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Most American adults are aware that they should have life insurance, particularly if they have minor children or other dependents. Life insurance does provide a large measure of security for families. However, people often fail to consider the fact that an insurance policy is considered part of a decedent’s estate. If the value of the estate exceeds the applicable exclusion amount under the law, the estate will have to pay death taxes. In many cases,

Some U.S. taxpayers may have a tax liability they are simply unable to pay, a tax debt for which there is doubt as to liability, or a tax debt for which payment would cause a severe economic hardship. When this happens, the Internal Revenue Service (IRS) can choose to accept what is known as an “offer in compromise.” An offer in compromise (OIC) is accepted when the IRS deems it unlikely that the taxes owed

For taxpayers who owe a tax debt to the Internal Revenue Service, there are a number of options to resolve that debt. If you are unable to pay off your tax debt immediately, you may be a candidate for an IRS installment agreement, which will allow you to pay off your debt over time. Installment agreements are the most commonly used way to pay off overdue taxes. One significant advantage of this method is that while

The United States government understandably wants its citizens and residents to pay taxes on the money they earn, especially when those funds are significant. To this end, the U.S. government has cast a wide net designed to identify and penalize tax abuse by U.S. citizens. Like many wide nets, however, this one can catch more than it was intended to, sometimes with disastrous results for taxpayers who are new U.S. residents. While this is a

If you are faced with an IRS tax levy, the last thing you should do is ignore it. A levy is a seizure of your property in order to satisfy a tax debt. Unlike a lien, which involves placing a security interest on your property, but which leaves the property itself in your possession, a levy is an actual legal seizure of the property in question. Because of the nature of a levy, it is