Filing back taxes can already be stressful but doing it when you’re missing W-2s or 1099s adds another layer of complexity. The IRS still requires an accurate return even if documents are late, lost, or never provided. Fortunately, there is a clear process to follow. This guide explains what to do step-by-step, how to request missing forms, what your filing options are, and […]
IRS Revenue Officer vs Revenue Agent: What’s the Difference?
The IRS plays a critical role in ensuring that taxpayers comply with U.S. tax laws. Within the IRS, various professionals are tasked with different responsibilities, including revenue officers and revenue agents. While these roles may sound similar, they have distinct functions and purposes within the IRS. Understanding the difference between an IRS revenue officer and […]
How to Stop an IRS Levy
Facing an IRS levy can feel overwhelming, especially when your wages, bank account, or other property is at risk. Because a levy involves actual seizure, not just a claim, it is one of the most serious actions the IRS can take. Fortunately, taxpayers have several options to halt levies and negotiate a more manageable resolution. Understanding these options and taking […]
Can the IRS Take My 401(k)?
Owing back taxes is a stressful situation for many Americans. With it comes fear over what the IRS can do to collect. One common concern is whether your hard-earned retirement savings, specifically your 401(k), are at risk. The short answer: yes, the IRS can take your 401(k) under certain conditions. But it’s not their first […]
Can the IRS Seize a Legal Settlement If You Owe?
Dealing with the IRS is stressful enough, but when you’re expecting a lawsuit settlement, the stakes feel even higher. One of the most common questions taxpayers ask is: Can the IRS seize a settlement? The short answer: Yes, the IRS can seize or levy certain types of settlement payments if you owe federal tax debt. However, the long answer is far […]
How Much Do Billionaires Pay in Taxes?
This article explains how billionaires are taxed, why their effective tax rates differ, what the data shows about their real contributions, and how tax policy changes continue to affect what they pay. Understanding Billionaire Taxation Before exploring how much billionaires pay in taxes, it’s important to understand how the U.S. tax system works, and how the ultra-wealthy […]