When a tax debtor is unable to meet his or her tax liabilities, the Internal Revenue Service (IRS) may under certain circumstances approach the tax debtor to implement a workable payment plan. In doing so, the IRS acknowledges that this is the best solution to a situation where the tax payer is unable to pay,
irs forms explained
IRS Forms 940 and 941
Under the current federal tax system, employers are required to pay a Federal Unemployment Tax Act (FUTA) tax. The funds collected by the Internal Revenue Service (IRS) from this tax, together with state unemployment tax collections, are made available to workers who have recently lost their jobs in the form of unemployment compensation. See Internal
CP 523
The Internal Revenue Service (IRS) has a number of ways to both accommodate struggling taxpayers while also mitigating losses in connection with taxpayer’s failing to meet their tax obligations, one of which is to put a taxpayer in default on an installment agreement CP 523. Under the terms of an installment agreement, a taxpayer will