What Will Happen If You Do Not Pay Your Tax Bill? What Are The Next Steps?
There’s a saying in life: only two things are certain – death and taxes.
Yet, while everyone knows they need to pay their taxes, some people either cannot or choose not to do so. What happens if you don’t pay your taxes, and what are the next steps if you find yourself in this predicament?
In this blog post, we will explore this issue in depth.
Initial Notices And Letters
If you haven’t paid your tax bill, the first thing you’ll receive is letters from the tax authority in your country (the Internal Revenue Service (IRS) in the US, for instance). These letters are typically polite reminders telling you that you owe taxes and providing instructions for payment. Should you fail to respond to these reminders or choose to ignore them, the letters will progressively become more serious and insistent.
Don’t underestimate the importance of these letters – they are an official record of your debt and could have severe legal implications down the line. It’s best to consult a tax professional or attorney if you receive these letters to understand what your next steps should be. Remember, you can always find out here about dealing with these notices.
Interest And Penalties
It’s not just the initial tax bill you’ll need to worry about if you don’t pay your taxes. The amount you owe will continue to grow due to penalties and interest.
The IRS, for example, typically adds a failure-to-pay penalty of 0.5% of the total unpaid taxes for every month or portion of the month the tax is left unpaid. Furthermore, this penalty can build up to as much as 25% of your entire unpaid taxes.
Tax Liens
If your unpaid tax debt continues to grow and remains unresolved, the tax authority may place a tax lien on your assets. This means they have a legal claim to your property, including your house and car, which they can seize to settle your tax debt.
A tax lien can wreak havoc on your credit score, making it difficult for you to secure loans or credit in the future.
Wage Garnishment And Asset Seizure
In extreme cases, if you continue to ignore your tax debt, the tax authority has the power to garnish your wages or even seize your assets, such as bank accounts, to pay off the debt. This is a last resort measure and usually follows several attempts by the tax authority to collect the debt voluntarily.
Criminal Charges
While rare, it’s possible to face criminal charges for not paying taxes. Tax evasion is a serious crime and can lead to fines or imprisonment. However, the tax authority usually reserves this for egregious cases or when they suspect deliberate fraud.
Next Steps If You Can’t Pay Your Tax Bill
So, what can you do if you’re unable to pay your tax bill? Don’t panic – there are several options available.
1. Installment Agreements
Many tax authorities, including the IRS, offer installment agreements for taxpayers who cannot pay their tax bills in full. This lets you pay tax debts over time in smaller, more manageable amounts.
2. Offer-In-Compromise
An OIC or Offer in Compromise refers to an agreement between the tax authority and a taxpayer that stabilizes the tax liabilities of the taxpayer for a reduction from the complete amount owed. However, this is not a guarantee, as the tax authority will take into account your ability to income, pay, expenses, and asset equity.
3. Temporary Delay
If the tax authority determines that you’re unable to pay the tax debt you own, they may temporarily delay collection until your financial condition improves.
In Conclusion
While not paying your tax bill can lead to serious consequences, there are options and resources available if you find yourself unable to pay. Remember, the worst thing you can do is ignore your tax bill. It’s essential to communicate with your tax authority and seek professional advice if you’re having trouble.
Remember, the sooner you address your tax issues, the less severe the penalties are likely to be. So, take action now before a manageable issue turns into a financial nightmare.
