A Guide to Filing Unfiled Tax Returns
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Innocent and injured spouse tax relief are two different avenues that can be pursued by couples filing joint tax returns if one party faces tax consequences due to the actions of their partner. Although the two scenarios are fairly different, they are both meant to release the innocent spouse from income tax liabilities that arise from joint tax filing. Before you request the IRS to consider you for innocent spouse relief or injured spouse relief, it is imperative to understand the differences between the two. In this blog, we will first have a look at the difference between innocent and
Discrepancies involved in tax collection, proposed tax assessments, or other IRS actions can increase a taxpayer’s grievances. Once you receive a final notice from the IRS, you may seek tax dispute resolution through legal intervention. Filing appeals is a preferable, yet less formal approach than other court proceedings, but is independent of judicial mandates of evidence or procedure. In the past, appeals have helped settle a significant number of cases. Let us take a closer look at the various aspects of Appeals, and how you can benefit from the process. What is an appeal? Created in 1927, the Internal Revenue
Failure to meet your annual tax obligation is an invitation to severe financial and legal consequences. The IRS can impose legal penalties, delay reimbursement, and in worst-cases, seize your possessions and put you behind bars. There is no escape from filing and paying your taxes, but the IRS provides a few avenues to help those who are unable to make payments due to financial difficulties. Offer in Compromise “OIC”, is an agreement between the IRS and a taxpayer that allows the taxpayer to settle their tax liabilities for an amount less than the actual unpaid amount. It is, however, worth
If you owe money to the IRS, a tax levy is one of the main tax problems you could face. There are many different types of IRS tax levies, including wage levies and bank levies. A Bank levy is the IRS’s right to collect the amount owed by a taxpayer. Under the provision, the IRS freezes the funds available in the defaulter’s bank account. Even though a bank levy is one of the most extreme tactics used by the IRS to collect outstanding payments; the good news is, taxpayers have ways to avoid the situation. To best deal with this
As per the latest study by the ADP Research Institute, the IRS garnishes wages of around seven percent of workers in America every year. There are many types of debts which can result in wage garnishments, such as unpaid federal or state taxes, overpaid unemployment benefits or social security, alimony, credit card debt, child support, and personal bankruptcy. A garnishment order from the IRS is time-sensitive and may impose an extensive compliance burden on employers, making it critical to hire a wage garnishment lawyer who can help them take adequate steps to comply with garnishment orders. Continuing further, let’s discuss