The IRS is engaged in a never-ending crusade to uncover and collect every single penny of revenue that it claims taxpayers owe. And the truth is that the agency is very, very good at what they do. By and large, if you’re concealing income or engaging in some type of scheme to avoid taxation, they are eventually going to sniff it out.
The cost of a college education is rapidly climbing – but did you know that there are available tax credits which can make this expense more bearable? Below, courtesy of IRS.gov, are three tax credits that you may qualify for, if you or a family member are pursuing higher education:
“How bad could a dispute with the IRS really be?”
We’ve heard this sentiment expressed before, and if you have had the misfortune of dealing with the IRS in the past, you know that the answer is unfortunately “pretty darn bad!” The IRS is bent on collecting every single penny that they are owed, and they will resort to some pretty tough tactics in order to achieve this goal.
A recent article on AccountingWeb.com explains:
The 2012 Olympics, held in London, once again united the country in support of our athletes. And as usual, they didn’t let us down—winning over 250 medals and providing hours of entertainment at the same time.
But naturally, where most of us saw encouraging storylines and inspiring feats of athleticism… the IRS saw dollar signs.
As many taxpayers have learned the hard way, no one is safe from the IRS. Even innocent mistakes can create a tangled web of IRS problems—including penalties, interest, and more penalties.
While there is no income bracket that is safe from IRS scrutiny, in recent years the IRS has begun to focus specifically on “high wealth” individuals. A recent article on Motherjones.com examines this policy shift.
Not surprisingly, the bloated bureaucracy that is the IRS doesn’t move quickly—except when it comes to taking your money, of course!
We often speak to clients who are in the process of appealing IRS penalties and are upset with the length of time the process is taking. Fortunately, there is an option that can often speed up the process.
In its current form, the IRS has managed to make life quite difficult for thousands of business owners and taxpayers across the country. If you have ever dealt with an IRS dispute, you know exactly what we mean. The IRS is often referred to as the world’s “most brutal collection agency” thanks to their aggressive tactics of debt collection.
And now, it appears likely that the agency will become even more powerful in the near future. The Washington Post reports:
If you’re facing an IRS dispute, it has probably been quite some time since you have received any good news. IRS disputes can be costly and enormously stressful for taxpayers and business owners who make the mistake of trying to fight the IRS alone. However, there is some good news: the IRS has recently introduced measures designed to make it easier for struggling taxpayers to pay their bills without going bankrupt.
On April 25, the IRS received a message from the Supreme Court that the department isn’t used to hearing: “no, you can’t do that!”
Specifically, the Supreme Court ruled that the IRS could not extend the statute of limitations related to a certain “tax shelter” that many businesses and individuals pursued.
We know that the IRS will stop at nothing to collect money from taxpayers. That said, it is more than a little surprising to realize that they have taken to social media.
As OhMyGov.com explains:
“April 17 was the last day to file your federal tax return, and the Internal Revenue Service has taken to social media to spread the word.