Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Audit risk
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Audit risk
Imagine sitting down, doing your taxes and the sinking realization hits that you owe the IRS money. A thousand thoughts flash through your head wondering if they are going to seize your bank account, if you will lose your business or your home or even if you will wind up in jail. But, don't worry just yet, there are several tax relief options available to you.
IRS Collection Enforcement Actions
Once you have determined that you owe the IRS money, it is in your best interest to resolve the debt as quickly as possible. After filing your taxes, you receive a bill and a letter explaining the amount owed and a notice of your right to appeal. If you ignore the letter and do nothing about it in a timely manner, the IRS begins to exert collection
…show more content…
A tax lien is generally placed against your property after the full amount is not paid within ten days. This works against all property you currently have as well as any property you acquire in the future, or until the debt is paid in full.
Federal Tax Levy
A federal tax levy is the IRS seizure of any assets or property you own, such as your retirement account, bank account, wages in the form of wage garnishment, houses, boats, cars or other property that applies funds to your tax debt.
Tax Evasion Charges
In some cases, depending on the situation and the amount owed, an individual can have federal charges pressed against them for tax evasion resulting in a criminal investigation and possible incarceration.
Options for Settling Your Tax Debt
Always file your return or ask for a tax extension, the penalty for unfiled tax returns is much higher than paying for filing late. Furthermore, if you do not file a tax return, the IRS has the power to file on your behalf, which usually does not work out very well most of the time. Always be honest on your tax return because if the IRS doubts the accuracy of your claims, you are faced with a full audit being conducted against you. You have several options available to you when settling your tax debt.
Installment
·The law furthermore specified that all trials concerning tax evasion be conducted in federal courts
Last week, we talked about the IRS Criminal Investigation unit, which just released their Fiscal 2012 report. That report was filled with the sort of dry statistics you would expect from an IRS annual report: 5,125 total investigations launched, 202 crooked tax preparers indicted, 199 identity thieves sent to prison, and 64 months average time behind bars for money launderers. But the report also includes dozens of stories of tax cheats who really just should have known better — and some whose stories are so entertaining we just had to share them. Are you having a bad day? Well, be glad you're not one of these people!
A strong healthy dog is pulling a wagon of a pretty bag of dog food that looks healthy and tasty. The dog food sets perfect and looks great in the wagon. The little puppy is pulling this big wagon of dog food up a steep winding road, to show his strength from eating Beneful dog food. The wagon with the dog food in it says “Incerdibites Bring out the incredible in your small dog. The advertisers attended audience is anyone who owns a small dog. The ad also says “it’s not the size of your tail it’s how you wag it. That statement is saying even though it’s a small puppy. It’s how they wag it by being happy if they eat the right dog food. This ad uses a lot of detail and color, which really makes it stand out. They use a very pretty back ground setting very dark green grass, a dark blue sky, with a pretty yellow sun, and clouds, a very pretty tree that’s very colorful and destruct! The ad really sticks out by all the detail and color. The advertisers are trying to show if your little dogs eat Beneful dog food, they can pull this wagon up this steep road too and they will be top of the l...
Last weekend, while attending Lexington, KY’s Southland Christian Church, I received an invitation to attend a “Poor Man’s After-Tax Dinner.” Located on a 115-acre plot that occupies a stretch of the rapidly disappearing farmland between Lexington and Jessamine County, Southland will host the gala, which includes a catered meal and a performance by the Dale Adams Band. On the church’s website, an announcement for the event asks, “Did you have to pay when you filed taxes? This month’s Gathering is designed to help you to forget your IRS woes.”[1] The After-Tax Dinner will minister to those still reeling from the April 15th deadline, and, with any luck, it will foster solidarity among Southland’s flock, the majority of whom are members of the tax bracket whose wallets ache most severely after just having rendered unto Caesar the money that belongs to him.
The country needs to start monitoring how the government is spending the federal budget and they need to start splitting it fairly to benefit our country. 83% of the federal budget is spent on the Big Five which are the main expenses in the budget. We have to stop spending it all on the Big Five. Our government should really pay attention to what we need most of in this country and focus on the needs. The government needs to take away 20% of the Big Five and split it to categories that need it.