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MNPR Monopar Therapeutics Inc. Stock Forecast And News
Are you thinking of investing your money in MNPR stocks? If yes, you must know about the company and its product line before investing in it. Without the complete knowledge of any company, if you invest money in their stocks, it can be a total disaster for your money, time, and investment. Before you invest your money in Monopar Therapeutics Inc Stocks, you need to understand the company profile to make an informed investment at your end. Monopar Therapeutics is a biopharmaceutical company focused on producing pharmaceutical drugs for cancer patients to make their lives easier. MNPR ( Monopar Therapeutics Inc): Company Overview Monopar Therapeutics Inc Or MNPR is a biopharmaceutical company that comprises clinical-stage certification for developing proprietary therapeutics drugs for cancer patients. The main objective of this drug is to extend life or improve the quality of life for cancer patients. The MNPR is preparing for a drug development pipeline to acquire and license the therapeutics development of drugs in the oncology branch. The main objective of this new product development is to reduce the chances of risk for the candidates who take the heavy dosage of cancer drugs for a better cure. Reasons To Invest In MNPR Stocks Price There are several reasons to invest in MNPR stock price. But before that, you need to know the MNPR stock forecast to make reasonable investments in the initial stock prices to ensure a better growth rate in the future. 1. MNPR Upcoming Projects Can Leverage Its Stock Prices The MNPR Stock news has positive news for its investors. This fact is that this company targets producing drugs with a high unmet medical necessity. Some of the core briefings of this project are as follows:- The oncology indicates in the making to no FDA approved treatments. It has arranged the fast track designation for the candidate who needs the lead drug candidate. You can enjoy orphan drug designation for the candidate who belongs to the second disease category. 2. Comprises Of Diverse Pipeline Across Multiple Oncology Indications MNPR will launch diverse medicines for the range of patients who are suffering from various cancer diseases. Some of the core medicines and the disease for which they are targeted are as follows:- Validive is a medical drug used to treat Chemoradiation for induced voice trials ongoing in the US and EU. Camsirubicin is a drug that is prepared by MNPR for the treatment of advanced Soft tissue sarcoma. MNPR 101 RIT is a drug used to treat Advanced Solid Cancers for severe COVID-19 diseases. MNPR 101 will be used for the treatment of solid cancers. MPPR 202 drugs will be used for the treatment of solid cancers. These are some of the drugs that you can use while treating cancers. As a result, these drugs and medicines will be in high demand in the upcoming years, and their stock prices value will be in higher order. 3. Strong Management Team For Developing Needy Drugs For Patients The strong management team that possesses the industry expertise and experience will deliver quality drugs for cancer patients in the time to come. Cancer patients are increasing over time in the USA and the European nations. MNPR stock prices will rise in the years to come. As a result, the demand for their drugs needs to be higher in the market. The management team understands the market’s demand and designs its products according to it. For the past few years, the demand for pharmaceutical products has been on a hike in the world market economics. 4. Cash Burn Is Changing Over Time The Cash Burn of the MNPR is changing over time. You may have the question in your mind what is cash burn. The cash burn means the company is moving towards its business development, and the good news for the investors is that MNPR has shown a 73% cash burn rate in the last year. It simply implies that the company is growing faster, and the investors can expect to get better returns from their investments. If you wish for better returns from your investments in stocks, you should watch out for the cash burn situation of the company. In the next few years, the company is expected to grow significantly as the growth is due to the new drugs that it will launch in the market for cancer patients. 5. Debt Position Of The Company The company’s Debt Position is Zero and will remain the same over time. The current cash worth of the company is US$24 million, and the last cash burn is $5.9 million. Hence, the company has zero debt and maximum chances of growth over the upcoming years. All these aspects indicate that the company’s growth chances are pretty huge, and you can expect that prices to remain on the higher side. The cash balance is changing over the years, and it is likely to grow in the right direction all the time. 6. Monopar Can Easily Raise Cash Monopar Therapeutics can quickly raise the expected cash run within a short time frame. Therefore, it can help your business move in the right direction if you focus on investing the cash amount. Work out the plans that can positively impact n the business’s cash position. The market capitalization rate is relatively high, and you can get a better return from your investments. Work out the plans with the help of accurate information to increase the chances of better returns from your investments in MNPR stocks. Final Take Away Hence, if you are planning to make your investments in MNPR stocks, you