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The Payroll Tax Holiday: Fact Versus Fiction

A recent IRS notice prompted major controversy with its allowance for a suspension on employer withholdings. Commonly referred to as the payroll tax holiday, this suspension remains poorly understood among the many people it purports to benefit. What’s more, a lot of reports on both sides of the issue exaggerate the reality of this tax […]

The Psychology of Resilience After Debt

Anybody who has dealt with tax debt knows that the stress from this burden spills over into other aspects of everyday life. Research verifies this, with multiple studies highlighting the far-reaching ways in which seemingly minor debt can wreak havoc. The negative impact may continue long after debt has been paid in full. The good […]

Health Consequences of Being Seriously in Debt: What You Should Know

IRS debt obviously compromises your financial health, but this only represents the beginning of your tax-related problems. A growing body of research suggests that debt — including owed taxes — also damages your physical and mental health. We’ve highlighted a few of the most worrisome effects below: Mental Health Debt can hold huge repercussions for […]

Can the IRS Force You to Use Personal Assets to Pay Off TFRP For Your Business?

If you’ve been assessed the trust fund recovery penalty (TFRP), you’re likely worried about how the IRS will proceed and whether your assets might be at risk. Multiple approaches are available for retrieving the value of unpaid employment taxes, but asset seizure is among the most alarming. As you determine the best strategy for handling […]

Dealing With the Emotional Challenges of IRS Issues During an Already Difficult 2020

From coronavirus to protests, 2020 has blown away all expectations. These issues are stressful enough on their own, but they also magnify problems that existed long before we entered the new decade. IRS concerns, for example, prompted plenty of anxiety before this year — but they are that much more worrisome in light of new […]

What Happens If You Don’t File Your Taxes By 7/15/2020?

The 2020 tax deadline is fast approaching. This year, federal tax returns are due on July 15th. While this dreaded date looms large in the public’s collective consciousness, procrastination is notoriously common. All too often, we feel so intimidated by taxes that we put them off until the last minute — and are ultimately forced […]

How to Deal With the Psychology of Being in Debt

It’s no secret that tax debt wreaks havoc on your finances. Unfortunately, the effects run far deeper. The very presence of debt can influence how you think and behave. It’s associated with depression, anxiety, and a whole host of other mental health issues. Unfortunately, these can prompt inaction, thereby creating a downward spiral of further […]

Should You Pay Down Your IRS Debt Or Your Credit Cards First?

Many households deal with major debt, which usually comes from multiple sources. According to the snowball theory, it’s best to focus on — and conquer — the most problematic debt before moving on to other financial concerns. Often, financial experts recommend resolving credit card debt first. After all, many credit cards carry notoriously high-interest rates, […]

What Happens to Your IRS Debt During Divorce?

The financial aspects of divorce are frustrating enough as is, but that headache grows all the more painful when tax debt comes into play. You’re in for a particularly difficult ordeal if, while married, you opted to file joint tax returns. Your previous filing approach may have left you and your ex equally liable for […]

You’re Too Sick to Work But Owe the IRS a Lot of Money: What Are Your Options?

From sick days to SSDI, many Americans miss out on much-needed income due to severe medical conditions. This can impart significant financial stress, particularly for those already dealing with tax debt. Thankfully, the IRS offers options such as penalty relief and installment plan adjustments to help taxpayers focus on recovery. Adjusting Your Installment Plan The […]