Many a time the financial condition of people escalates to a danger zone where the possibility of bankruptcy looms over the head. As the economy of the world undergoes a turbulent phase, this danger of bankruptcy is further enhanced. A person having large debts and not capable of repaying it, ... Views: 958
Payment of tax is a necessary requirement by law, and failure to do so is considered as a punishable offense. Many different crimes such as tax lien and transgression can be charged to the offender, in such a case. Inability to pay tax, or recurring tax problems have lead to the demand for ... Views: 810
It is important to pay taxes on time, which is the financial charge levied upon an individual by a state. Failing to pay taxes on time can lead to far reaching effects and the individual may be charged with transgression and other theft charges which include tax lien and tax levy. Moreover a ... Views: 695
If one is facing a tax levy, then it is advisable that he/she gets it removed as soon as possible. A tax levy is one of the biggest weapons in the hands of IRS. By imposing a levy, IRS gains the ownership of one's assets or property, till the individual pay them the taxes. A tax levy can ... Views: 863
Paying tax has always been a responsibility that has been avoided by many or else procrastinated by several. Delay in payment of taxes is extremely risky and loss making for an individual or a business firm. Unpaid taxes can land an individual or a business firm into trouble with problems like ... Views: 747
One should always be prepared for an IRS audit to survive the same in best possible manner. It is recommended to file a genuine tax return because no one knows when the IRS will dispatch a mail informing of an audit. One should collect and preserve the bills and receipts of all the expenses and ... Views: 704
Paying tax is something that is not only feared but avoided by many. Failing to pay taxes may lead to problems like bankruptcy, seizure of property and penalties, to name a few. Factors like ignorance of the know-how of paying tax coupled with failure to pay taxes on time, may lead to tax levy ... Views: 660
After the unfortunate period of recession, issues like debts and bankruptcy have been affecting business firms, organizations and individuals to a large extent. Trying to solve matters by oneself, at a vulnerable position of facing bankruptcy or simply paying back a huge debt amount; can prove ... Views: 1118
There are several convenient options available for the individuals to pay their taxes on time. Online tax payment system has become extremely popular among the individuals as hassles of going to tax department, availing forms and filling them manually has been completely removed. Many ... Views: 686
Post recession, problems like bankruptcy and debts have been plaguing business organizations and individuals to a large extent. In order to obtain relief from such situations, there are several tax lawyers. Hiring such experts at a vulnerable time of insolvency is extremely significant, as ... Views: 672
In order to get an IRS tax relief in United States debtors usually wants to go for Offer in Compromise (OIC). This process allows the taxpayer to escape the financial debt crisis and get maxim relief from their debt. In order to pay less than what they owe, people prefer to avail debt relief ... Views: 959
Bankruptcy is one of the most prevalent problems ailing business organizations as well as individuals in the 21st century. In order to come out of this situation and handle it appropriately, there are several bankruptcy lawyers. Hiring these experts at a crucial and vulnerable position of ... Views: 770
Bankruptcy is a set of federal laws in U.S that is specially designed to assist people who are in debt and have no means of paying back. More explicitly, a business organization that has been declared bankrupt becomes insolvent. In such a case, the firm is incapable of paying dues to creditors. ... Views: 679
During the time of recession many individuals failed to pay their taxes on time. Often, owing to the bad financial position and careless attitude, individuals tend to ignore payment of taxes on time. Non payment of tax or delay in tax payments lead to accumulation of huge amount to debt on ... Views: 895
In US, most students are under the burden of heavy student loan. As per official records, the number of student loans in United States is 40 million, which totals over $1 Trillion. Student loan burden carried by the students ranges from $25,000 to $100,000. Even the credit card debt record has ... Views: 695
The irregular tax payment of the organizations causes tax debts. So every business organization has to suffer from tax debts in some times during their business cycle. Various reports are available how, many companies suffer from tax debts and other tax related problems. Later, the organization ... Views: 626
