Were you aware that cancellation of debt may mean higher income taxes for you? Here's how to deal with it with the IRS. RELATED: FAQs On Tax Debt Relief Guide to Coordinating with the IRS for Cancellation of Debt 1. Understand How the IRS Considers Debt Cancelled What Is Cancellation of Debt? A debt is cancelled when a creditor decides to forgive a debtor’s tax liability … [Read more...]
11 Tax Sins Not To Commit To Avoid Tax Fraud Charges
Learn about the different aspects of tax fraud and what actions can constitute tax evasion so you can stay in good standing with the IRS. RELATED: What Is Tax Evasion? Understanding Tax Evasion And How It Works In this article: Not Giving the Correct Figures for One’s Direct Income Not Providing and Correctly Reporting All Sources of Indirect Income Failure in … [Read more...]
How To Prove Financial Hardship To The IRS
The IRS acknowledges financial hardship as a legitimate reason for tax relief — as long as a taxpayer can prove it. RELATED: How To Come Up With A Financial Savings Plan A Guide to Proving Financial Hardship to the IRS Step 1. Know How the IRS Defines 'Financial Hardship' The phrase 'financial hardship' means different things to different people. It is usually dependent … [Read more...]
Top 8 Reasons To Appeal An IRS Tax Lien And How To Do It
The IRS will overturn a Notice of Federal Tax Lien if you have a legitimate case against it — but you must follow the right dispute procedure. RELATED: 5 Easy Ways To Avoid An IRS Tax Lien In this article: You Already Paid the Taxes in Full Tax Lien Filing Error You Are in the Process of Filing Bankruptcy Expiration of the Statute of Limitations Prior to Tax … [Read more...]
Your Passport May Be Revoked Due To Delinquent IRS Taxes
Unpaid IRS taxes can lead not just to penalties but also the revocation of a passport, and not a lot of taxpayers know how to proceed with the revocation process. RELATED: A Step-By-Step Guide To Settling IRS Tax Debt In this article: How Do Delinquent Taxes Affect Taxpayers? Why Does the IRS Revoke Passports for Back Taxes? Who Is a Seriously Delinquent … [Read more...]
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