Business taxes, Individual taxes, Interest and Penalties, Tax Debts and Collections
The Internal Revenue Service has announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2013. The rates will be: three (3) percent for overpayments [two (2) percent in the case of a corporation]; three (3) percent for...
Business taxes, Individual taxes, Tax Debts and Collections
The IRS has released details of its FY 2013 budget request. The current request is approximately $12.8 billion, representing about an 8% increase over 2012. One of the primary focuses of the FY 2013 budget is increased enforcement. The budget includes $403 million...
Business taxes, Individual taxes, Liens and Levies, Tax Debts and Collections
A: A lien is a legal claim on property. A tax lien is a public record that puts your creditors on notice that the IRS has a claim against all of your property, including property you acquire after the lien is filed. The lien attaches to all of your property both...
Liens and Levies, Tax Debts and Collections
People are often confused about the various collection options available to the IRS and their effects. Two tools the IRS has in its arsenal are a lien and a levy, which they use aggressively. With respect to tax payers not paying their taxes and liabilities, a gentler...
