Business Services Industry
The Record, Hackensack, N.J., Tax Mailbag Column.
Knight Ridder/Tribune Business News, April, 2004
The Record, Hackensack, N.J. Knight Ridder/Tribune Business News
Apr. 1--IF YOU OWE BACK TAXES, IRS (YES) MIGHT HELP: QUESTION: I owe the Internal Revenue Service about $90,000 in back taxes.
My income consists of a pension of $800 a month, plus $1,000 in Social Security. I have no assets, and I don't own a home. Will the IRS take my pension and Social Security?
ANSWER: Pensions and Social Security are not exempt from an IRS levy. But considering your income, you should file an Offer in Compromise with the IRS (Form 656). This is used to negotiate a settlement of unpaid taxes. Under the tax laws, the IRS can reduce or even wipe out the tax liability of taxpayers who don't have the income or assets to pay what they owe.
But...
Most Recent Business Articles
- Multiple criteria evaluation and optimization of transportation systems
- Multi-criteria analysis procedure for sustainable mobility evaluation in urban areas
- A two-leveled multi-objective symbiotic evolutionary algorithm for the hub and spoke location problem
- Multi-criteria analysis for evaluating the impacts of intelligent speed adaptation
- The development of Taiwan arterial traffic-adaptive signal control system and its field test: a Taiwan experience
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- Design a commission plan that drives sales - Sales Commissions
- Too Young to Rent a Car? - 25-years-old the minimum age for car renting - Brief Article
- LIFO vs. FIFO: a return to the basics
