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How the IRS Could Change Under a Possible Biden Administration

The upcoming presidential election holds huge implications for every aspect of our daily lives. Pandemic response and public safety are currently chief areas of concern, but potential changes to the IRS are also worth considering. It’s impossible to know how, exactly, the IRS will be handled under a possible Biden administration, but we can look […]

What Is the Trust Fund Recovery Penalty? What Does It Mean For You?

If you’re a business owner or are otherwise in charge of payroll, you have a huge responsibility: withholding, accounting for, and appropriately depositing taxes on employees’ income. Should you fail to appropriately carry out these essentials, you could be held personally liable. The IRS addresses issues such as withholding and paying taxes through the trust […]

Backlog at the IRS: What It Means For You

It’s never been easy to get in touch with the IRS, but delays are all but inevitable in light of the agency’s response to the coronavirus pandemic. In hopes of providing relief, the IRS has delayed filing activities and collection activity. Now, however, as these concerns once again loom large in the minds of taxpayers, […]

How High-Income Non-Filers Cheat the IRS — And How It Impacts the Rest of Us

You scrimp and save so you can pay what you owe during tax season — and you expect others to do the same. Unfortunately, those in the best position to pay up often neglect to do so. This tendency has only accelerated in the midst of the coronavirus pandemic. With the IRS suspending collections and […]

Why Does the IRS Assign Debt Collection to Private Services?

The IRS typically encourages prompt payment of outstanding taxes by assessing exorbitant late fees and interest. Many taxpayers, however, are as eager to ignore these fines as they are to keep standard tax payments at arm’s length. If, despite repeated efforts, the IRS is unable to secure payment, it may resort to alternative options — […]

How Do You Get an IRS Lien Removed? A Look at Possible Strategies

Your tax debt situation has spiraled out of control, to the point that the IRS has placed a lien on your account. This public document notifies creditors of the government’s legal rights to your property —and it makes it virtually impossible to secure outside loans or lines of credit. The sooner you ditch your IRS […]

Under What Circumstances Will the IRS Cancel Penalties And Fees?

Your IRS situation feels overwhelming enough as is, but what if you’re assessed penalties on top of already owed taxes? These fees can quickly cause your tax debt to spiral out of control. All hope is not lost, however. In many cases, the IRS is willing to cancel all or a portion of assessed penalties, […]

What Is the Taxpayer’s Bill of Rights? Why Does It Matter?

At first glance, the IRS seems to hold unlimited power. Get on the agency’s wrong side, and you could suffer huge fees, liens, or in severe cases, the potential for jail time. These penalties may seem harsh, but they can’t be imposed at random. As a taxpayer, you hold far more control than you think, […]

Should You Take Out a Loan to Pay an IRS Debt?

Is your federal tax bill stressing you out? Your anxiety is perfectly understandable, but it could cause you to make financial decisions that aren’t in your best interest. Loans, for example, while appearing to provide quick relief, could leave you trapped in a cycle of debt that is inherently difficult to escape. Every situation differs, […]

What Is the IRS Fresh Start Program — And Could You Qualify?

Tax debt has a way of spiraling out of control. Penalties and interest add up quickly, leading to huge bills and a great deal of accompanying stress. Thankfully, relief may be more accessible than it seems. The IRS Fresh Start program could provide a much-needed path out of your current tax nightmare. What Is the […]