Navigating the intricacies of tax payments can be daunting, especially when faced with the burden of outstanding tax liabilities. Understanding your options for repaying back taxes is crucial to avoid further penalties and interest charges. This comprehensive guide will delve into the various payment methods and plans offered by the Internal Revenue Service (IRS) to … Read more
Navigating Installment Agreements with the IRS The Internal Revenue Service (IRS) provides taxpayers with the option to establish installment agreements, allowing them to settle their tax liabilities over an extended period. However, taxpayers may encounter situations where they have multiple tax balances or owe taxes for multiple tax years. This raises the question of whether … Read more
Understanding Your Tax Obligations as a Former Green Card Holder As a green card holder, you are generally required to file a U.S. income tax return and report worldwide income, regardless of where you reside. However, if you surrender your green card or the U.S. Citizen & Immigration Service (USCIS) determines that you have abandoned … Read more
The Internal Revenue Service (IRS) possesses the authority to freeze not only bank accounts but also credit cards in certain circumstances. This action is typically taken as a last resort when an individual fails to fulfill their tax obligations despite repeated attempts by the IRS to collect the outstanding debt. Understanding the legal basis, consequences, … Read more
Understanding IRS Levies The Internal Revenue Service (IRS) possesses the authority to seize personal property in order to satisfy unpaid tax debts. This action, known as a levy, allows the IRS to legally take possession of various assets, including wages, bank accounts, vehicles, real estate, and other personal belongings. Reasons for IRS Levies The IRS … Read more
Understanding IRS Levies The Internal Revenue Service (IRS) possesses the authority to seize assets, including wages, bank accounts, vehicles, real estate, and other personal property, to satisfy unpaid tax debts. This action, known as a levy, allows the IRS to legally take possession of your assets to recover the owed taxes. IRS Levies vs. Credit … Read more
Individuals who receive income as independent contractors or self-employed professionals typically receive a Form 1099-NEC from the entities that paid them. This form reports the total amount of income earned during the tax year, and it serves as a crucial document for tax filing purposes. However, many individuals are unsure whether they can receive a … Read more
Individuals and businesses facing IRS tax debts exceeding $100,000 often experience immense financial strain and anxiety. Understanding the potential consequences and available resolution options is crucial for mitigating the impact of such substantial liabilities. This comprehensive guide analyzes relevant information from reputable sources to provide a roadmap for addressing IRS debt over $100,000. Consequences of … Read more
The financial burden associated with funeral expenses can be substantial, and understanding the tax implications of these costs is crucial for effective estate planning. This comprehensive guide analyzes relevant information from reputable sources to provide a roadmap for addressing tax deductions related to funeral expenses. Tax Deductibility of Funeral Expenses Individuals Individuals cannot claim funeral … Read more
Understanding IRS Investigations The Internal Revenue Service (IRS) possesses the authority to investigate suspected tax fraud or non-compliance. Unlike audits, which focus on verifying the accuracy of tax returns, investigations aim to uncover intentional attempts to evade or misrepresent tax liabilities. Distinction Between Audits and Investigations While both audits and investigations involve IRS scrutiny of … Read more