IRS

Tax Return Processing Begins Late

by

2013 Tax Return Processing

IRS, formally known as the Internal Revenue Service, announced the 2013 filing season will open on January 30.  Individual income tax returns will not be reviewed until this date.

TurboTax Amazon

The IRS previously planned on allowing individuals to take part in electronic filing eight days earlier, on January 22.  The US congress approved new tax laws which in turn has delayed the start date for filing.  The new tax laws are due to the fact the US has been faced with great financial difficulties.  ATRA, an abbreviation for the American Taxpayer Relief Act, is the bill that was formed and agreed upon between the president and House of Representatives republicans.

The IRS is busy updating tax forms and “completing programming and testing of its processing systems.”  The update and intended improvements should allow the majority of US tax payers to file their tax returns starting January 30.  … Read the rest

How to Settle Tax Debt for Less

by

How to Settle Tax Debt for Less

If you wish to settle down tax debt for less than there is only one common way to do so: simply with an offer in compromise; which means the IRS will agree to let you reimburse less than the actual amount to you want to pay. Though you can settle your tax debt for less, it is essential to bear in mind that you might not meet the criteria for an offer in compromise. The IRS accepts just about 15% of those that they receive

There are various situations when you are able to settle for less. They are:

  • Doubt as to liability- This is actually when you are not found at fault for the debt that has been considered.
  • Doubt as to collectability- Here you just cannot pay the tax debt now, and there is absolutely no reason to think that this
… Read the rest