High Employment, Even Higher Tax Debt
The United States has been experiencing a steady increase in employment rates, but this does not account for the high tax debt that many Americans still owe. The IRS is sending out more letters to taxpayers who are delinquent on taxes owed, and they have taken "aggressive steps" to collect unpaid debts. With so many Americans with outstanding back taxes, how can you make sure that you or your company isn't among those who are behind?
In June, the United States added 850,000 new jobs as the economy improved and businesses scrambled to hire more employees, but at the present rate of hiring, it will be more than a year before employment levels recover to pre-Covid levels.
Simultaneously, in an effort to encourage individuals to return to work, 26 states will stop paying out extra federal benefits of up to $300 per week by early July. Businesses have complained that the high cost of unemployment benefits is discouraging individuals from taking jobs.
As the latest jobs report shows that the U.S. economy has recovered from its recent recession, many Americans are still struggling to find a way to pay off their back taxes. This displays an issue. Regardless of any amount of income from the increasing employment rates, garnishments and penalties will render families and individuals the inability to live comfortably. In addition, your place of business can be levied and shut down if you do not take action on your back taxes.
A relief program that is not too known to many is the IRS Fresh Start Program. The IRS Fresh Start Program is an effective way to take control of almost any tax situation. This program offers a variety of solutions for taxpayers who are struggling with unpaid taxes, and ensures that you will not be penalized or face additional penalties if you qualify for the program. This relief program is not exclusive to only the victims of the pandemic. It's available to anybody going through financial hardship with tax debt! This program utilizes other major tax relief programs such as the Offer in Compromise, Penalty Abatement, Installment Agreement, and Currently Not Collectible status in order to result your tax debt to as close to $0 as much as possible. So what are you waiting for? The time to begin this process is now!
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