Tag #Tax Debt

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May 22, 22:11

Tax Debt Relief: Key Questions to Ask Specialists

Facing IRS tax debt? Many are turning to tax relief specialists for help with payment plans, Offers in Compromise, or stopping wage garnishments, but careful questioning is crucial before engaging their services.

Tax Debt Relief: Key Questions to Ask Specialists

Facing IRS tax debt? Many are turning to tax relief specialists for help with payment plans, Offers in Compromise, or stopping wage garnishments, but careful questioning is crucial before engaging their services.

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What immediate actions can taxpayers facing IRS tax debt take to minimize penalties and protect their financial stability?

Many Americans face tax debt stress, with penalties and interest growing daily. Tax relief specialists help explore options like payment plans or Offers in Compromise to resolve tax debt, potentially saving money and reducing stress.

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Apr 16, 22:14

IRS Offers Multiple Options for Tax Debt Resolution

The April 15th tax deadline includes paying any owed taxes; the IRS offers several programs like Offers in Compromise, penalty abatement, Currently Not Collectible status, and installment agreements to help resolve tax debt, with professional help optionally available for complex situations.

IRS Offers Multiple Options for Tax Debt Resolution

The April 15th tax deadline includes paying any owed taxes; the IRS offers several programs like Offers in Compromise, penalty abatement, Currently Not Collectible status, and installment agreements to help resolve tax debt, with professional help optionally available for complex situations.

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What options are available to taxpayers who owe the IRS more than they can pay immediately?

The April 15th tax deadline also marks the deadline for paying IRS tax debt. Interest and penalties accrue immediately on unpaid taxes, but the IRS offers programs to help taxpayers resolve debt, including Offers in Compromise, penalty abatement, Currently Not Collectible status, and installment agreements.

kathimerini.gr

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Apr 8, 07:13

Greece Suspends Criminal Prosecutions for Citizens with Regulated Public Debt

The Greek government will suspend criminal prosecutions for individuals with public debt who have payment arrangements; prosecution is suspended during the plan and eliminated upon full repayment, aiming to help citizens and improve debt collection.

Greece Suspends Criminal Prosecutions for Citizens with Regulated Public Debt

The Greek government will suspend criminal prosecutions for individuals with public debt who have payment arrangements; prosecution is suspended during the plan and eliminated upon full repayment, aiming to help citizens and improve debt collection.

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What are the potential long-term economic implications of this policy on debt collection and public finances in Greece?

The long-term impact of this policy will likely be observed in improved debt collection rates. By removing the threat of criminal prosecution for those actively participating in payment plans, the government aims to incentivize compliance and reduce the overall burden of non-performing loans. This could lead to reduced strain on the Greek public finances and greater economic stability.

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Mar 25, 22:11

Unfiled Tax Returns: Penalties and Resolution Strategies

The Internal Revenue Service (IRS) can impose penalties up to 25% of unpaid taxes for late filings, plus the loss of potential refunds after three years; however, proactive filing and seeking professional help can mitigate negative consequences.

Unfiled Tax Returns: Penalties and Resolution Strategies

The Internal Revenue Service (IRS) can impose penalties up to 25% of unpaid taxes for late filings, plus the loss of potential refunds after three years; however, proactive filing and seeking professional help can mitigate negative consequences.

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What are the immediate financial consequences of not filing a tax return?

Failing to file tax returns results in penalties of 5% of unpaid taxes per month, up to 25%, and the loss of any potential refund after three years. The IRS may also seize assets to cover unpaid taxes.

cbsnews.com

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Feb 25, 22:12

When to Hire a Tax Attorney for IRS Issues

Taxpayers facing IRS audits, liens, significant tax debts, criminal charges, or international tax complexities should hire a tax attorney for legal representation and negotiation, unlike simpler tax situations best handled by accountants.

When to Hire a Tax Attorney for IRS Issues

Taxpayers facing IRS audits, liens, significant tax debts, criminal charges, or international tax complexities should hire a tax attorney for legal representation and negotiation, unlike simpler tax situations best handled by accountants.

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When is seeking legal counsel from a tax attorney essential, rather than relying on an accountant or tax preparer?

Tax attorneys provide legal expertise in navigating complex IRS issues, offering representation and advocacy crucial when significant assets or legal implications are involved. Unlike accountants, they can negotiate with the IRS, represent taxpayers in court, and protect their interests during audits, liens, or criminal charges.

cbsnews.com

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Feb 19, 19:15

IRS Tax Forgiveness: Requirements and Alternatives

The IRS Offer in Compromise (OIC) program allows taxpayers to settle tax debt for less than the owed amount; eligibility requires being current on filings, demonstrating financial hardship via IRS formulas, and not being bankrupt, but approval isn't guaranteed.

IRS Tax Forgiveness: Requirements and Alternatives

The IRS Offer in Compromise (OIC) program allows taxpayers to settle tax debt for less than the owed amount; eligibility requires being current on filings, demonstrating financial hardship via IRS formulas, and not being bankrupt, but approval isn't guaranteed.

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What alternative options exist for resolving IRS tax debt if a taxpayer doesn't qualify for an Offer in Compromise?

The OIC program's core is proving inability to pay the full tax liability, assessed via income, expenses, assets, and future earning potential. The IRS compares the offered amount to their "reasonable collection potential"; a history of tax compliance significantly influences approval chances.

cbsnews.com

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Apr 30, 22:13

Choosing the Right IRS Tax Debt Relief Option

IRS tax debt relief options vary based on debt amount, ability to pay, filing status, and collection stage; proactive action and professional help may be crucial.

