However, having more time to file your tax return doesn't mean you get a break on making any overdue payments. As the IRS noted on Monday, "While an extension allows for extra time to gather, prepare and file paperwork, it's important to remember that an extension of time to file tax...
An IRS tax settlement, called an offer in compromise, allows a taxpayer to pay a reduced amount of tax in either a lump sum (all at once) or short-term installments. To qualify for this agreement, taxpayers must prove to the IRS that they truly cannot afford their originally owed amount ...
S. Internal Revenue Service (IRS). It says that for someone who is not familiar with IRS procedures, dealing with it can be confusing, time-consuming and risky. Accordingly, the challenge to IRS management is to create a tax compliance program that identifies those citizens who do not meet ...
If you are uncomfortable on a phone call with someone claiming to be from the IRS that you did not initiate, do not respond. Instead, hang up immediately and contact the Treasury Inspector General for Tax Administration (TIGTA) at 1-800-366-4484 to confirm the validity of the request. If...
While you can resolve tax debt issues yourself, you may prefer to enlist atax debt relief serviceto do it for you. These services negotiate with the IRS to help resolve your tax debt. Due to some bad actors in the tax relief industry, it's crucial to investigate any company you...
to claim back your withholdings as the money was already delivered to the IRS and is no longer in the possession of E*TRADE. If you are unsure of how to proceed, please speak with a licensed tax advisor that is familiar with US tax laws or contact the IRS directly. Their webs[...
If you opted for direct deposit, the IRS won’t notify you when the refund is deposited, so it’s important to keep an eye on your bank account. Refunds might be delayed due to errors on your tax return, incomplete information, or issues with claiming credits like the Earned Income Credi...
Making a mistake on your tax return isn't as big a deal as you might think. The IRS allows you to file an amended tax return to correct any errors you may have made, including missed tax deductions. If you made a mistake or missed something on your lates
If you have the money or means to pay your tax bill, the IRS probably will not compromise much. Go for an Installment Agreement Setting up a payment plan is probably the best way to go, resulting in the least cost and detriment to you. Note that when you submit a request to the ...
A disgruntled employee or a former spouse may tell the IRS about income that isn’t being reported or other erroneous tax actions that could lead the IRS to recoup taxes. Some whistleblowers do it for revenge, others because they believe they’re doing the right thing, while others do it ...