What might be worse than having the Internal Revenue Service come after you over a tax debt? Having a party other than the IRS come after you over such a debt, suggests a recent letter issued by four U.S. senators.
Might state income taxes impact how competitive a state’s sports teams are? A recent informal analysis by an economist looked into this issue.
In addition to their federal tax liability, another thing that can have major financial implications for a person is what kind of state and local tax liability they have. States vary considerably in what level of taxes they place on their residents.
Among the things an unpaid tax debt can expose a person to are tax liens. A tax lien can have many impacts on a taxpayer, including credit ramifications. Tax liens can show up on a person’s credit report, potentially significantly harming their credit score.
Sometimes, a person encounters an unpleasant surprise after divorcing their spouse. This could include an unpleasant tax surprise. For one, they might be informed by the Internal Revenue Service that their spouse underpaid taxes on joint returns they had filed. Upon such a discovery, one thing a person might be quite worried about is that they could face a large tax liability as a result of their ex-spouse’s conduct.
When a person has a large federal tax debt, they may feel like their situation is hopeless. However, there are avenues and options out there for addressing such debts. Offers in compromise and installment agreements are a couple examples of options a person with a tax debt may be able to pursue. Skilled tax lawyers can help taxpayers understand what routes they could pursue given their particular tax debt situation. They can also provide taxpayers with support, guidance and advice throughout the process of working to resolve a tax debt.
The IRS's Fast Track Settlement program has been highly successful at resolving tax disputes that arise as the result of an audit. In that program, a mediator from the IRS's appeals division facilitates the resolution of the dispute in a process where all stakeholders are represented. The mediator has the authority of the appeals division, so any resolution can be put into place right away. This reduces the time the taxpayer spends wrangling with the IRS.
There are certain frustrating things a taxpayer could encounter in their efforts to resolve a tax debt. Among these are Internal Revenue Service processing problems and delays in relation to a resolution option they are pursuing.
A famous rapper is receiving a rather unique form of assistance in relation to some tax issues he is facing.
A person who has a federal tax debt could face many things. Soon, some such individuals could end up having to deal with private debt collectors.