Tax Matters - The Top Tax Defenders Blog

You realize you have to file and pay your taxes by the April deadline each year. Despite being aware of this obligation, you might fall short of fulfilling it. In turn, you could compromise critical aspects of your job including your ability to keep or maintain your security clearance. 

When April 15 has come and gone, you might believe that you have missed your chance to file your income tax return. You also may wonder what kind of punishments or penalties the IRS has in store for you for missing the tax filing deadline. 

The IRS expects you to file and pay your taxes on time each year. When you fail to submit a return, you put yourself at risk of IRS collection activities that could result in financial hardships for you and your family. 

The IRS expects you to file and pay your taxes on time each year. When you fall behind with your returns, you put yourself at risk of steep fines and penalties and collection activities like wage garnishments or bank levies. You can get caught up with filing your returns and settle your back taxes by using these strategies. 

Tax season is stressful enough without having to worry about incurring IRS penalties. The IRS does not randomly assess penalties on people's tax obligations. 

Taxpayers by law must file returns for every year that they are alive and receive taxable income. This obligation does not at the moment that they pass away. 

You may have every intention of filing and paying your taxes on time each year. However, at some point you may experience an issue that prevents you from being compliant with the IRS. 

The IRS may seem like a scary government entity that wields too much power over your everyday life. In reality, taxpayers like you are given the proverbial upper hand in terms of how you can pay what you owe. When you have an outstanding IRS balance, you should keep these five important facts in mind before you decide what repayment or settlement option you want to use to resolve your federal tax debt.

The IRS' main obligation centers on collecting current and past due taxes. Because it can be difficult to collect money from people who travel and live overseas, the federal government has implemented laws that could make it more challenging for seriously delinquent taxpayers to get a passport. If you owe taxes and plan to travel internationally, you should realize how your tax debt could impact your ability to get or renew your passport.

The IRS allows cash-strapped taxpayers several different options to resolve their back taxes. They can either make an Offer in Compromise, or OIC, or they can request that their accounts be put in a Currently Not Collectible, or CNC, status. You can determine which of these options is best for your own delinquent tax situation by learning the basics of both choices.