Tax Law

Income tax debts are notorious for increasing rapidly. The Internal Revenue Service (IRS) doesn't just collect the initial amount owed due to mistakes on an income tax return. Taxpayers face both interest and penalties that can add thousands of dollars to the final...

For most working adults, taxes are only an issue they consider once a year. Sometime between January and mid-April, they either go to a professional or sit down with specialized software to file a tax return. The process of filing a tax return helps validate the...

Most people expect to receive a refund when filing their annual tax returns. Particularly when someone is an employee, they expect their employer to make tax payments on their behalf. They can then reconcile their tax contributions with an income tax return. The...

Spouses often find creative ways to share marital responsibilities. It is common for each spouse to assume certain obligations related to the household in addition to whatever economic contributions they might make. For example, one spouse might manage the household...

The Internal Revenue Service (IRS) receives millions of tax returns every year from both individuals and businesses. The IRS must review the calculations and disclosures of individual taxpayers to validate that they paid the appropriate amount in income taxes. It...

The Internal Revenue Service (IRS) recently stated that it is going to focus its efforts on millionaires who may have used illegal tactics to avoid their tax obligations. The announcement was part of the agency’s recent news release outlining a focus on “restoring...

The potential of an IRS audit looms over taxpayers throughout the country when they submit their tax returns. In reality, the chance of being audited is very slim. For fiscal year 2022, fewer than half of 1% of all tax returns were audited. Still, no one wants to be...

When someone has a substantial outstanding tax debt, the IRS may allow them to use an offer in compromise. This opportunity isn’t be offered to everyone, and its availability is decided on a case-by-case basis. But it can be a tactic to resolve the tax issue for both...

Most people resent the obligation to pay federal income tax, but doing so is a legal and social necessity. The desire to minimize taxes and even to avoid them is perfectly normal. Quite a few people wait until the very last moment to file their tax returns or pay what...

Tax liens and levies are legal actions taken by the government to collect unpaid taxes. Although both are used to enforce tax collection, they function differently and result in distinct consequences for taxpayers. Anyone who’s facing the possibility of these serious...