are not making any mistake because the prices will rise in near future. Try to make your choices in the right direction to increase the chances of better returns. MNPR stocks in the upcoming years will show a significant growth rate, and the current position of the stocks of this company is quite high. The possibility is there that you can get better returns from your investments. Frequently Asked Questions (FAQs) Is Monopar Therapeutics Is The Right Buy Now? The three-wall street of the research analyst believes in buying, selling, and holding the MNPR stocks right now as they have the chance of providing better returns from your investments. How Covid -19 Impacted MNPR Stock Prices? Post COVID-19, the prices of the MNPR stocks are improving and will grow in the upcoming years. #Disclaimer: The information provided on this blog is for educational and informational purposes only and should not be construed as financial advice. I am not a licensed financial advisor. Any investment decision you make is at your own risk, and you should consult with a qualified financial advisor before making any investment decisions. This site may contain affiliate links, and I may earn a commission at no additional cost to you. Read Also: Is An Investment Banker A Good Career Choice? 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Dec 06, 2021
AML Role In Swapping Crypto
AML regulations came to exist to ensure the safety of many platforms, especially those dealing with digital finance. AML (anti-money laundering) became especially relevant once cryptocurrency arrived on the scene and started to gain more attention and be implemented in multiple spheres. When speaking about crypto assets, these are, in fact, quite convenient for money laundering. Why exactly? One can trade virtual coins anonymously. Crypto assets transfer to a different wallet is available at a very fast speed. Obtaining and swapping on the blockchain doesn’t need identity verification. It is possible to divide cryptocurrency into chunks and involve it in a complex process of tumbling. Hence, cryptocurrency marketplaces and exchanges must be extra risk-conscious. It especially implies platforms bothering to check every operation taking place. AML efforts help to prevent financing terrorist organizations or any financial crime. That is why every online crypto exchange that aims to have a reputable and trustworthy image needs to comply with AML regulations. This concept can also include KYC (know your customer) verification, KYT (know your transactions), and KYW (know your wallets) procedures. The European Union has established an AML/CFT framework to battle lawlessness in the sphere of crypto in particular. Crypto exchanges ensure AML compliance mainly in these two ways: Customer onboarding. This requires recording and storing client’s data, determining customer and token risks and overall risk score, and making out a KYC rating. The latter in crypto services includes verifying customers with the help of forensic analyses. The forensic tool is excellent at revealing customers' links to suspicious activities and tries. It is now capable of tracking user transactions on many blockchains. Transfer of digital assets. The mechanism analyzes bank and payment details and performs private key control procedures for crypto transactions. Where To Swap Crypto Coins Securely: Places Aligning With AML Regulations? If your goal is to swap BNB to USD or any other pair involving crypto, the best choice is to rely on exchanges with strict customer checks and fraud prevention policies. This is easily done if you search by keywords ‘AML crypto exchanges’ or follow the recommendations of experts and insiders. Here are a few suggestions: 1. LetsExchange.io. This instant exchange offers one of the largest ranges of crypto assets. The number of coins currently reaches 3,870, which is much more than average. Users are not limited in trading volumes, can exchange at best rates to get more lucrative revenues, and can get started in a second. One can get top rates thanks to the SmartRate mechanism. It searches out the most profitable rates existing at the moment at the biggest exchange platforms. To maximize outcomes, one can either swap at fixed rates or let them float, depending on the situation on the market. Transactions and user data are protected with SSL certificates, DDoS, and encryption. It can be a BNB to MATIC converter and a crypto-to-fiat exchange. 2. Coinbase As an exchange with worldwide popularity, Coinbase is an option for simple and versatile swapping, with advanced features and educational opportunities. Additionally, it allows for staking and earning crypto rewards and provides a large number of tokens to choose from. If you are a seasoned trader, you will enjoy in-depth charts with market analytics, live diagrams with data, order books, and more. Not long ago, Coinbase introduced AML regulations and verification. It helped many new users gain more trust in the platform. As the article shows, AML verification is necessary for customer and transaction checking. It has obvious benefits for swap platforms and clients, who are eager to lessen risks related to providing personal data and making online conversions. Read Also: How Blockchain Infrastructure Is Revolutionizing Businesses What You Need To Know About Software Testing In Blockchain ACTC Stock – Present Price, Forecast, Statistics – Should You Invest In It In 2022?
Nov 18, 2023
What Is SHLL? Is SHLL Stock A Good Stock To Buy In Future?
