Want to learn more about solving debt?

sign up for news and insight here
by signing up, you agree to our Privacy Policy.

Top debt relief companies

Let us match you with the best tax debt relief company

Let us match you with the best credit card debt relief company

What Is Penalty Abatement and How Do You Qualify?


by Staff Writer on January 29, 2019  0 Comment

What Is Penalty Abatement and How Do You Qualify?
You could be eligible for one of three types of IRS penalty relief: first-time penalty abatement, reasonable cause, or statutory exception. Penalty abatement doesn't eliminate tax payments or accrued interest. You may be able to appeal a penalty abatement denial from the IRS.   Internal Revenue Service (IRS) penalties can add up quickly, draining your bank account before you've even had a chance to respond to the official notice. Before you write that big check or charge the fees to your credit card, however, you need to know that you might qualify for a waiver. Find out what penalty abatement is and learn how to apply for this money-saving process. What Is Penalty Abatement? Also known as penalty relief, penalty ...

Do Banks Report Check Deposits to the IRS?


by Staff Writer on January 29, 2019  0 Comment

Do Banks Report Check Deposits to the IRS?
Financial institutions have to report large deposits and suspicious transactions to the IRS. Your bank will usually inform you in advance of submitting Form 8300 or filing a report with the IRS. The Currency and Foreign Transactions Reporting Act helps prevent money laundering and tax evasion.   When you're filing your tax return, you want to make sure it's as complete and accurate as possible to avoid Internal Revenue Service (IRS) audits and penalties. If what you report on your tax return doesn't match your bank's records, however, you might be concerned about raising red flags or triggering an audit. Find out when and why banks report deposits to the IRS and learn what types of transactions could put you ...

How to Check Your IRS Tax Balance and Pay Back Taxes


by Staff Writer on January 29, 2019  0 Comment

How to Check Your IRS Tax Balance and Pay Back Taxes
You can check your IRS tax balance online, over the phone, or by mail. You'll need to call or log in for the most up-to-date balance information. You can pay the amount due immediately or request a payment plan.   Whether you suspect that you owe the Internal Revenue Service (IRS) a payment or you aren't sure how to pay past-due tax bills, it's important to address your IRS tax balance before it gets out of hand. Find out how to check what you owe and learn how to pay your IRS tax balance. How to Check Your IRS Tax Balance If you misplaced your tax bill and can't remember what you owe or if you want to access an ...

All About the California Society of Enrolled Agents


by Staff Writer on January 11, 2019  0 Comment

All About the California Society of Enrolled Agents
Since 1976, the California Society of Enrolled Agents (CSEA) has advocated on behalf of enrolled agents across the state and the country, seeking to increase knowledge of the profession and to improve tax laws. Enrolled agents belonging to the CSEA are tax experts that can assist both individuals and businesses with their tax needs. Before enrolling with the CSEA, agents must pass a certification exam and pay annual dues. Becoming a member of the CSEA provides agents with various networking and job opportunities. Provisional members can benefit by getting discounts on the certification exam. Interacting with the Internal Revenue Service (IRS) can be stressful, especially if you're dealing with tax debt. If you need help dealing with the IRS, working ...

Optima vs Stop IRS: Which is Better for Your Debt?


by Staff Writer on January 11, 2019  0 Comment

Optima vs Stop IRS: Which is Better for Your Debt?
Optima and Stop IRS are two of the most popular debt relief companies in the country, helping taxpayers clear both large and small amounts of debts. Both companies offer similar services, including assistance with missed tax returns, wage garnishment, and IRS audits.  Scaled pricing and more experience with settling a wide range of debt amounts make Stop IRS the best choice for most taxpayers. If you need to get out from under tax debt, your best solution is working with a debt relief company. While there are many companies that can help you deal with outstanding tax debt, Optima Tax Relief and Stop IRS Debt are two of the most popular choices. To choose between these two debt relief companies, ...

A Collector Calls: The IRS Will Now Use Private Debt Collectors


by Staff Writer on January 10, 2019  0 Comment

A Collector Calls: The IRS Will Now Use Private Debt Collectors
The IRS now uses four private debt collection firms to cold call individuals with delinquent tax debts. The Taxpayer Advocate Service has condemned this method for encouraging private tax collectors to bend the law. Many scammers are pretending to be private debt collectors working on behalf of the IRS — but there are ways to spot them and not get caught out.   In 2015, Congress approved legislation which allows the IRS to use private debt collection agencies. Fast forward to 2019, and the IRS has hired four private debt collection firms to cold call individuals with delinquent tax debts. Even worse, some of these debt collection firms arrive at people's homes unannounced; a cause for concern to anyone in ...

Tax Debt Relief: Real Help or Only a Scam


by Shannon McKee on January 10, 2019  0 Comment

Tax Debt Relief: Real Help or Only a Scam
Not all of the services available to people with tax debt are created equal as some companies are only interested in the check you write them. When researching tax debt relief services look for red flags that a company may be looking to scam you out of your money. A real tax debt relief service will offer an honest assessment and documentation on helping you with your tax situation. Imagine the realization that a mistake occurred on your taxes, and you owe the IRS money. You go through your options and turn to a tax debt relief service. Then, you later find out that the company you thought was going to help you turn your tax debt around is an ...

How These 4 Changes to Tax Law Will Affect American Business Owners


by Staff Writer on January 10, 2019  0 Comment

How These 4 Changes to Tax Law Will Affect American Business Owners
The Tax Cuts and Jobs Act of December 2017 has brought about the largest reduction in the corporate tax rate in American history. Business owners who make their income on pass-through entities can now claim 20% of it as tax-free. There are many other large tax breaks available for different business entities.  However, previous tax breaks, like those for entertainment expenses, business meals, cycle-to-work schemes, and business relocation, have been scrapped or reduced. There's been a lot a buzz in the financial community about the Tax Cuts and Jobs Act since it was first announced in December 2017, and that isn't dying down. The Act is the most comprehensive change of tax law in 30 years; the last time the ...

Am I Eligible for Tax Debt Relief?


by Staff Writer on January 10, 2019  0 Comment

Am I Eligible for Tax Debt Relief?
It's estimated 21 percent of the American workforce is in tax debt; many are not yet aware of it. The IRS is often willing to compromise to help individuals pay off their tax debts when they can afford it, and no sooner.  If you think your tax debt is too large to ever be cleared, you may be able to reach an Offer in Compromise with the IRS and pay back less than what you owe. When you owe money to the IRS, it can feel like your tax debt problem will never go away — but that isn't the case. Like any creditor, the IRS is willing to reach a compromise to make sure they collect what you can ...

Tax Debt From a Spouse


by Staff Writer on January 10, 2019  0 Comment

Tax Debt From a Spouse
Typically treated as a single unit, married couples can still separate their assets and liabilities for tax filing purposes. Your liability for your spouse's debt will be determined by your relationship status and how you filed your taxes.  Several filing strategies can help you protect your assets from being garnished because of your spouse's debt. In terms of the law, married couples are deemed as a single unit with shared income, assets, and liabilities. However, in the tax filing process, the distinction might be made between the two individuals, particularly when one spouse owes back taxes. Whether you are liable for your spouse's taxes will depend on the status of your relationship when the debt was incurred and how you ...

You may also like