The best way to avoid incurring an outstanding tax debt is to avoid owing the taxes in the first place. That being the case, contributing to a retirement plan is often one of the easiest and most effective ways of accomplishing this. In addition to allowing for the accumulation of retirement benefits, retirement plan contributions… Continue reading →
Tax Balance
Have IRS Tax Debt? Need a New Passport? The GAO wants to know.
As of the end of fiscal 2010, the balance of reported unpaid federal taxes was about $330 billion according to the IRS. This is a huge amount and as we have written about in the past, the enforcement of the tax laws and the tax code is on Government Accountability Office’s list of high-risk areas…. Continue reading →
IRS Math Error Adjustments -The Debate and Your Rights
A report from the Treasury Inspector General for Tax Administration published earlier this month gives an unfavorable evaluation of the timeliness and accuracy of IRS responses to taxpayer complaints about math adjustments. The IRS has the authority to adjust taxpayer returns for over 400 math error conditions. These conditions, which can be adjusted by the… Continue reading →
Don’t Bounce Your Tax Check!
Taxpayers beware! The penalties for bouncing a check to the U. S Treasury Department have recently been increased. Generally, if the IRS extends an existing tax credit or offers a new one, they will make a corresponding change in the tax code to “pay” for the credit. In this case penalties and fees on bad… Continue reading →
Consider Carrying Back a Net Operating Loss as a Tax Settlement Tool
In this economy many taxpayers have allowable deductions that exceed gross income. The Net Operating Loss Carry Back provision can be used to offset taxes paid in or even owed for prior years. Read more below about this excellent tax settlement option.
In these economic times being considered “Currently Not Collectible” is not complete freedom from tax debt, but it can provide some tax relief.
It is no secret that Americans have been facing difficult times. At Professional Tax Resolution Inc., we have found that more taxpayers than ever are finding themselves with significant tax debts that are so large they are very difficult or even impossible to pay. For some people a monthly tax settlement payment can create a… Continue reading →