To ensure the secured collection of unpaid taxes, the action that IRS or state takes against the individuals is Tax Lien. It gives the IRS a legal claim to defaulters property, which is taken as a payment against tax debt. So if somebody has unpaid back taxes and the IRS has not yet taken action ... Views: 658
Many individuals fail to pay their taxes on time, due to their bad financial position. Delaying of tax payment or non-payment of tax is strictly considered by the state. A separate body named IRS (Internal Revenue Services) then initiates the process of tax collection. Many individuals, due to ... Views: 650
Owing to the uncertain financial condition and unprecedented circumstances, individuals delay or fail to pay their taxes on time. Individuals often struggle to pay their credit card bills, student & personal loans, medical bills and any other bill, owing to their bad financial position. ... Views: 638
Tax levy is an authorised spasm for the property of the accused to balance thier tax debt. Levy is known as the enforced collection action and is certainly different from lien. A lien is considered as a claim, which is utilised as a security against the debt of accused. However, a levy mortgages ... Views: 796
Many business organizations around the world have faced tax problems, some or the other time, in their business life cycle. The amount of debt increase when taxes are ignored for a long period of time. Later on, to avoid legal notice, organizations have to pay their pending debts. Reportedly, a ... Views: 666
The perfect goal for settlement of debt is stepping towards write-off from the debt or eventual payoff. Harassing calls from debt collectors is not a solution for the individuals who are unable to pay their debt. Bankruptcy Attorneys are the last resort for those debtors who are inculcating with ... Views: 715
Business enterprises around the globe sometimes have to face difficult situations that include debt and tax issues. Surmounting debts can become a major problem for any bankrupt company because in case of non-payment, legal bodies can seize valuable assets. Bankruptcy attorneys come to the ... Views: 622
Debt is an obligation, which is owed by the debtor to the creditor. There are multiple factors that lead individuals into debt. One of the major causes is the poor money management and reduced income. With economic crisis in the USA, there are several professionals facing the issues of debt. ... Views: 886
Bankruptcy is a situation wherein a business organization becomes insolvent. This insolvency comes with a lot of troubles, whereby the company is forced to liquidate all the assets so as to be able to pay off the unpaid debts. Dealing with these legal implications is not an easy task for an ... Views: 642
Legal system affects nearly every aspect of our society be it buying a home or running a business. While running a business, entrepreneurs often confront several financial problems related to back taxes and unpaid debts. Unpaid or delayed taxes can make the concerned individual to be legally ... Views: 1120
Many people in the present age struggles to pay their medical and credit card bills due to which they face various legal problems. In USA, Internal Revenue Services or IRS is a tax collecting agency, which penalizes people who fail to pay their financial debts. Dealing with IRS is not an easy ... Views: 628
Business firms from around the world deal with the problem of debt at some point of time. These debts can be ignored for a given period of time but sooner or later the organization has to pay off debts to avoid any legal action. In 2009, numerous companies were affected by this that resulted in ... Views: 642
A business organization is declared bankrupt when it becomes insolvent. In such a case, the firm is unable to pay money to its creditors. Liquidation and reorganization are two kinds of bankruptcies that can be filed. In case of reorganization bankruptcy, the protection of the exempt assets is ... Views: 1852
Every working professional face the issues of debt that can be avoided with the help of professional assistance. However, if the concerned person is unable to pay debt after the due date then strict action is taken against him or her. This issue has become more common post market meltdown of ... Views: 690
Incidents of individuals going completely broke financially became common post recession in US in 2009. Millions of Americans suffered job losses and subsequent lowering of income. In spite of recession being practically over, the current unemployment rate in USA is still low with leading firms ... Views: 807
Individuals, who are bogged down with IRS problems, can resort to tax relief services of a professional. The IRS tax relief option is available for individuals who are facing immense problems trying to figure out how they can settle their pending tax payments. Issues related to IRS tax ... Views: 686