The buzz has been going around for months ever since Biden passed the Inflation Reduction Act of 2022 into law on August 16, 2022, claiming that he hired 87,000 new IRS agents to increase audits on middle-class Americans. This claim is false, the IRS isn't using the $80 billion in funding for the IRS to hire 87,000 IRS agents. "New staff will be hired to improve taxpayer services, as well as experienced auditors who can take on corporate and high-end tax evaders without raisi
You've received a letter from your state tax authority and now you have two choices for settling your tax debt: pay now in full or enter into a payment plan with your state agency. The best way to obtain state tax relief will ultimately be determined by your state and personal financial circumstances. If you haven't had to pay state taxes in a few years but now have a liability, you may be wondering why you owe state taxes this year. It's a fairly common question to which man
Unemployment compensation is considered taxable income by the IRS and some states and must be reported on your federal tax return. Each individual who receives unemployment benefits during the year receives an IRS Form 1099-G from the state unemployment division. Is Unemployment Income Taxable? On a federal level, yes, unemployment is taxed for all unemployment recipients. The amount you pay is determined by your tax bracket and the amount of taxable income you have. However,
If you do not pay your tax in full when you file your tax return, you will be issued a bill for the amount owed. This bill initiates the collection process, which will continue until your account is satisfied or the IRS is no longer permitted to collect the tax, such as when the time or period for the collection expires. From Billing To Collection You file your tax return. The majority of returns are filed either annually by April 15 or quarterly (businesses with employees).