TaxCure Blog

If you owe the Internal Revenue Service tax money, you may know that some of the penalties for non-payment can become pricey: The IRS can impose additional late or underpayment penalties, and apply interest rate charges on amounts owed until the taxpayer resolves their taxes.  If the IRS fails to collect on the taxes through voluntary action, more extreme collection measures may take place. For example,  garnishment of a person’s wages or even imprisonment.

Owing property taxes is scary. Worst case scenario—if you don’t pay the taxes, or you end up with unpaid property taxes for a long period of time, you lose your home. Luckily, there are a lot of options before that happens.

With the 2017 tax season over,  you probably already put your tax return behind you and put your tax refund to good use. But what about all that paperwork? How long to keep tax papers? Have you filed your 2016 documents away somewhere never to be gazed upon again? Perhaps the documents are still sitting in a folder on your counter or on top of your printer, or desk? Maybe you’ve even thought about tossing these documents. Find out why it might be a bad idea to toss any tax-related documents away, at least right away. Here is some insight as to how long to keep tax papers.

The IRS recently released their annual offer in compromise (OIC) data for 2016. Although the acceptance rate fell in the fiscal year 2014 and 2015, it reached a new all-time high in 2016 with an acceptance rate of 42.86%. That is almost 1% more than the previous all-time high reached in the fiscal year 2013.

The United States has been doing pretty well in the 2016 Summer Olympics, held this year in Brazil. As usual, the United States leads the medal count, including for gold, helped along by great performances by the United States swim and women’s gymnastics teams.