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Experts’ advice on obtaining assistance with IRS tax debt
With the April 15 federal tax filing deadline looming, many Americans are going through their tax documents. While most taxpayers typically overpay and receive a refund, there are cases where individuals end up owing the IRS due to various reasons such as miscalculations, underreporting income, or not being aware of tax rules changes.
Receiving a tax bill from the IRS can be a stressful situation, especially considering the potential penalties involved. It is essential to take action and seek help if you find yourself unable to pay off your tax debt in full when you file.
Here are expert-backed solutions to help you manage and resolve your IRS tax debt:
File Your Taxes, Even if You Need an Extension
It is crucial to file your tax return on time, even if you cannot pay the full amount owed. Failure to file on time can lead to additional penalties, so it is important to submit your return promptly and request an extension if needed.
Request a Payment Plan
Maintaining open communication with the IRS is key when you are unable to pay your tax bill. Be proactive in explaining your situation and promptly respond to any communication from the IRS to avoid further collection actions.
The IRS offers various options such as installment agreements, offers in compromise, or temporary delays in collection for those facing financial hardship.
Consider Making an Offer in Compromise
If paying your tax debt in full would create a financial burden, you can submit an offer in compromise to settle the debt for less than the total amount owed. The IRS will assess your financial situation to determine if you qualify for this option.
Seek Assistance from the Taxpayer Advocate Service
If you are struggling to resolve your tax debt directly with the IRS, the Taxpayer Advocate Service offers free help and advice on dealing with tax issues and preventing future debt problems.
Consult a Tax Professional
Working with a certified public accountant (CPA) can help you navigate the complex tax code and IRS collection process. You may also consider hiring a tax debt relief service to negotiate with the IRS on your behalf, but be sure to research and verify the credibility of any company before engaging their services.
Dealing with IRS tax debt can be daunting, but taking proactive steps and seeking help from experts can lead you towards a resolution. Effective communication and understanding your options are crucial in addressing tax debt issues and improving your financial well-being.
News
University of Wisconsin-Milwaukee and Protesters reach an agreement to dismantle encampment
Protesters at the University of Wisconsin-Milwaukee have agreed to end their pro-Palestinian encampment following an agreement reached with the school, university officials announced on Sunday. The encampment, which had been in place for two weeks, will be dismantled by Tuesday, marking the end of what was believed to be the last standing encampment at a Wisconsin college.
University officials had allowed the encampment to remain on a patch of lawn between Mitchell Hall and a busy thoroughfare on the campus’s southern boundary, opting not to involve law enforcement. This approach differed from the response at the University of Wisconsin-Madison, where police were called in to remove tents after negotiations fell through. Despite initial efforts to disband the encampment, Wisconsin-Madison eventually reached an agreement with protesters to voluntarily dismantle the camp prior to commencement ceremonies.
Chancellor Mark Mone of Wisconsin-Milwaukee stated last Wednesday that the university had exhibited “the widest possible amount of patience and restraint.” However, he also cautioned that patience was wearing thin and hinted at potential action by the school. Following discussions with the UWM Popular University for Palestine Coalition, the university agreed to advocate for a cease-fire between Israel and Hamas, condemn the destruction of schools and universities in Gaza by Israeli forces, and hold meetings with protest leaders regarding university investments.
Additionally, the university pledged to urge the Water Council, a Milwaukee organization of water technology companies, to sever connections with two Israeli government-owned entities, Mekorot and the Israel Innovation Authority. Chancellor Mone serves as the treasurer on the Water Council’s board of directors.
In return for these commitments, the protesters agreed to dismantle the encampment beginning on Sunday and completing the process by Tuesday. They also agreed not to disrupt the university’s commencement ceremonies scheduled for Sunday. In a statement, the protesters expressed their satisfaction with the agreement, stating, “After hard fought edits and careful consideration by the coalition, we determined we had obtained all possible benefits from the encampment.”
The resolution of the encampment at the University of Wisconsin-Milwaukee represents a successful outcome of negotiations between university officials and protesters. By reaching a compromise that addresses the concerns of both parties, a peaceful resolution has been achieved, allowing for the encampment to be taken down without incident.