Job worries surge as debt-limit issue recedes The Associated Press
WASHINGTON (AP) — Anger at the nation's leaders for taking so long to strike a debt-ceiling deal has turned into high anxiety over jobs and the economy amid growing fears of a new recession.
The news that credit rating agency Standard & Poor's downgraded the nation's credit rating a notch for the first time ever only added to the tension.
The darkening clouds come in what should have been a good week for President Barack Obama. After all, he and Republican leaders finally ended a months-long game of brinkmanship with a bipartisan agreement to raise the government's debt ceiling and to trim spending.
The deal kept the government from beginning to run out of cash last Tuesday, averting a first-ever U.S. default and a possible global financial meltdown.
And there was a relatively good jobs report on Friday.
But applause for the debt-limit deal or the increase in jobs never came.
In fact, stock markets around the world tumbled during the week as grim new economic figures suggested the U.S. recovery has stalled and as debt default tensions climbed in Europe.
Offer in Compromise | IRS Tax Debt Relief
YOUTUBE INFO The Offer in Compromise program was established to grant tax debt relief to to people who cannot pay their taxes. An Offer in ...
How can income averaging help me reduce my tax debt?
Your question is a little vague- do you mean averaging as per the rural industry? I assume that you are talking about the rural industry as very few people outsode the industry tend to use that term. The effect of averaging is to even out your income over a period of years to even out the highs and lows a bit. This means that when you have a really bumper year some it will get allocated to future years so that you dont loose a huge chunk of it in taxes (but you will have to pay the tax then). By averaging out the income over a period of years it means that big years compensate for poor years and in effect reduces the tax on those big years. I dont have reference material on hand but you would be able to find out more from the ato website: www.ato.gov.au
Has any one ever used a tax relief attorney to help with tax debt?
DO NOT call any them that advertise on TV. They tend to be huge ripoffs.
Find a CPA or EA in your area who has experience in filing "Offers in Compromise".
The settlement you speak of is called an "Offer-In-Compromise". It consists of filling out packets distributed by the IRS and the State departments. By showing a financial hardship and by making an offer (as demonstrated with the actual funds) you may be able to reduce your overall debt. Make sure that when you engage someones service that they have done this many times.
what information is need for a Tax debt relief company to work on past tax debt with the IRS?
What personal information would I need to give to a company in order for them to contact the IRS about my tax debt?
I would think SSN and Address would be what they would need. I personally would not do anything over the phone with someone I DIDN'T KNOW!! I would keep my eyes wide open for scams out there. Do some checking on the company and if they haven’t provided you with a service, then I think you don't owe anything.
You've stated that you agreed to pay them $1800 to work with the IRS on your behalf, but have no clear idea of what they will do for you. You don't remember signing any POAs (something they'll need to file with the IRS in order to talk to the IRS)...
How much do you owe? Why aren't you on a payment plan? Have you tried to borrow the money owed?
Freedom Tax Relief is a reputable company and is BBB listed. Chaeck them out.
Should my wife fear tax collections and bad credit because of my tax debt when I was single?
I aquired a tax debt while single and am in collections currently (An installment agreement). I got married 3 years ago to a woman who has been a full time grad student from the beginning and has not earned enough to have to file taxes in those 3 years. She has insisted that we file married but seperately because she is afraid of collection actions against her because of my tax debt but because of this we are losing the tax benefit of filing jointly thus gaining more credit each year toward my debt (I've been filing 0 dependents and having the max tax taken out of my paycheck to get the highest returns which the IRS applies to my debt). We may have an opportunity to submit an offer in compromise soon and put this behind us. Should she fear bad credit, a collection action against her, etc if we change our status this year and possibly amend the previous years we been married to exellerate the reduction of the debt before and until we apply for the OIC?
If you file a joint return she can attach a Form 8379, Injured Spouse Allocation to protect her share of any refund. You should attach the form to your paper return and mail it in.
If she had no income, filing separate returns might not have been a good idea, actually. She has no refund to lose out on and you would have had a larger amount credited to your debt since joint returns attract less tax liability. You'd be able to use the various educational credits and deductions on a joint return as well, maximizing your refund and the amounts credited to your debt with the IRS. You may wish to discuss that with her.
Tip: If you live in a community property state, do NOT submit the Form 8379 if she has no income. If you do, she'll get a check for half of the refund and that will slow down the clearance of the debt. She could give you the money to send back to the IRS but why bother with the delay and hassle?
She cannot be held accountable for your debt that existed prior to your marriage. No collection actions can be taken against her for those debts.
She does have plenty to be concerned with about your credit rating, though. Any joint credit will be impacted by your poor credit score and will drive up credit costs for some years to come.
Thus, paying down the debt as much as possible before filing the OIC doesn't help your chances of getting the OIC accepted. If anything, it hurts them.