Are you planning to buy the best SHLL stock in the Future? Selection of the best stocks will work well for you in all aspects. You just have to make sure that you do not miss out on all the essential points that can grow your stocks in all the possible ways in a short time. Before you invest in the SHLL stock, you must know the current trend to get better returns from your investments. So get the basics right before you make your investments. You have to take care of several aspects while you want to make your investments in SHLL stocks. First, try to make your investments depending on the market trend and company status on which you are making your investments. What Is SHLL Stock? The SHLL stock is the stock of the Tortoise acquisition corp class. It is currently a blank check company, and according to the stock market reports, this company has shut down its operations and has merged with Hylion’s Technology. The target niche of this business was the energy industry. Now I have made it clear to you what SHLL stock is? Before you make your investments, you have to understand the trend, market scenario, and the current market prices of this capital stock. Is Tortoise Acquisition Corp Class SHLL Stock? The overall market sentiment has been high for the corp-class shell stock. As a result, the SHLL is getting a bullish rating from the sentiment of the investor’s ratings. The Tortoise Acquisition Corp is shown for you when you are getting a bullish rating. It means the market growth rate of the shares is relatively high, and it is gaining momentum. Is SHLL A Good Stock? Experts of the stock markets believe that you can buy the stocks of SHLL now ass the price is low for two to three days, and then you can sell when the price gets the newer hike. From my article, you will get to know the SHLL stock history in detail to make the required changes. So do not make your choices in grey while you want to get better returns from your investments. What Is The Stock Sentiment Of SHLL? Whenever you make the investment decisions, the overall stock sentiments will provide you with an overview of the investors in their favor. The belief incorporates the short-term analysis and the score that does not encompass the short-term technical analysis and the score that does not analyze the fundamental research for the company’s profitability of the company. It means that the earning updates can cause significant problems in all possible aspects. How Can You Track The Stock Sentiment? Whenever you are making investment decisions, particular sentiments provide a good overview. Most of the time, sentiment incorporates short-term technical analysis in the form of scores. It does not show any fundamental analysis that reflects the profitability of the company. In most of the cases, it was found that the earning updates can provide the overall sentiments of the investors. However, the application of the price action is generally the accurate indicator of the belief in the market. The investor’s observation is one of the actual indicators that help you consider the price action in the recent trend volume. When the trend is decreasing, you must withdraw your investments as the market shows a downward trend. What Is The Future Of Shll Stock If Investors Makes An Investment In It? Experts of Trading in the US stock market NYQ are of the opinion that Shll stock can provide them a better return on their investments in the future. Shll U can be a profitable investment options whose quote is equal to 58.990USD at 24-11-2021. It is expected as per the experts that shll stocks will reflect a +227.16% growth rate. For example, if you invest $100 today it can rise up to $ 327.16 in 2026. The growth rate of the shll stocks is quite impressive in the years to come. What’s Happening With SHLL Stock Now This Week? Most of the investors on the SHLL stocks are very eager to know what will happen today on SHLL stocks. Being an investor in the same; you will also have the same question in mind, right. So follow the below-mentioned points. Then, keep yourself updated with the SHLL news to make better investment plans. Tortoise Acquisition Corp Class A SHLL was higher by 1.52% on Monday 15-11-2021. Today’s Tortoise Acquisition News market range is entirely down compared to the previous one -1.89%. On Monday, the SHLL price was higher than its previous stock range, which is 0.76. The last closing price is $49.96, depending on the volume of 2,751,683 shares. Over the past few years, the price of stocks has increased by 10.95%. The SHLL price is higher than the 413.88%. SHLL has lost -$0.02 per share over the past 12 years. It is the complete picture of the SHLL that you can go through this week before you make your investment. SHLL Stock News If you want to get accurate news of the SHLL stock news in the updated format, the table below can provide the complete picture. Do not make your choices in grey. The reason is that without knowing the current market trend, you cannot get the results in your favor. Make your investments by analyzing the current market and its fluctuations in the global business arena. The entire price range of the SHLL stocks is quite volatile in nature. So the best thing you can do is hold your stocks for the time being and allow the stock price to rise after some time. Is It A Wise Option To Invest $1000 In Tortoise Acquisition Corp? Before you make up your mind and soul to make your investments in Tortoise Acquisition Corps. You must seek the assistance of some industry experts to have their