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IRS Waives penalty for many whose tax withholding and estimated tax payments fell short in 2018
WASHINGTON — The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally...
read moreThe IRS is Using Private Debt Collectors for Delinquent Taxes
The IRS has used private debt collectors in the past and the programs have failed miserably. Its most recent attempt is not faring much better and the system is wrought with the possibilities of abuse. At least IRS efforts to use private debt collectors, aren’t losing...
read moreTax Reform: You Need to Double Check Payroll Withholding
With new tax laws effective for 2018 you should review your income tax withholding and, when appropriate, make adjustments. Notably, the new Tax Cuts and Jobs Act (TCJA) lowers tax rates for individuals, effective for 2018 through 2025, so you may presume you are over...
read moreBig Changes calculating amount exempted from Wage Garnishment/Levy
The exemption from levy is tied to the personal exemption. The personal exemption went up last year and the IRS has published guidance on how that change impacts the amount of the exemption from levy in a wage levy situation. This creates a windfall for individuals...
read moreHow do i get back on track with the IRS?
The best time to resolve your tax debt is the week before you win the lottery, when you have no assets and your income barely meets your necessary living expenses. If you have no assets, no money in the bank and you are living paycheck to paycheck … that’s the time to...
read moreLast month, the IRS began implementation of new procedures.
The Internal Revenue Service last month strongly encouraged taxpayers who are seriously behind on their taxes to pay what they owe or enter into a payment agreement with the IRS to avoid putting their passports in jeopardy. Last month, the IRS began implementation of...
read moreWhy file your unfiled returns now… even if you don’t have the money to pay
The IRS understands that there may be legitimate reasons why may don’t have the money to pay your taxes, but there are very few legitimate reasons for not filing your return when due, and not having the money to pay is not one of them. Late filed returns incur a...
read moreWhy You Shouldn’t Wait to Have a Good Year to Fix Your Taxes
If you’re struggling with a tax problem, it’s natural to want to wait until you’re in the best possible place to solve this problem. The longer you wait, however, the problem only intensifies and the greater sum you’ll owe. Here’s why you should not wait to have a...
read moreAre you responsible for your spouse’s tax debt?
If you’re married and file jointly, the IRS affords you certain benefits. For instance, your spouse can be a tax shelter, can contribute to an investment retirement account, and help you avoid estate taxes when you die. Married couples filing jointly, however, should...
read more6 Reasons You Should Start the Tax Relief Process Before the Holidays
There are a lot of things that can hold you back from taking the first step to resolve a tax problem, and the impending holiday season can be a convenient excuse for putting it off even longer. Here are six excellent reasons not to wait. 1. Facing your tax problem...
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