plenty of time: lay low and hope the IRS doesn’t come looking for you. That rarely works. And when IRS does catch up…
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Taxes From A To Z: O Is For Offset
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…
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IRS Reverses Course On Collections
Internal Revenue Service (IRS) Commissioner Doug Shulman has announced that the IRS will not renew its contracts with two private debt collection agencies. Those contracts expire this year. You may recall that I was not a fan of turning over collections matters to private companies. Like many other tax professionals, I had concerns about the…
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Ask The Taxgirl: Money Owed To IRS
Taxpayer asks: Kelly, I hope you can help with this one… I have been contacted by the IRS that I didn’t file one year and the another year I didn’t file at all. They have sent me copies of my income and other information; the problem is that I don’t have any of my own…
