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Posts tagged "back taxes"

IRS continues to go after delinquent taxpayers

Federal workers in the United States owe over $3 billion in back taxes, according to the Internal Revenue Service. That comes out to roughly 3 percent of federal workers having unpaid taxes. While this may seem like a high number, it is low compared to the overall population. The IRS said that at least 8.7 percent of the overall population owes back taxes

Privatized tax debt collection stands to hurt taxpayers the most

When the Internal Revenue Service believes that someone has not paid his or her tax burden in full, the agency will likely issue a notice of deficiency. In essence, this means that IRS tax collectors will pursue a taxpayer to settle the outstanding bill. Although this is how tax collection has worked for quite some time, a congressional proposal could introduce dramatic change.

Federal tax debt: Now with more penalties?

Few people want to go through the experience of being notified of delinquent taxes by the Internal Revenue Service. Many of those who wind up in this situation might also be dealing with other financial issues, so tax debt would only add to existing anxieties.

What if you cannot pay back a tax debt in full?

Many Minnesota residents make painstaking efforts to plan personal budgets and finances. However, no amount of preparation can account for unexpected, drastic changes in income or expenses. Knowing this, a person can fall behind on financial obligations. Along the way, a person could also fail to meet his or her tax burden.

IRS claims Pacquiao owes taxes: Who will land the knockout punch?

Over the last several years, Manny Pacquiao has earned his way to becoming one of the most successful boxers in the world. In fact, he was listed as the 14th highest paid athlete in 2013 by Forbes. Of course, these earnings aren't without sizeable tax liabilities.

Hundreds of IRS contractors accused of failing to pay taxes

Life can be full of twists and turns. Keeping this in mind, a person's financial fortunes can change almost overnight. A medical emergency could create a significant amount of debt, leaving an individual wondering what to do next. In this situation, it's not hard to understand why people may suddenly be unable to pay their bills, including those for the Internal Revenue Service.

Toy magnate could face jail time for back taxes on foreign income

In the 1990s, people across the country lined up for hours to purchase Beanie Babies. High demand for the stuffed animals caused them to become instantly collectible. Since that time, however, interest in the product has diminished, and the toy's creator, H. Ty Warner, has seen this reflected in his company's income.

Minnesota artists waiting to see how tax case could affect them

What makes an artist an artist? If someone says she is an artist, is that sufficient? What if all her income is earned from artistic endeavors such as painting, music and other kinds of performances? It would probably seem to most people that such a person would be considered to be an artists for all intents and purposes.

Google's $300k tax lien an "error," says local tax official

Many of us in Minnesota use Google on a daily basis and news of the company reporting billions of dollars in revenue is nothing new. But after hearing the news that a $300,000 tax lien has been placed on the company, something just doesn't add up. A tax lien can be local, state or federal, meaning if a person or company does not pay taxes to the local, state or federal government it can place a lien on the taxpayer's property.

American Legion in Albert Lea negotiates with IRS on back taxes

A letter from the Internal Revenue Service can understandably strike fear in the heart of anyone who receives it. When the back taxes are owed to the IRS, the penalties and interest begin to accumulate and can eventually eclipse the original amount of taxes owed. But the IRS will negotiate - if you know how.

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