… collection efforts of the IRS.  So now, after years of nurturing its reputation as a bulldog, the Internal Revenue Service is trying to embrace something of a teddy-bear image.  It really has become far more accommodating, if not cuddly.  The kinder, gentler IRS is considerably less arrogant and appreciably more humble than it once was.  And with all the new procedures, IRS collection efforts have become so burdensome that authorities are more willing to settle than ever before.”

This …

Tags: Internal Revenue Service tax United States

… overlook this aspect of foreclosure. The tax rules are complex, and subject to interpretation. The Internal Revenue Service will treat a foreclosure as a sale and you will receive a Form 1099C for the amount your lender or a third party bids at the foreclosure sale. You could end up with a tax liability if you have realized gain from the sale. The rules are complex and you should consult a specialist. Many in foreclosure do not realize that that may have to pay tax on a house that they lose …

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Most people have at least passing knowledge of wage garnishment–the process of deducting money from an employee’s monetary compensation (including salary) as a result of a court order.  Fortunately for those who find themselves in the unfortunate position of having their wages garnished, these payments are limited by federal law to 25 percent of the …

Tags: Bankruptcy Chapter 13 Title 11 United States Code Garnishment Internal Revenue Service tax

… means that a late filed income tax return, unless it was filed pursuant to § 6020(a) of the Internal Revenue Code, can never qualify as a return for dischargeability purposes because it does not comply with the ‘applicable filing requirements’ set forth in the Internal Revenue Code.”

Income tax returns that are filed late may be treated differently in bankruptcy, if they do not comply with the IRS rules. For example, if you filed a late return and did not request an extension, …

Tags: Bankruptcy Chapter 7 Title 11 United States Code Internal Revenue Code tax

Stimulus payments may equal a bigger tax bill for millions of Americans.  More than 15 million taxpayers may owe the government $250 or more because of how the IRS organized last spring’s tax breaks which were designed to help lift the economy out of the recession. Due to IRS errors everyone from married couples to struggling students may be forced to fork over up to $400 to Uncle Sam

…

Tags: Internal Revenue Service Stimulus tax

Let’s roll back the clock a bit. Assume it is 2003, and you are in the middle of filing your taxes. You realize that, for one reason or another, you did not pay enough in taxes for that year. Instead of getting a nice refund, you now owe Uncle Sam a sum of money that you do not have. What is the best thing to do in this situation? Without a doubt, you still should file your taxes. Even if …

Tags: Income tax Internal Revenue Service Lawyer United States

Getting good information early improves debt management decisions.

I have a friend—we’ll call her Jill, who has had a horrible fear of dentists for as long as I’ve known her.  Even if not to the same extreme, most of us share her apprehension.  I can understand her fears based on the horror stories she had described about various dentists she had seen over the years.  Last fall, …

Tags: Bankruptcy Dentistry Internal Revenue Service Law

An article in Reuters announced that the U.S. Postal Service is hoping to slash 30,000 jobs by offering buyouts to union employees.

The article said:

“The incentive for voluntary resignations and early retirements among a pool of veteran workers by the end of September is part of a drive to cut costs by $6 billion this fiscal year, the Postal Service said… The majority of those offered $15,000 to leave as part of an agreement with unions …

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… file Chapter 7.

To calculate your deductions from income, the court follows the Standards of the Internal Revenue Service.  The national standards for food, clothing and other items as well as healthcare are combined with local standards such as housing, utilities, transportation, taxes, payroll deductions, term life insurance, court-ordered payments, some education, childcare, healthcare, telecommunications, etc.

Your income and deductions are multiplied to show a five-year projection.  …

… apartment projects have since been foreclosed upon.

Kosar also has several tax problems.  The Internal Revenue Service is owed over $231K for Kosar’s income taxes in 1996.  Also, the IRS says he owes about $322K for tax years 2000, 2006, & 2007.  Additionally, he owes more than $115K in property taxes on an estate of his.

Anyway, there are still more liabilities to list, but you get the gist.  He’s in a huge hole that he cannot get out of.  Like many people right now, the …

… a collective $20 billion.

The article said:

A report released Wednesday shows that average tax revenue dropped more than 12 percent in 45 of 47 states that reported data. Texas was in the middle with a 7.6 percent decline in sales taxes from January to March, compared with the same period last year, and Texas Comptroller Susan Combs has said she doesn’t see big relief in sight.

“Most major sectors of the economy continue to struggle,” Combs said this month. “Decreases in …

Permalink: /breaking-news/tax-revenue-drops-drastically/

… harder by the downturn. One of the industries devastated by job losses and cutbacks has been the service industry, especially those related to travel. Many busboys, waiters, dishwashers, housekeepers, doormen and customer service agents have suffered job losses or are facing huge pay cuts. In some cases some workers suffer job losses, only to be hired back as independent contractors without healthcare or any other benefits and sometimes significantly lower wages.

According to the Bureau …

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