opinion as well in your kitty. An award-winning stock analyst team has inspected 10 different profitable stocks where they could make their investments and earn well. In that list, the name of the shll stocks is not there. You have to make your choices wisely, especially when you are planning to make your investments in sensitive stocks like shll stocks with the hope of earning more profits from them. More About Tortoise Acquisition Corp Class A Tortoise Corporation is primarily almost like a blank check company that was formed with the objective of merger and acquisition. It is also known as the SHLL. The primary services of this company are as follows:- It ensures the merger and acquisition. Helps in Developing the capital stock exchange market price. SHLL ensures the asset acquisition properly. It Increases the chances of the stock purchase. Re-organizes a similar business with the combination of one or more companies. It is one of the most effective means to make things happen in your favor in all the possible ways. So work out the plans that can help you to achieve your goals in the best possible ways quickly. Do not make an impulsive decision while investing your money in shares because shares are vulnerable to high volatility rates. Is SHLL A Good Stock To Invest In? The price-earning ratio of the SHLL stock is fluctuating vigorously, and it will be a better option for you to watch the current market scenario before you make your investments. Do not make investments immediately as recently; Tortoise group has made the mergers with HYLTON. It is now the time to make intelligent investment plans while you want to invest your money there. The current price of the shell stock is $44.91. What Is The SHLL New Ticker Symbol? The SHLL New ticker symbol is “HYLN” After the merger with the HYLN, its name, and symbol of stocks have been modified. In most cases, you have to make your choices after analyzing the market trend of these shares before you make your investments in them. Therefore, today you will receive the HYLTON stock in the market, not the SHLL stock, after its merger with Hyliion. Final Take Away Hence, these are some of the core factors you have to consider while making your investments in SHLL stocks. Develop your business strategy well before you make your investments in the correct direction. Try to make the right choices at the correct point of time before you make your investments in stocks. The timing of the investments plays a vital role here. FAQ(Frequently Asked Questions) 1. Will Shll Go Up? Yes, the shll stock price will go up in one year starting from 58.99USD to 85.604USD. 2. What is Shll Stock now? The current price of the shll stock is $44.91. 3. What did Shll Turn into? The shll stock will turn into Hyliion Inc. This company is worth more than $7.2 billion. 4. Why did Shll stock go up? After the merger with the electric heavy truck startup, the shll price will definitely rise up. #Disclaimer: The information provided on this blog is for educational and informational purposes only and should not be construed as financial advice. I am not a licensed financial advisor. Any investment decision you make is at your own risk, and you should consult with a qualified financial advisor before making any investment decisions. This site may contain affiliate links, and I may earn a commission at no additional cost to you. Read Also: Why Create A Powerful Business Continuity Plan? How To Start A Business In 2021 – Best Business Strategies Is Nykaa Going To Dominate The Market With Their Recent Launch?
Nov 19, 2021
Family Budgeting 101: Tools And Tips For Managing Household Finances
If you’re the breadwinner, you’re likely very well aware of the financial challenges of raising a family. From staying on top of bills to keeping your kids healthy and happy, there’s a constant push-and-pull of financial responsibilities that requires constant analysis on your part to resolve. In some cases, it can feel all too easy to just buckle down and fall behind financially. However, formulating a foolproof family budgeting strategy is indeed a possibility, regardless of how your finances currently stand at present. This can come in various forms, from cutting down on unnecessary costs to using tools to help break down your household’s cash flow. Here are some tools and tips to help you manage your household finances more effectively. 1. Track your budget If you don’t have a budget tracker for your household, prioritize creating one as soon as you can. A financial tracker is one of the easiest ways to get a good look at your finances, whether it’s your income or bills. This is not only useful in a corporate-level setting, but it’s also helpful for households in monitoring their cash movements. Some trackers even enable users to create financial ratios to help provide them with a clearer picture of their financial standing. For instance, some trackers have an emergency fund ratio, a ratio that measures how easy it is for liquid assets to be converted to cash in a pinch. There’s also a savings rate, which is a percentage of how much money you saved over how much you spent on a given period, typically a month. More often than not, budget trackers are used for the simple stuff, namely, inputting your income and expenses. Forming a habit of updating your budget helps keep you mindful of your spending patterns, which can help you make more informed decisions for future spending. 