If you’re in a tight financial spot and can’t afford to make your monthly IRS installment agreement payments, you may qualify for one or more types of tax relief. The IRS People First Initiative has suspended the requirement to make payments on existing installment agreements until July 15, 2020, which means you can temporarily ... Read More
Payment Plans
IRS People First Initiative: Helping Struggling Taxpayers Details
As efforts to flatten the contagion curve of coronavirus close businesses and schools across the country, many people are watching their paychecks disappear, their investments fall, and their sense of security slip away. The IRS is aware of the intense effect the coronavirus is having on families, and to help; the agency has ... Read More
Private Collection Agencies to Now Handle IRS Direct Debit Payment Plans
Which Collection Agencies Can Accept Direct Debits? At the time of writing, the IRS only works with four collection agencies: CBE, Performant, Pioneer, and ConServe. If a bill collector from any other agency calls you about a taxes owed, do not provide them with any personal details or banking information. Instead, contact the ... Read More
Settle Taxes Owed by Paying in Full – Settle IRS Back Taxes
This may seem like the most obvious method of tax settlement and even if you can’t pay the amount in full you may be able to with a little thinking outside of the box. Settling taxes owed by paying in full is a good idea because you will not have to pay the additional interest amounts like you would if you set up an IRS payment ... Read More
IRS Falls Short on Collecting from Delinquent Taxpayer
The last thing you want to find in your mailbox is a notice from the IRS telling you that you owe additional taxes. You could ignore it and hope it'll go away but chances are, Uncle Sam will try to collect on the taxes at some point. If you're worried about having your wages garnished or getting hit with a lien for unpaid taxes, ... Read More
IRS Eases Up On Taxpayers Who Owe Taxes or Back Taxes
Last Thursday, IRS commissioner Doug Shulman announced a new set of initiatives to help taxpayers struggling to pay their taxes or pay off back taxes in this lackluster economy. Sometimes IRS enforcement actions (e.g. tax lien) can bury the taxpayer further which lessens not only their ability to climb out of the hole they are ... Read More
Why an IRS Payment Plan is Not Always Best If You Owe Taxes
The option to use an IRS Installment Agreement helps many people pay taxes they owe when they don't have enough cash available to pay the owed taxes all at once. There are many disadvantages and advantages to using an installment agreement to pay the IRS. How an IRS Payment Plan Works An IRS Installment Agreement or an IRS ... Read More
Should You Borrow From a 401K to Pay Taxes You Owe?
Taking money out of a 401K for something other than your retirement isn't easy, but there are some situations that allow you to access the funds. If you leave a job where you had a 401K plan, you can roll it into an IRA, which gives you different options for accessing the money – but if you're still with the employer you have ... 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
3 Common Tax Relief Methods if You Can’t Pay Your Taxes
When you can't pay your taxes on time or in full you have various options available to you. This year, more than ever, taxpayers are receiving tax bills that they are unable to pay. The IRS is well aware that there are situations that arise that will make it difficult for everyone to comply with their tax obligations. For this ... Read More
Former NBA Star Robert Traylor Owes $178K in Back Taxes
Former NBA star Robert Traylor has about 13 days to set up a payment plan with the IRS for the $178,000 dollars that he owes or he could go to jail for 60 days, according to The Boston Herald. US District Judge Avern Cohn stated that if he doesn't set up the payment plan (most likely an Installment Agreement) within two weeks, ... Read More
Tax Services: Use a Large, Nationwide Firm or Small Local Firm?
If you have tax problems and are looking for professional help it is important to find a reliable tax company to help. There are many companies out there that can help, large and small. Both large and small companies have their benefits. Depending on what you are looking for in a tax company and what your tax situation is should ... Read More
