It is good that President Biden and Speaker McCarthy reached a US debt ceiling deal. If a compromise involves both sides being disappointed, this one appears to be successful. Some conservative Republicans are expressing frustration that the cuts were not much deeper, and there have been similar reactions coming from some Democrats. Speaker McCarthy announced success here, including stopping new tax proposals, slashing spending, and cutting some of the massive $80 billion that the Inflation Reduction Act had promised in new funding to the IRS. ...
Not sure how to cover your tax debt to the IRS? Consider these options.
If you owe a tax debt and can't pay all or part of it, the IRS can help. You have options to resolve your tax bill. ; Can you pay your balance now? Pay in full. ; Pay what you can now to help avoid interest and penalties. Then choose one of these options:
45 billion tax debt owed by the failed Silicon Valley Bank. The FDIC, which seized SVB and... The IRS said the court should overrule the FDIC's decision to deny the tax claim, and make a...
If someone owes you money that you can't collect, you may have a bad debt. For a discussion of what constitutes a valid debt, refer to Publication 550, Investment Income and Expenses and Publication 334, Tax Guide for Small Business (For Individuals Who Use Schedule C) . Generally, to deduct a bad debt, you must have previously included the amount in your income or loaned out your cash. If you're a cash method taxpayer (most individuals are), you generally can't take a bad debt deduction for unp...
Learn the best ways to resolve your IRS tax debt through payment plans, offers in compromise, and other relief options
Owing the IRS a tax debt can be stressful but there are ways to get help now. Here's what to know.
After a few days of speculation about the debt ceiling agreement between President Joe Biden and House Speaker Kevin McCarthy, we finally have the details. The text of the bill—just 99 pages long—was released on Sunday and is already generating conversation. Here's what you need to know. The bill would suspend the debt limit through 2025. That's longer than what many assumed—whispers suggested that we might have a bill that would push the limit for a few months while the parties continued to strike a deal. But the current bill would mean ...
Being in debt to the Internal Revenue Service (IRS) often feels defeating. You are left feeling helpless with no options to resolve your debt or get back in good financial standing.
The IRS assigns certain overdue federal tax debts to private debt collection agencies. Review the list of agencies and what debts the IRS assigns and does not assign to them.