IRS collections, tax debt, liens, levies, and what to do when you owe the IRS more than you can pay right now.
Voting and paying taxes are still hand in hand. The IRS has admitted that it has collected information on the political party affiliations of taxpayers in 20 states while vowing that it has never used the information. This, of course, begs the question “why do it?” The states for which political party affiliation data were…
The US Supreme Court ruled this week in Hinck v. U.S., 06-376, that only the U.S. Tax Court may review refusals by the Internal Revenue Service to reduce interest payments for underpayment of taxes. John and Pamela Hinck initially brought their case in the US Court of Federal Claims seeking an $18,000 refund of interest,…
Word on the Street (Wall Street, that is) is that one of the items on the Dems’ new agenda will be to reverse the prior decision to outsource IRS Collections activities to private collection agencies. Democratic leaders have been among the most vociferous opponents to the change, which was to take effect in September 2006.
As previously reported, the IRS appears to be on a fee raising binge… And they’ve struck again! According to the IRS, as of the first of the year (January 1, 2007) fees for installment agreements will increase as follows: The fee for new direct debit installment agreements, where payments are deducted directly from a taxpayer’s…
In part of its efforts to get more money faster be more tax-payer friendly, the IRS has finally brought its Installment Plan Agreement online. The OIA is not to be confused with the OIC, the Offer in Compromise, which allows you to apply to reduce the total amount of tax due either because it is…
If you’ve been following along, the changes that have been made to the IRS in this tax year have not been kind to taxpayers. Application fees are on the rise, often by more than $100. Penalties are being kicked up. Private debt collectors have been retained to knock lose a few more dollars from taxpayers. The…
Matter, that is. The IRS has announced that, within the next few weeks, it will turn over thousands of taxpayer accounts to three private companies for debt collection (slated to increase to ten companies by 2008). These accounts are those with outstanding amounts owing of $25,000 or less. Ostensibly, the idea for this move towards…