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Posts Tagged ‘irs’

What To Do When Your Wages are Garnished

February 05, 2016  |   Tax Advice,Tax Tips   |   Tags: , , , , ,  

When back taxes go unpaid, the IRS can place a levy on a taxpayer’s wages, property, right to property, and bank accounts. Worse, the tax agency does not need a court order to do so. When it comes to your wages, you may want to review some basic steps to avoid a garnishment: File Back Tax Returns If you did not file a return for any year, you should ...

Things to Know When Filing Your Tax Return This Year

January 27, 2016  |   Tax Advice,Tax Tips   |   Tags: , , , ,  

Taxpayers should expect various tax rule updates this year, and important changes made by the IRS. There has been a hike in Affordable Care Act penalties, and reporting requirements are mandatory for those holding foreign financial assets valued at $50,000 or more. In order to remain compliant with current tax rules and avoid running into any problems, taxpayers may review the following filing facts, as shared by Time: “1. Tax Accountants Get Swamped Closer ...

When the IRS Seizes Property

January 22, 2016  |   Tax Advice,Tax Tips   |   Tags: , , , ,  

If a taxpayer owes back taxes and did not make satisfactory efforts to resolve them, the IRS can ultimately seize the individual’s property. The government can seize the property, bank account, wages or a taxpayer’s assets to recover unpaid taxes. Typically, seizing physical property is a last resort method. IRS Collection Action When the IRS seizes property, they will sell the taxpayer’s interest in the property and ...

Working Abroad and Your Tax Obligations

January 08, 2016  |   Tax Advice,Tax Tips   |   Tags: , , , ,  

For Americans working abroad, most of the tax filing and reporting requirements are the same as it applies to those residing in the U.S. If a person is a citizen of the United States (even those with dual citizenship), they are required to report and pay taxes on their worldwide income. U.S. citizens, resident aliens and those holding a green card when working abroad are considered ‘taxpayers living abroad’. U.S. Taxpayer Identification Number To file a tax ...

The Importance of Keeping Your Address Current with the IRS

December 18, 2015  |   Tax Advice,Tax Tips   |   Tags: , , , , ,  

The IRS sends letters and notices to taxpayers throughout the year. If you moved, it is important to inform the IRS of the change to receive communications and/or your tax refund. Usually, the IRS sends notices to: • Inform of changes they made on your tax return • Inform of back taxes owed • Verify identity • Request for further information • Inform of delays in processing the return If you miss communication with the IRS, it may ...

How to Find IRS Documents Online

December 11, 2015  |   Tax Advice,Tax Tips   |   Tags: , , , ,  

Most taxpayers take the utmost care in storing their tax documents. But sometimes, theft, natural disasters or negligence can lead to losing tax documents. If you cannot find your past tax returns or other tax documents, there are ways to get tax return transcripts and tax account transcripts from the IRS. The agency also provides downloadable tax forms and publications, and offers assistance to taxpayers in determining the status of their tax refunds and amended ...

Top Four Year-End IRA Reminders

It’s never too late to save for retirement. Individual Retirement Accounts are a great way to put away money for your golden years. If you have an IRA or want to open one, here are the top four reminders on IRAs from the IRS to keep in mind: Top ...

Thousands Risk Losing Health Care Subsidies Following Failure-to-File

October 27, 2015  |   Tax Advice,Tax News   |   Tags: , , , ,  

Thousands Risk Losing Health Care Subsidies Following Failure-to-File Tens of thousands of people who did not file their tax returns this year are at risk of losing health insurance subsidies in January. Many of those who did not file tax returns are low-income individuals that may find it difficult to afford health care without a subsidy. It is a federal requirement that anyone who makes use of an insurance ...

IRS’ Lack of Protocol Loses Billions of Dollars

October 08, 2014  |   Tax News   |   Tags: , ,  

$6.7 Billion is a good sum of money no matter how one looks at it. This is how much money the IRS gave up looking for and declared Currently Not Collectible (CNC) in 2012 according to a report published in August by the Treasury Inspector General for Tax Administration. What surprised many about the report was that the IRS failed to follow protocol thoroughly to track down these unpaid tax dollars.