Monthly Archive:: May 2021
TweetShare1SharePin1 Shares IRS Lock-In Letters – What’s An Employer To Do? Source: Flickr Employers often ask employees to designate the amount of tax withholdings for paychecks. Occasionally, employees will fail to withhold a sufficient amount in the eyes of the IRS. The IRS will then send a “lock-in” letter on the amount to be withheld.
TweetShareSharePin0 Shares FATCA (Foreign Account Tax Compliance) FATCA (Foreign Account Tax Compliance) FATCA & 5 Key Facts About Foreign Account Tax Compliance: When it comes to offshore reporting of foreign assets, one of the most common forms that is required by US Taxpayers is Form 8938 which came into effect with the introduction of FATCA.
TweetShare1SharePin1 Shares Is the New IRS Offshore Voluntary Disclosure Program Is the New IRS Offshore Voluntary Disclosure a Good Program? How IRS Voluntary Disclosure Program Practice Has Changed: At the end of 2018, the Internal Revenue Service discontinued the Offshore Voluntary Disclosure Program (OVDP). Then, at the end of 2018 and early 2019, the traditional
TweetShare1SharePin1 SharesIRS Installment Agreement The most extensively utilized method for paying an old IRS financial debt is the monthly installment agreement, or IA. If you owe $50,000 or less, you should be able to obtain an installment payment plan for 72 months just by asking for it. If you owe greater than $50,000, you will
TweetShare1SharePin1 SharesThis short article clarifies exactly how innocent spouse relief works as well as exactly how one can get approved for it. A joint tax obligation filing return makes both parties in charge of the tax obligation bill. It eliminates the requirement to foot additional tax debt with an innocent spouse relief if your companion
TweetShare1SharePin1 SharesThe Internal Revenue Service (IRS) has the power to seize income tax refunds when a taxpayer owes certain debts, such as unpaid taxes or overdue child support. Sometimes, a married couple’s joint tax refund will be seized because of a debt for which only one spouse is responsible. When that happens, the other spouse
TweetShareSharePin0 SharesInjured Spouse The phrase “injured spouse” has absolutely nothing to do with being literally hurt. In taxes, you may be an injured spouse if you file a joint tax return when your partner has past debts the IRS can collect. Also if you should be obtaining a reimbursement, the IRS could utilize all or
If you're experiencing a financial challenge, take into consideration CNC condition.
TweetShare1SharePin12 Shares The Legalities And Issues With An IRS Levy Source: Flickr An IRS levy is an order from the Internal Revenue Security directing TVA to withhold a specified amount of an employee’s pay to satisfy a tax debt. If the IRS determines that we owe back tax then it may issue an IRS levy