On the other hand, paying down the debt as much as possible is a great idea so that you can pay it off as soon as possible.
You say that you "may have an opportunity to submit an OIC." Why is that? Why do you need an opportunity? Can't you just submit the paperwork at any time?
If someone's telling you that they'll do it for you, possibly for a fee, then you should consider what your chances are of getting it accepted. If it's a small amount or if you can pay it off with an installment agreement, then you won't get your OIC accepted. So you should consider that before wasting time and money on it.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm
if it helps kindly remember me in your voting!.. cheers!
What is the statute of limitations to collect on a tax debt in Virginia?
How long is the statute of limitations for the Commonwealth of Virginia to collect on any tax debt...Thank you.
I believe it is 20 years on Virginia state taxes. If you never filed, they can go back as far as they want. If it is reduced to a judgement it can be renewed again and again. Federal Taxes are not the same as state tax and have a 10 year statute on assessments. There are several permutations to the law and to get an accurate answer in your case, you should consult a Virgina CPA or Enrolled Agent.
If you have a IRS tax debt what is the most Percentage they can garnish from your paycheck?
If you have a IRS tax debt what is the most Percentage they can garnish from your paycheck
25 % unless it is for child support in which case it would be as much as 65%.
Can I be held personally responsible for my business' tax debt?
The case is a NV LLC that was doing business in CA. It is a one-member-LLC. Dissolved in both states at the end of 2007. Member's profits were reported on Schedule C as part of individual 1040 tax return.
The CA Franchise Tax Board is claiming a debt and saying that a tax lien could be filed. The LLC doesn't exist anymore, but what about that member? Could the state go against him?
What is the catch, Companies advertise saying they reduce your tax liability if you have an outstanding debt?
I have seen many commercials on TV from companies with testimonials from people who have had there outstanding tax debt reduced? How is this possible and can you achieve this on your own? What is the catch?
The trick is in the language. The IRS will negotiate on some of the penalties and/or the interest on the originally tax owed but will never decrease the original (ie before the penalties and interest) underlying tax amount owed. The IRS will negotiate on these items if you will agree to pay on time or on a schedule in the future. The people on tv are lawyers or consultants who will help in your negotiations. You may able to try to negotiate yourself simply by asking if they will negotiate when they contact you.
If I owe tax debt to the Ontario Ministry of Finance, will collection stop if I pay half of it?
What is the collection procedures for tax debt in Ontario? Can I prevent the collection procedures from beginning if I pay half of the assessment amount? I heard that either the Canada Revenue Agency or the Ontario Ministry of Finance will not start the collection procedure if you pay half the amount owe.
The only way to find out is to put a call into whatever address you have where payment has to be made. Don't ask questions of people who dont know the answer. Just go to the source.
Does a parent of a deceased adult child have to pay the child's tax debt?
My mother filed my deceased brother's tax returen and claimed the refund. She now recieved a letter claiming that she owes his tax debt. Is she liable to pay this debt back?
I assume that she has been appointed personal representative of his estate.
As such she is responsible to pay all debts of his out of his assets. She would never have to use her assets to pay the debts and taxes.
I she is not the personal representative of the estate then the answer is definitely never.
tax debt help - News
Stimulus plan repeals big tax break for banks
Boston Globe House leaders moved this week to repeal the tax break for banks even as the Senate voted to help many of those same institutions by releasing the second Nominee praises $825 billion stimulus proposal Idaho delegation 'leery' of House stimulus plan New Stimulus Plan May Help VARs - Commentary -
|
Perfect Storm: New Tax Laws, Unstable Economy Highlight Need to ...
Kane County Chronicle Couple those legislative changes with an uncertain economy and the need for expert tax advice is more critical than ever. To help taxpayers navigate the New Tax Breaks Offered This Year
|
IRS offers tips for taxpayers - Village News Network
NBC13.comIRS offers tips for taxpayers WASHINGTON — The Internal Revenue Service kicked off the 2009 tax filing season by announcing a number of new steps to help financially distressed taxpayers Even in hard times, don't ignore the IRS Some new relief as Americans file 2008 taxes Owners Trying to Avoid Foreclosure May Get Help Under Tax Laws -
|
|
California may delay tax refunds Money for certain state services and tax refunds for 2008 taxes will also be affected. Payments for education and debt service have first claim on the Calif. taxpayers may get IOU instead of tax refund California delays paying income tax refunds, making other payments State to issue IOU's to businesses, taxpayers - |
Arizona Gov. Janet Napolitano’s budget plan includes bringing back ... - Bizjournals.com
University of Arizona News (press release)Arizona Gov. Janet Napolitano’s budget plan includes bringing back She also wants to bring back the state equalization rate property tax. That items has been temporarily suspended but will come back next year without action GOP takes knife to education
|