Choosing the Right IRS Tax Debt Relief Option

IRS tax debt relief options vary based on debt amount, ability to pay, filing status, and collection stage; proactive action and professional help may be crucial.

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How does the taxpayer's ability to pay influence the available IRS tax debt relief options?

IRS tax debt relief strategies vary widely in effectiveness. Smaller debts might be manageable through payment plans, while larger debts may necessitate negotiation or professional help. Your income and expenses significantly influence eligibility for programs like Offer in Compromise or Currently Not Collectible status.

cbsnews.com

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Apr 11, 22:10

Ignoring Tax Deadlines: Steep Penalties and IRS Collection Actions

Millions of Americans face the April 15th tax deadline, and ignoring tax obligations leads to penalties (up to 25% of unpaid taxes), IRS collection actions (liens, levies, wage garnishment, asset seizure), and potential legal trouble; however, the IRS offers options for those behind on filing, inclu...

Ignoring Tax Deadlines: Steep Penalties and IRS Collection Actions

Millions of Americans face the April 15th tax deadline, and ignoring tax obligations leads to penalties (up to 25% of unpaid taxes), IRS collection actions (liens, levies, wage garnishment, asset seizure), and potential legal trouble; however, the IRS offers options for those behind on filing, inclu...

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What are the immediate and long-term consequences of not filing taxes by the April 15th deadline?

Failing to file taxes by the April 15th deadline results in a 5% penalty on unpaid taxes for each month the return is late, up to a maximum of 25%. The IRS will pursue increasingly aggressive collection methods, including liens, levies, wage garnishment, and asset seizure, if taxes remain unpaid. Ignoring IRS notices can lead to a substitute return being filed, often resulting in a higher tax liability.

cbsnews.com

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Mar 26, 19:24

Tax Relief Companies: Navigating IRS Debt

Tax relief companies negotiate with the IRS on behalf of taxpayers to reduce tax debt, penalties, or create payment plans; however, fees can be substantial and credentials vary, so careful research is essential.

Tax Relief Companies: Navigating IRS Debt

Tax relief companies negotiate with the IRS on behalf of taxpayers to reduce tax debt, penalties, or create payment plans; however, fees can be substantial and credentials vary, so careful research is essential.

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What is the primary function of tax relief companies, and how do they directly impact taxpayers facing tax debt?

Tax relief companies act as intermediaries between taxpayers and the IRS, helping resolve tax debt issues. They assess the taxpayer's situation, negotiate with the IRS, and may recommend options like Offers in Compromise or installment agreements.

cbsnews.com

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Feb 28, 22:10

IRS Tax Debt and Social Security Garnishment

The IRS can garnish up to 15% of Social Security benefits for back taxes, but Supplemental Security Income (SSI) is exempt; tax relief services can help manage debt.

IRS Tax Debt and Social Security Garnishment

The IRS can garnish up to 15% of Social Security benefits for back taxes, but Supplemental Security Income (SSI) is exempt; tax relief services can help manage debt.

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What are the implications of owing back taxes on Social Security benefits?

The IRS can garnish up to 15% of Social Security benefits to collect back taxes, but Supplemental Security Income (SSI) benefits are exempt. This 15% cap protects many beneficiaries, though it can still create financial hardship.

cbsnews.com

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Feb 20, 19:11

IRS Tax Forgiveness: Requirements and Alternatives

The IRS Offer in Compromise (OIC) program allows taxpayers to settle tax debt for less than the owed amount; eligibility requires current tax filings, demonstrated financial hardship, and not being in bankruptcy; approval isn't guaranteed.

IRS Tax Forgiveness: Requirements and Alternatives

The IRS Offer in Compromise (OIC) program allows taxpayers to settle tax debt for less than the owed amount; eligibility requires current tax filings, demonstrated financial hardship, and not being in bankruptcy; approval isn't guaranteed.

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What are the key requirements for IRS tax forgiveness through the Offer in Compromise program?

The IRS Offer in Compromise (OIC) program lets taxpayers settle tax debt for less than the full amount. Eligibility requires being current on tax filings and estimated payments, demonstrating financial hardship using the IRS's formula, and not being in bankruptcy. Approval isn't guaranteed, even if criteria are met.

cbsnews.com

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Feb 19, 19:15

IRS Offers First-Time Penalty Abatement Program

The IRS's First-Time Penalty Abatement (FTA) program forgives penalties (failure-to-file, failure-to-pay, failure-to-deposit) for taxpayers with clean tax histories, timely filings, and arranged payments for outstanding taxes, potentially saving thousands; those not qualifying might still get relief...

IRS Offers First-Time Penalty Abatement Program

The IRS's First-Time Penalty Abatement (FTA) program forgives penalties (failure-to-file, failure-to-pay, failure-to-deposit) for taxpayers with clean tax histories, timely filings, and arranged payments for outstanding taxes, potentially saving thousands; those not qualifying might still get relief...

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What specific criteria must taxpayers meet to qualify for the IRS's one-time penalty forgiveness?

FTA eligibility requires a clean tax history (no penalties in the past three years), timely filing (or extensions), and payment or payment arrangement for any outstanding taxes. Failure to meet these criteria may still allow for penalty relief under "reasonable cause" provisions for extenuating circumstances.

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