There was an article that circulated recently suggesting that bankruptcies didn’t peak as expected. If the folks who are reaching out to me are any indication, just give it time. With unemployment numbers still high and many areas still under shutdown orders due to the pandemic, it’s clear that the economy is not back to…
The Internal Revenue Service (IRS) has announced a series of steps to assist taxpayers impacted by COVID-19. Relief ranges from easing payment guidelines to postponing compliance actions. COVID-19 is the official name for the infectious disease caused by the most recently discovered coronavirus. According to John Hopkins, as of March 25, 2020, there are 451,355 confirmed cases of…
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…
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…
You can’t turn on the TV lately without seeing those ads from so-called “debt counseling” services that offer to reduce or eliminate your credit card debt by consolidating your debt, among other plans. Often, those services included significant fees for “helping you” with your debt. Income to the companies that run those gigs? Of course…