Tax Matters - The Top Tax Defenders Blog

When much of your livelihood is wrapped up in your small business, you may dread ever being contacted by the IRS about missing returns or a tax debt. Nonetheless, the IRS will contact your business if you do in fact owe the government money. Your first instinct may be to ignore these communication attempts in a bid to protect your business. However, doing so only will make the matter worse and even put you in a more suspicious light. Rather than draw the ire of this agency, you can remain proactive and use these strategies to resolve your tax delinquency.

The IRS helps numerous taxpayers each year meet their defaulted tax obligations by setting them up on installment plans. These plans let people pay reasonable amounts toward their debt each month. Just as they would with a car loan or credit card, debtors can pay regularly on their obligation until the amount is satisfied in entirety. 

Being indebted to the IRS is never a pleasant experience. You know that time really can be of the essence in getting this debt resolved. When you need a bit more time to pay it off because you do not have the money on hand and need what money you earn to support your family and pay household expenses, you may wonder if the IRS would be willing to work with you until the obligation is paid in full. Rather than avoid paying your back taxes or hoping that the IRS will take the amount out of your next year's tax refund, you should consider an installment plan for these key reasons. 

Because it is a major government agency, many people assume that the IRS wields a substantial amount of power over their taxable earnings and assets. However, as essential as this organization is to the collection of taxes for the government, it actually must obey the laws that Congress enacts regarding taxation. Even so, many people who owe back taxes to the IRS often want to know if they can get the penalties and interest waived on the delinquent amount in full. They can benefit by knowing under what circumstances that the IRS can waive penalties and interests and when they must pay the full amount and fees for any back taxes that they owe. 

Under normal circumstances, you probably assume that the primary goal of the IRS is to collect tax money owed to the government. While tax collection remains an important duty of this entity, it also makes it a priority to reward people who have information about tax cheats. In fact, you may directly or indirectly know of someone who purposely cheats on paying taxes each year, whether it be by claiming false expenses, deliberately withholding income or fraudulently claiming on their tax return. Before you call the IRS to report this individual, however, you should understand the process of taking part in the Whistleblower program and what criteria must be met before you can claim a reward.

Do you owe an outstanding tax balance to the Internal Revenue Service? Taxpayers who are in arrears on their tax payments may be at risk for losing their assets in an IRS seizure. In some cases, this could even include an automobile, particularly if the vehicle has a great deal of value. Here's a look at when and how the IRS could seize an automobile from a taxpayer.

When you make a late tax payment to the IRS, you might not think that doing so could damage your credit. In some cases, though, remitting a tax payment after the deadline could endanger your credit score. This could be a particular issue if you are subject to an income tax lien or if you have to use a high-interest credit card to pay your balance. Here's a look at how paying your taxes late could affect your credit score.

The IRS has the federal authority to impose a tax levy to collect outstanding tax balances. In these situations, taxpayers' and business owners' property may be up for grabs and sold at auctions to cover the back tax debt. However, the IRS does not have the authority to take everything a person owns. Here's a look at which accounts are subject to an IRS levy.

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re you a business owner who owes back taxes to the IRS? If so, your accounts receivable may be fair game if the IRS decides to impose a tax levy. If you want to protect your receivables and make sure they are paid to your business, you'll have to familiarize yourself with the IRS regulations that govern tax levies on accounts receivable.

Despite having millions in the bank, celebrities are just like everyday taxpayers and sometimes experience their fair share of tax woes. These 10 celebrities are well-known for their work on the big screen or in concert as well as the fact that they were charged with tax evasion.