Credit forgiven counts as income tax
Debt forgiven by a creditor. This could be taxed by the IRS! If you have a debt forgiven by a creditor this could be considered income by the IRS and is taxable as if you had been paid the money. That means if you had a $10,000 credit card debt forgiven by a lender you […]
What To Do If You Owe The IRS And Have Not Filed Your Taxes.
The number of Americans that do not file a tax return each year is growing. Each year a tax return goes unfilled creates more penalties and interest as well as puts the taxpayer in violation of federal tax laws. Furthermore, you can find a huge number of reasons why; stemming from individuals who think that […]
Tax Relief, Ten Reasons To Hire A Tax Resolution Firm
More and more Americans are facing a growing tax debt issue. The amount of Federal tax levies and liens filed by the IRS has grown considerably. Last year, almost five million tax levies have been served on third parties, a 550 % increase when compared to the exact same IRS reports from five years ago. […]
The Life Avoiding IRS Collections
Short of emigrating to a Third World country and revoking your US citizenship there, never to return to your homeland again, there is nowhere to hide from the IRS. From seizing your property to having you thrown in jail, the IRS is arguably the most powerful government agency with regards to citizens on home soil. […]
How To Find A Good Tax Resolution Firm
With the IRS chasing you, you can run but you cannot hide! With its powers to have you jailed or to have your passport seized the only way to handle the IRS is to face it. That is why if you have problems with taxes you should choose a good tax resolution firm. With some […]
Top 5 Reasons To Get An Offer In Compromise
Here at Defense Tax, we can help you negotiate a settlement with the IRS to pay significantly less than the amount they say you owe them. The ‘offer in compromise’ or OIC is a scheme where if you have no means of paying your tax bill within 10 years of it being levied the IRS […]
How To Stop A Wage Garnishment
A wage garnishment (also known as a ‘wage levy’) is one of the nastier powers the IRS or state tax boards have to recoup back taxes. The wage garnishment is where the tax authorities order your employer to take money directly from your income and pay it to them instead of you. Here we will […]
What The IRS Can Do To Collect Unpaid Taxes
The IRS can be one of the toughest government agencies of all. Though FBI agents carry guns to defend themselves they can’t for example force your bank to pay money into the US Treasury’s account without a court order, unlike the IRS! Let’s now look at the powers the IRS has to get you to […]
Best Tax Relief Company To Help With Back Taxes
The US tax code is one of the most complexes in the world. This means that two professions have sprung up around it – accountants and attorneys who specialize only in US tax code. There are a lot of companies that say a lot but produce little when it comes to sorting out your back […]
Third-Party Collection Companies Taking On IRS Debt
Since 2015 the IRS has been able to contract a private debt collection agency to help you resolve your tax debt with them. Scammers have cottoned on to this and you must be very careful as to who you give your details to. Here we will show you exactly who might contact you and what […]