The IRS, or Internal Revenue Service, is the agency in the federal government responsible for regulating and collecting taxes. Learn more here about your taxes and what the IRS does in these articles, columns, blog posts, videos and radio shows.
More Help To Pay Your Tax Debt
The new Mortgage Forgiveness Debt Relief Act of 2007, signed into law at the tail end of last December, is supposed to provide some relief to those who sell their homes short -- that is, sell for less than the mortgage amount. Also, the law provides if the taxpayer is insolvent to the extent of the amount of debt, a short sale would not be taxable income. You may seek other help if you owe a tax debt. Although the IRS cannot touch your retirement savings they may suggest getting tax debt help by borrowing against them.
Handle With Care: Tax Refund Loans
As tax season gets closer you're probably hearing lots of ads for tax refund anticipation loans. These loans give you money now that you normally rece...
IRS Warns Of New Scams
Watch out for scammers calling you for bank account information, warns the U.S. Internal Revenue Service. The IRS announced yesterday that identity th...
Tax Help For Mortgage Forgiveness
Homeowners taking a loss when selling can now get tax help. The tax help is part of the Mortgage Debt Forgiveness Relief Act. Under the new rule, taxpayers can exclude up to $2 million of mortgage debt forgiven in 2007, 2008, or 2009 on their primary residence.
Not Paying Taxes On Principle Does Not Fly
The U.S. Internal Revenue Service continues to gear up for tax season. Today they released the top four reasons that people give for not paying their ...
How to File Taxes For Free Online
The U.S. Internal Revenue Service just announced its Free File Alliance for 2007 taxes. If you earn $54,000 or less you're eligible to file your tax...
What To Expect From the IRS With A Property Lien
A husband quit claimed property to his wife 17 years ago and she is now wondering if the IRS can put a lien on the home for his unpaid income taxes. The IRS can probably put a lien on the home but cannot go after it. The quit claim should protect the home from a lien from the IRS.
Is Your Social Security Number Safe?
This past week I went into an optometry store to buy some special cloths so my dad could clean his glasses without scratching the anti-glare coating o...
IRS Increases Business Mileage Reimbursement Rate
If you track your mileage for taxes this will interest you. The U.S. Internal Revenue Service just announced the mileage rates for 2008, which go int...
Calculating Property Cost Basis
In simple terms, when people talk about the term "basis," that term refers to the cost of the property adjusted for improvements and can be adjusted up or down for other reasons. If the property was vacant land when you bought it and it cost you $5,000, your basis at that time was $5,000. If you put a home on it at a cost of $35,000, the basis of your property would have been $40,000 even though the home might have caused the land and home to be worth much more than the $40,000.