Treasury Issues Final Controversial Debt-To-Equity Rules

OIC

Law360, Washington (October 13, 2016, 7:54 PM EDT) — The U.S. Treasury Department issued its final debt-to-equity rules Thursday, with changes to exempt certain kinds of corporations, employee stock plans and others from regulations meant to curb the tax benefits of corporate inversions.

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The Complexity of an OIC (Don’t Try This at Home)

OIC

Let’s face it. The IRS wants to collect its tax debt. And if you owe a large sum, they especially want to bring that money in. Sure, they aren’t paid on commission, but this is their job, and, probably like all of us, they are held to certain marks and standards. With that being said, a settlement with the IRS (also called an Offer in Compromise) isn’t impossible (it’s just not exactly easy, either).

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First-Time Tax Offender? See if You Can Benefit From an IRS Penalty Waiver

What Is an IRS Penalty Waiver (aka Penalty Abatement)?

IRS penalty waiver

An IRS penalty waiver does exactly what it sounds like – waives IRS penalties. For an individual filer, this procedure attacks failure-to-file or failure-to-pay penalties. For a business, these penalties also include those related to a failure to properly deposit payroll taxes. Pursuing this type of waiver is one step in the process of reducing or eliminating tax debt.

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Carly Owed Over 32k in Back Taxes. See How DTR Saved the Day!

back taxes

Carly* was overwhelmed. She found herself owing over $32,000 in back taxes, penalties and fees to the IRS. She feared the destruction to her personal credit that a tax lien would cause, and she couldn’t handle the loss of income she’d face if the IRS decided to garnish her wages. After months of stress, Carly decided to seek help.

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Iggy Azalea Owes $400,000 to the IRS. See 3 Possible Tax Debt Penalties She Could Be Facing

tax debt penalties Lately there’s been a lot of attention on Iggy Azalea and her terrifying $400,000 tax debt. And let’s face it, the IRS is probably one of the scariest entities to be indebted to. Other than a looming tax bill, what other consequences could Iggy (or someone like her) face?
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