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Archive for the ‘Tax Collection’ CategoryWhat are Back Taxes and What Can you Do About Them?Thursday, February 2nd, 2012 Five tactics to reduce or pay off your IRS back taxes Despite your best efforts you might find yourself in a situation where you owe back taxes. People owing back taxes typically have filed their returns, but then failed to actually pay them. If you find yourself in a situation where you owe back taxes, you’ll find a number of unpleasant consequences: How to Get Your Lost or Undelivered IRS RefundMonday, December 19th, 2011
Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser. Hit play button to listen to IRS Message The IRS is trying to get the word out about lost or undelivered tax refunds. As of November 2011 the IRS had close to one hundred thousand undelivered tax refunds valued at $153 million! You can avoid this problem in the future by selecting direct deposit for your tax refund. Here’s a special number you can call to check the status of your refund 1-800-TAX-1954. I am also attaching a transcript below of a recent IRS audio alert on the topic of unclaimed tax refunds (see below). — The Tax Gap and Non Compliance with the IRSWednesday, December 14th, 2011
What is the “Tax Gap”? The IRS justifies many of its actions based on “closing the tax gap”. The term “tax gap” is used by the IRS to describe the concept of tax compliance, and the amount they estimate is under reported each year. The larger the tax gap the greater the non-compliance. Non-compliance is when tax payers don’t file their tax returns or don’t pay the correct amount of tax on time. The IRS seems to believe that amount to be approximately $350 billion and that the non-compliance rate is about less 16% than the true tax that should rightfully be collected from US citizens. Advice for IRS Non Filers Who Owe Back Taxes to the GovernmentFriday, December 9th, 2011
Are you someone who hasn’t filed your taxes with the IRS in several years? Are you scared, stressed, and unsure what to do? Perhaps you haven’t filed for one of the following reasons:
And now, you’re trapped in a position where you believe that if you come clean with your actions, you’ll get sent to jail. Fortunately, the IRS only prosecutes the most egregious cases of non-filing, and the occasional common person in order to demonstrate a point. Beware of IRS Email Phishing Scams Claiming To Be Urgent Tax NoticesMonday, November 28th, 2011
Unfortunately there are always scammers and spammers who are looking to trick people into giving away sensitive information, and one way they do this is by sending out false ‘phishing’ emails pretending to be urgent IRS notices. The IRS does not send email requests to taxpayers, so you should disregard any IRS e-mail received, and call the government office directly instead. Income Tax Calculator and Effective Tax Rate for Income Reported to the IRSThursday, November 17th, 2011This is a simple income tax calculator displaying tax rates based on income taxes reported to the IRS. The Individual Income Tax Rates and Tax Shares shows what a taxpayer can expect to pay for a given year. Calculations are based on the standard tax rates for average income families using the standard deduction. The final income tax rate is based on the IRS marginal tax rate. IRS Offers in Compromise Explained by Enrolled IRS AgentsTuesday, November 8th, 2011
Note: The IRS conducts presentations via Phone Forums. These presentations are archived on the IRSVideos.gov website for individuals, small businesses and tax professionals. The links to all IRS phone forums are shown at the end of this phone forum transcript. Q1. I have been asked to file returns for a taxpayer who has no assets, little income, and owes many years of taxes. After all tax returns past due are filed, can an OIC immediately submitted or should the OIC be filed after the returns are processed and notices are received by the taxpayer? How To Get Your Offer in Compromise Approved by the IRSMonday, October 31st, 2011An Offer in Compromise is an agreement made with the IRS that allows you to settle your tax liability for less than you owe. It can be an option for people who are unable to pay their taxes in full, or for people whom tax payment creates financial hardship. The IRS will consider your ability to pay, income, expenses, and asset equity when determining whether or not you qualify for an Offer in Compromise. The IRS encourages an Offer in Compromise only after all other options have been exhausted. Chart Showing How Your Taxes Are Used for Government ServicesMonday, October 24th, 2011If you ever really wondered what your taxes are paying for, this is a straightforward infographic that showcases the breakdown of taxes for government services.  Click on image to see full size - 1987 Information IRS Failed To Properly Protect Taxpayers While Assessing Tax LiensTuesday, October 18th, 2011
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What Should Non-Filing Taxpayers Do?
