Always on the prowl, the IRS is reported to be stepping up investigating many different types of potential tax issues to suck more money out of strapped American in the coming year.
Singled out by those in the know are taxpayers who have claimed interest deductions on mortgage and equity loans. This could spell trouble for many struggling homeowners who have had taxes deducted due to high mortgage debt. Also mentioned are taxpayers who were given real estate gifts or applied for adoption tax credits.
And for the first time ever, large online merchants such as PayPal and eBay are going to sending information on to the IRS, particularly for anyone who has collected payments of $20,000 or more online.
In fact, audits are just one of the ways the IRS comes after those they suspect of having tax problems. Fee-riddled payments and wage garnishments can also haunt people for years if not properly approaching by the taxpayer or a tax attorney.
An experienced tax professional can also negotiate reasonable payment plans, remove penalty fees, and work out an offer in compromise for those who are saddled with too much tax debt. Contact us today to get a free consultation for IRS debt settlement.