Here first is a cautionary tale on how not to fight the IRS on the matter of tax debts. That would be the story of tax protestors, Ed and Elaine Brown from New Hampshire. They are now residing in rent-free housing provided for by the U.S. Government. It’s just not the kind of housing that you’d ever want. Their … Read More
Got IRS Debts? Why You Should Fix Your Student Loans First
If you have IRS income tax debts, you should consider working out a repayment plans for your Federal student loan debts first. Fresh Start Initiative In 2012, the IRS issued another phase of its well-known “Fresh Start Initiative” which, among other things, subordinates the IRS debts to Federal student loan repayments. In other words, let’s say that a taxpayer has … Read More
IRS Offer in Compromise–10 Questions about Settling Your IRS Tax Debt
1) Are IRS Tax Settlements legitimate? Why would the IRS ever agree to a reduced payment on IRS debts? ANSWER: Because the IRS makes money on the program! For example, in 2012, it received over $175 million in payments from taxpayers in the Offer in Compromise Program. Moreover, the Program encourages taxpayers to again become compliant with filing … Read More
What is IRS Tax Relief?
If you owe IRS tax debts, you probably see and hear a ton of advertisements concerning IRS tax relief. What exactly does this mean, and what are the specific types of IRS tax relief? Offer in Compromise The first type that people think of is settling IRS tax debts. This is known as the Offer in Compromise program that … Read More
Gary Indiana Councilman Sentenced for Unfiled Tax Returns
Gary (Indiana) City Councilman Ronier Scott was sentenced to serve three months in federal prison for income tax evasion after a federal judge said Tuesday that the five-month term requested by his lawyer and prosecutors was too much. U.S. Magistrate John Martin also ordered Mr. Scott to perform 400 hours of community service. “Just being at home, that’s wasted time,” … Read More