Peculiar means odd, strange or unusual. So how could benefits be peculiar? It’s how we as people make it to be, as Roxane Gay emphasizes in her article “Peculiar Benefits,” published in 2012. Roxane Gay argues how we must move past the dispute as to why we must recognize privilege to get past societal problems and to not allow its meaning to continue to become diluted. Gay builds a strong argument mainly through audience adaptation, language and her choice of rhetoric was effective enough to affect my perception on her point of view.
I am writing this letter to the Jack Kent Cooke Foundation as an explanation for my inability to file taxes. One of the major reasons was my lack of deep knowledge of the tax systems in both Ethiopia and America. When I first arrived in the United States as an international student, I didn’t know what tax returns were, why they were used for, or who needed to file them. It was a hard topic to individually understand because I was focused on getting acquainted with several other topics like Social Security. I later found out that the United States government requires all international students to file taxes, which is why I selected the "Yes" option on the filing requirement question. The second reason for my inability to file taxes was that
A large argument for why the illegal immigrants should be deported is the fact that they don’t have to pay taxes, and that they get benefits from the government. This in turn is taking away from our government’s resources. However, the US Internal Revenue Services (IRS)
Taxes are one of the most controversial, yet important factors that contribute to a successful and stable government. Taxes are defined as, "a contribution to state revenue, levied by the government on workers' income or profits or they are added to the costs of goods and services." These taxes help fund many government operations and they truly keep our country and government running. Taxes are often opposed and many people just don't see the need for them.
Budgeting Assignment A company's budget serves as a guideline in planning and committing costs in order to meet tactical and strategic goals. Tactical goals such as providing budgetary costs for daily operations, and strategic objectives that include R&D, production, marketing, and distribution are all part of the budgeting process. Serving as a guideline rather than being set in stone, the budget is a snapshot of a manager's "best thinking at the time it is prepared." (Marshall, 2003, p.496)
One of the greatest breaks the IRS gives is as derivations, which permit you to lessen your assessable wage and in this way pay less in duties. You may be acclimated to taking the standard conclusion, which is a preset sum. Alternately, you may decide to separate conclusions on Schedule A. The decision is dependent upon you.
One important rule enforced in the US is to pay taxes. According to immigration.findlaw.com, “ United States tax residents must report their entire income to the IRS and pay taxes. It does not matter whether the money was earned within the country or internationally, all income must be reported to the IRS”(FindLaw). Since IRS is a big deal to all tax paying Americans why do the illegals get to ignore it? To stop this all illegal immigrants should have to go back to thier originate countries and then apply for
According to Accounting Theory: Contemporary Accounting Issues by Evans, accountants have developed two alternative approaches to accounting for income taxes, which are the cash method and the allocation method. The cash method is described as a simple and direct approach. The amount of income taxes actually paid for the year is reported on the Income Statement. The amount comes from the firm's income tax return and fit is not adjusted in any way. Therefore, the firm's actual transaction to record its income tax liability is the basis for the amount of the income tax expense reported on the Income Statement. The allocation method is a bit different. The actual amount of tax that is paid in the year is ignored when it comes to reporting income tax expense on the Income Statement. The amount of income tax expense reported on the Income Statement is based on the on the income tax rate that the firm pays, which is applied to the amount of pretax income. This makes the Income Statement perfectly consistent with the before-tax income. Using the allocation method makes it look like all items on the Income Statement based on the same method.
When a consumer receives a debt collection letter from a collection agency in the mail, it may be unsettling especially if the consumer did not incur the debt. If the consumer ignores the debt collection letter, it will not go away. In fact, it may result in a negative statement to a credit bureau on the consumer’s credit report. According to the Fair Debt Collection Practices Act that controls collection agencies, consumers have the right to dispute debts if they send a collection agency dispute letter within 30 days of receiving the notice.
Did you know that taxation can be many items like sales taxes, income tax, gift tax, but it can also be a pain because of taxation without representation? “ Mark Twain once said that there were only two things in life that were as certain as the dawn; death and taxes.” (Taxation, par. 1)