In 2010, taxpayers filed more than 144 million tax returns to the tune of about $1.2 trillion in gross collections according to the IRS. Nearly 60% of the returns were handled by professional tax preparers. Since all tax specialists are not equal, picking the right tax settlement professional can mean the difference between getting your maximum tax… Continue reading →
The Blog
Late Tax Return? What Happens Next
It’s the day after taxes were due, April 18th, 2012. What do you do if you still haven’t filed your tax return? The IRS has some guidelines for what happens with returns that are past due. If the IRS doesn’t hear from you and you don’t file a return: The IRS will increase your taxes… Continue reading →
Refunds Down, Direct Deposit Up
The IRS recently released statistics showing that while more taxpayers have filed earlier this year, the tax return refund amount they are getting back will be less on average and most likely received through direct deposit. According to the IRS, 75.3 million Americans have already been sent their refunds as of March 30, 2012, compared… Continue reading →
IRS Collection Financial Standards
Are you delinquent on your taxes and can’t afford to pay your tax debt? The IRS released updated Collection Financial Standards on April 2, 2012, to help with calculating delinquent tax repayment of federal taxes. These standards help to define a taxpayer’s ability to pay a tax liability. Standards include the following four categories of… Continue reading →
You Have to Pay Your Taxes
What is the law regarding the payment of federal income taxes? Although taxpayers are initially given the responsibility of determining the amount of tax they owe by completing and filing the appropriate tax returns, paying income taxes is not voluntary. The requirement to file an income tax return and pay income taxes is clearly stated… Continue reading →
Expansion of the Tax Settlement Provisions of the Fresh Start Program
The Federal Government recently announced a major expansion of its Fresh Start Program which was initiated last year to help taxpayers stuggling with tax debt. The recent changes supplement efforts that were already in place under the original Fresh Start Program to help individuals and businesses meet their tax obligations and reach tax settlements. Three major… Continue reading →
