Back Taxes Or Tax Debt

Federal workers in the United States owe over $3 billion in back taxes, according to the Internal Revenue Service. That comes out to roughly 3 percent of federal workers having unpaid taxes. While this may seem like a high number, it is low compared to the overall population. The IRS said that at least 8.7continue reading…

When the Internal Revenue Service believes that someone has not paid his or her tax burden in full, the agency will likely issue a notice of deficiency. In essence, this means that IRS tax collectors will pursue a taxpayer to settle the outstanding bill. Although this is how tax collection has worked for quite somecontinue reading…

Few people want to go through the experience of being notified of delinquent taxes by the Internal Revenue Service. Many of those who wind up in this situation might also be dealing with other financial issues, so tax debt would only add to existing anxieties. Depending on how — or if — the situation iscontinue reading…

Many readers may have heard that they should keep paperwork from tax returns for three years. This rule of thumb is based on the idea that the Internal Revenue Service has three years to initiate a tax audit. Once this benchmark is reached, people might feel a sense of relief. Unfortunately, the 3-year window ofcontinue reading…

In the last several weeks, we have discussed the upcoming April 15 deadline to file federal tax returns. Although many people may have already completed this process, others might simply be waiting to have all of the information necessary to complete a filing. Since the deadline is looming, many of those who are in thiscontinue reading…