The IRS can legally file a tax return on your behalf which is called a Substitute for Return (SFR). If this happens, you most likely will not be getting the benefit of the doubt on anything. The IRS will likely only estimate your tax liability using old W-2 & 1099 forms. They may also just use statistics of income in your ... Read More
What Can Happen vs. What Will Likely Happen if Taxes Aren’t Filed
Having unfiled taxes when you owe the IRS money is a very serious situation. Unfiled taxes are the quickest way to get very large tax penalties and in some serious trouble. The IRS does have the power to enforce some very harsh punishments on individuals but it is not standard practice for them to do this. The IRS will look at ... Read More
What If the IRS Denied My Installment Agreement Request?
The IRS can be picky when making determinations to approve taxpayer's request to pay the IRS over time when they owe the IRS over $10,000. If the information is not complete or the IRS believes it is inaccurate, it is very likely that they will deny the installment agreement. Here are some common reasons for ... Read More
When Can I Stop Worrying About Getting Audited?
Tax audits are becoming a more common occurrence these days as IRS computer systems are getting more powerful and efficient at detecting problems with tax returns. The IRS has a complex system that matches what taxpayers report on their tax return with what others claim to have paid those individuals (information returns ... Read More
Tax Relief for Disaster Victims
After a disaster it is safe to say that bills and other expenses can begin to add up fast. In this case, you need to know where you stand from a tax point of view. Believe it or not, there are many tax relief options for disaster victims. If you do not take full advantage of what the IRS offers you are making a mistake. Why not ... Read More
IRS Wants Quotes for Remington Model 870 Shotguns
Have you ever wondered how much power the IRS actually has? The fact that the IRS is requesting quotes to buy sixty 12 gauge pump action shot guns for their Criminal Investigation Division should tell you how much power they have. Do they really need shotguns to enforce taxes? I can understand police using guns to protect ... Read More
IRS Swings at Evander Holyfield for Back Taxes
Evander Holyfield, the legendary boxer, owes the IRS over $145K for back taxes stemming from 2000, 2005, 2007 and 2008. According to The Detroit News and public records, the IRS slapped Evander with a tax lien on August 14, 2009 in Fayette County Superior Court, which is located in Georgia. Evander's residence somewhere in ... Read More
Things to Look Out For When Choosing a Tax Relief Company
A good tax relief company offers their clients many benefits and can really help a taxpayer with major tax problems, however there are many bad tax relief companies out there that use shady tactics and do not give their clients the services they promised. It is important to pick one that will give you the best service for your ... Read More
Why the IRS Will Find You If You Don’t File Your Taxes
With each passing year, the IRS gets more and more efficient at catching non-filers. If you have gotten away with not filing a tax return in the past, don't expect to in the future. Even if you missed the past few years, it is in your best interest to file those returns because the IRS will likely catch up with you sooner or ... Read More
Brooke Shields Owes IRS $10K+ in Back Taxes
Brooke Shields is the latest victim of the IRS tightening their reins on celebrities. Recently the IRS has filed a tax lien against Shields and her husband, Christopher Hench,y for unpaid IRS taxes from 2004 and 2005. This shows that the IRS is pretty slow in taking actions against individuals but lately they have been going on ... Read More
Why You Should Not Put Taxes on a Credit Card
When you finish filing your tax return you may find that you owe the IRS money. If you then find out that you cannot pay these taxes in full, this is not a good position, but all in all, one that you can work with. Of course, you need to pay your liability sooner rather than later. There are many ways to pay what you owe, and ... Read More
Comedian Eddie Griffin Adds Back Taxes to His Liabilities
Eddie Griffin, the famous comedian faces more financial difficulties after being slapped with a tax lien by the state of California for back taxes totaling approximately $142k. Eddie has starred in many movies and made fun of his money issues recently with a VH1 series called Going for Broke. According to The Detroit News, the ... Read More