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When the IRS believes that you owe money, they will begin the process of collection which can cause many issues for you. Understanding the wide net that the IRS can cast when collecting taxes can make it easier for you to predict how your life will end up impacted by...
The Internal Revenue Service recently unveiled its plans to enhance customer service and increase the number of audits targeting wealthy taxpayers. These new initiatives aim to address longstanding concerns about the agency's ability to provide timely assistance to...
Gambling is something that many Americans indulge in, and the number of people engaging in various forms of gambling has steadily increased over the years. To that end, it is important to understand how taxes apply to casual gamblers. Where do you report your...
In the realm of U.S. taxation, individuals facing financial difficulties may encounter a term known as "Currently Not Collectible." This status, assigned by the Internal Revenue Service, offers temporary relief to taxpayers experiencing great financial hardship. What...
New York residents have to pay state income taxes of four to 10.9%. These taxes are in addition to federal taxes, and some communities, such as New York City, also charge income taxes. For those who choose not to pay their taxes, the State of New York can pursue...
Receiving a letter from the IRS can make your heart sink and raise a lot of questions. Correspondence from the government agency is not always clear, so understanding what your letter means is of utmost importance. Here are some common questions and answers to help...
A tax audit is a normal part of the tax process. It allows the agency to ensure everyone is paying the proper taxes. In some cases, it can uncover errors that made you overpay on your return, so you could get a refund. The Tax Department explains you will usually...
The government requires everyone to pay taxes with very few exceptions. Your decision to ignore tax requirements can result in serious legal trouble that can impact your life for a number of years. When you understand the difference between tax avoidance and tax...
Owing the IRS money may impact your life in more than one way. If you try and avoid the collection process, you may find yourself with higher hurdles to clear. The IRS has set up programs to help qualified taxpayers who need help paying get the time and plan to do so....
Smart business owners do their best to avoid taxes. The IRS considers this perfectly legal, according to their worksheet. However, tax evasion is illegal, which the IRS defines as the failure to pay taxes you owe. Sometimes the difference between tax avoidance and...