The bankruptcy process allows for the payment of tax lien in full or part. After filing for Chapter 7 bankruptcy, a trustee is identified that is responsible for liquidating your assets under the bankruptcy estate. The money raised through the process is meant to pay your creditors what you ow...
The Internal Revenue Service (IRS) is the federal agency responsible for administering and enforcing tax laws in the United States. Operating under the Department of the Treasury, the IRS plays a vital role in collecting taxes, processing tax returns, issuing refunds, and ensuring compliance with ...
Tax News | by Elyssa Carlos | Published on Mar 10, 2025 The IRS has announced that interest rates for the second quarter of 2025 will remain unchanged from the first quarter. These rates apply to tax overpayments, underpayments, large corporate underpayments, and corporate overpayments exceedi...
If you request reasonable cause relief but its records show you qualify for first-time penalty abatement, the IRS will waive your penalty under the first-time abatement program. If you don't qualify for first-time abatement, the tax agency will consider reasonable cause penalty relief. In eithe...
The IRS has announced that interest rates for the second quarter of 2025 will remain unchanged from the first quarter. These rates apply to tax overpayments, underpayments, large corporate underpayments, and corporate overpayments exceeding certain thresholds. While the rates remain steady, their imp...
Trading losses: Any losses for the accounting period can be offset against your business income as part of tax relief. Capital allowances: Business assets can be written off under capital allowances, up to a fixed annual investment figure. ...
If you find that your debt is over $10,000, then you should get an accountant or tax preparer to review your returns and ensure you are taking advantage of all the possibilities under the Income Tax Act to reduce what you owe. If you are genuinely unable to pay at all, then you ...
details of the dividend beneficiary did not have to be reported to the Finnish tax authorities (FTA) on a regular basis when 15% WHT was levied – only the name of the custodian that held the shares under nominee registration was reported. However, the FTA considered th...
Under Audit Un-filed Tax Returns Wage Garnishment Bank Account Levied Other 3 What state are you living in? LAST STEP! See What You're eligible For Complete the form and unlock your results! Check Here To Accept* *Approx 30msgs/mo. For help text HELP to 36831, text STOP to opt out ...
Offer in compromise:This federal program helps settle IRS tax debt for less than the full amount owed.22 Currently Not Collectible (CNC):Under the CNC program, the IRS determines that gross monthly income is too low to reasonably pay what is owed without triggering financial hardship. The colle...