2. Utilise digital tools Technology has seeped its way into every corner of daily life, and in the realm of financial tracking, this is no different. In fact, many software tools and applications today can streamline the budgeting and tracking process, turning what may be minutes or hours of mind-numbing work into mere seconds of computerized processing. This calculator from Westpac is one such tool, among many other budget calculators, that can help you crunch data and project how much money you’ll need before you reach a financial benchmark. Furthermore, some tools can help keep you informed and notified about any issues related to your finances. For instance, some apps can remind you when your latest bills are due. Other apps can also provide an easy-to-read graph of your expense breakdown. Budgeting is a comprehensive activity that involves a lot of moving parts. There’s bound to be a digital app or extension that helps make that one budgeting process much easier and more approachable. Some good budgeting apps to help start you off include Mint, YNAB, and Quicken. 3. Set budget goals Every family has different budget goals that set them apart. Some families may be saving up for a new car, while other families are saving up to buy a new house. A few households may not have such grand purchases in mind and would rather climb out of a hole of debt. Having a goal is important because it gives you a target to aim for. The presence of this goal allows you to reverse engineer your decisions and strategize your financial behavior to actualize that goal. If the financial goal seems like a far-off fantasy, you can start breaking it down into smaller and more achievable chunks. You can establish figure-related milestones, like saving a certain amount each month or lowering your weekly expenditures. By having these short-term goals, you can find it easier to track your progress and adjust your purchase behaviour accordingly. 4. Pay off your debts immediately Financial management isn’t only about saving money and boosting your income—it also requires proper debt management. Debt, on its own, isn’t inherently bad. If you can guarantee that you can pay it on time, then having this infusion of funds in your hands can be used to pay off bills and other critical expenses. That said, having unpaid debt can be disastrous for your financial health. For instance, unpaid credit card and loan dues can incur high interest rates over time. Some loan types may also require borrowers to pay late fees for delayed payments. These can all add up, especially if you let the debt run for multiple months. So as soon as you earn income or receive money, be sure to pay off these debts immediately, starting with the debts that have been around the longest. 5. Uphold family financial values Family financial management is a team effort. You don’t want to be the only one restricting your spending while your spouse and/or children splurge for whatever they want, especially if they’re dependent on your income. As such, you should teach your kid key financial values as early as possible. Teach them the scarcity of money, the value of money, the importance of saving, the importance of holding off from wants, and other healthy money habits. You should also communicate finances with your spouse honestly and openly. Being on the same page is important for not just your financial health, but also your relationship at large. This can promote harmony and stability within the family unit, as well as foster the right foundation for proper money management. 6. Minimise unnecessary spending It’s crucial for all members of the family to commit to lowering their spending. Living below your means can seem tough, but it can be approached in several ways. For instance, instead of buying lunch in the cafeteria or at restaurants, just prepare a packed lunch from home. Also, avoid buying random snacks and drinks throughout the day. You should also look into your monthly subscriptions and see if there are any monthly payments you’re making that aren’t being used. Cancel these unused subscriptions, and urge your family to do the same. Furthermore, find ways you can lower your expenditure by buying things at lower rates. You can use discounts, coupons, and vouchers to lower the cost of products and services that you and your family need. Being proactive and scouring for these discounts through email newsletters or partnered websites can be a good way to score a good deal. 7. Be flexible Here’s a cold, hard truth: things will never always go as planned. Emergencies can and often will happen, and many of these emergencies are capable of wiping a significant portion of your savings away. As such, it’s important to develop contingency plans in your budget in case these events do occur. For starters, you can try to make an emergency fund as a financial cushion in case a sudden bad event happens. Besides that, always be mindful of your and your family’s lifestyle habits and make the necessary financial adjustments. If you find that your savings rate is decreasing month-on-month because of added expenses, for instance, you may have to think hard and reevaluate your budget’s goals. Being flexible is an important value to possess to be able to navigate financial difficulties effectively. Sticking with one goal stubbornly when the situation around you changes can spell your downfall, so be receptive to change and be prepared to call new shots. Read Also: A Brief Guide To Business Integrated Planning Maximizing Tax Refunds: Tips And Tricks For Canadians Seven Potential Tax Credits Available To Small Businesses In 2023
Dec 20, 2023