Offer in Compromise

What should you do if you owe the IRS a big bill on Tax Day, but don't have the ability to pay it right now? Don't despair -- and don't just try not sending in your return! Here are a few smarter options.

It can be pretty scary to realize that you're going to owe federal income taxes. Even though statistically, half of all taxpayers didn't owe anything in federal income taxes last year, tens of millions of taxpayers did owe the government. If you're one of those taxpayers who owes in 2010 -- but...

Are we seeing a kindler, gentler IRS? The IRS recently announced that it will be implementing new policies and programs to help taxpayers pay back taxes and avoid tax liens. This new approach has been met by many with a welcome, though perhaps wary, eye. Reducing the aggressive tactics used by IRS...

The good news: You survived an audit. So what now? If you're audited and the result is that there are no adjustments to your return (or if you get a refund), it decreases your odds of being audited in subsequent years. If you're audited on the same items two years in a row with no additional taxes...

One of my good friends likens doing her taxes to playing the slot machines. She puts her financial information into her tax software, presses "Calculate" and hopes for the best. Sometimes she gets a refund; sometimes she owes. Despite my best efforts to get her to do some tax planning, she seems...

The good news: You survived an audit. So what now? If you are audited and the result is that there are no adjustments to your return (or if you get a refund), it decreases your odds of being audited in subsequent years. If you are audited on the same items two years in a row with no additional...

It's no laughing matter for Sinbad: the IRS is seeking to take his home. The IRS has filed an action in court against the actor/comedian (whose real name is David Adkins) in partial satisfaction of taxes it says he owes. The IRS has filed tax liens in the amount of $8.15 million in tax...