Technology

What to Do If You Can’t Pay Your Income Taxes

Published

1 year ago

April 1, 2023

What to Do If You Can’t Pay Your Income Taxes

What involves thoughts first whenever you’re able to file your revenue taxes and see a quantity within the Quantity You Owe discipline that’s bigger than your checking account stability?

Two teams of taxpayers are the more than likely to owe cash to the IRS on tax day (April 18 in 2023): self-employed people who didn’t make estimated tax funds (or didn’t pay sufficient), and W-2 workers who didn’t have sufficient withheld from their paychecks. Each issues may be fastened for the next 12 months, however what do you do when you’ll be able to’t pay your tax invoice by the April deadline?

As soon as the preliminary shock wears off, you may attempt to safe a mortgage from household or buddies. An alternative choice, although it’s not an ideal selection in as of late of rising rates of interest, is to place it on a bank card. You may also apply for a mortgage.

Or, you’ll be able to ask the IRS for assist. The company has a number of applications in place to assist taxpayers fulfill their obligations, although chances are you’ll find yourself having to pay further charges, penalties, and curiosity.

We’re right here to interrupt all of those eventualities down for you.

The Finest On-line Tax Software program We have Examined

The place Can You Get a Mortgage to Pay Your Taxes?

In case your family don’t come by and also you wish to both pay on time or file an extension with a cost and you left your self a while to attempt to purchase a mortgage, there are a number of locations you’ll be able to look.

Bankrate.com(Opens in a brand new window) has been round since 1976 when it was a print publication referred to as Financial institution Charge Monitor. It’s an ideal useful resource for evaluating charges for monetary merchandise like bank cards, CD charges, dwelling fairness loans, and private loans. The location additionally presents associated editorial content material, critiques, and monetary calculators.

Lendio(Opens in a brand new window) is geared towards small enterprise wants and has a community of greater than 75 lenders. The service claims you’ll be able to full your software in roughly quarter-hour and get funding in as little as 24 hours.

QuickBridge(Opens in a brand new window), too, presents quick loans, nevertheless it says funding happens in a matter of days. Software solely requires a driver’s license and financial institution assertion.

OnDeck(Opens in a brand new window) presents attainable same-day funding in some states on loans of as much as $100,000. It presents two choices: time period loans and contours of credit score.

Fundbox(Opens in a brand new window) presents small companies a revolving line of credit score that may be accredited in as little as three minutes. Funds could also be accessible as quickly as the subsequent day if accredited.

What Cost Plan Choices Does the IRS Have for Taxes?

Getting a mortgage from a monetary establishment could also be your finest option to preserve issues easy. Should you desire to not go that route, you’ll be able to apply for one of many two plans the IRS presents that assist you to pay over time.

Quick-Time period Cost Plan

The Quick-Time period Cost Plan is an possibility in the event you pays the quantity you owe in 180 days or much less. You continue to accrue penalties and curiosity (extra on that later) till the entire quantity is paid. You possibly can apply on-line in the event you owe lower than $100,000 in mixed tax, penalties, and curiosity. This plan is barely accessible to people, together with sole proprietors and impartial contractors.

Lengthy-Time period Cost Plan (Installment Settlement)

You possibly can apply on-line for the Lengthy-Time period Cost Plan (Installment Settlement) if you’re a person owing $50,000 or much less in mixed tax, penalties, and curiosity, or a enterprise that owes lower than $25,000.

You’ll discover extra particulars and hyperlinks to on-line software pages for each plans on the IRS’s on-line cost settlement web page(Opens in a brand new window). This IRS system is barely accessible throughout particular hours. Should you’re not eligible to use on-line, you should still be eligible to pay in installments by finishing Type 9465(Opens in a brand new window) and mailing it in. You can too apply by cellphone. People ought to name 800-829-1040. Companies can name 800-829-4933. You can too name the cellphone quantity in your invoice or discover.

Learn how to File for a Tax Extension and Make a Partial or Estimated Cost

Should you’ve secured funding for at the least a part of what you suppose you’ll owe however you gained’t have your return prepared in time, you’ll be able to ask the IRS for extra time by submitting an extension. You simply need to submit IRS Type 4868(Opens in a brand new window) by April 18, 2023. The hitch? The IRS nonetheless expects you to incorporate all or a part of what you suppose you’ll owe, so you continue to need to discover a funding supply. With the extension, you’ve got till October 16, 2023, to finish and submit your tax return. You possibly can print and mail the shape together with your cost or use private tax preparation software program.

You can too submit your cost electronically in 3 ways, which signifies you’re submitting for an extension. The primary is the IRS’s Direct Pay With Financial institution Account(Opens in a brand new window) service. Should you select this selection, you do not have to file Type 4868 and also you get a affirmation quantity. Second is the Digital Federal Tax Cost System(Opens in a brand new window), which additional safeguards any funds you make as a result of it requires three types of identification. Lastly, the IRS additionally makes use of third-party cost processors(Opens in a brand new window) for taxpayers who wish to put their cost on a debit or bank card or choose digital wallets like PayPal. This technique comes with further processing charges.

What Sort of Penalties Does the IRS Impose If You Don’t Pay Taxes?

There’s an extended checklist of penalties(Opens in a brand new window) the IRS can assess, relying on how the taxpayer has erred. The company sends out notices (letters) about them. Two you need to find out about are Failure to Pay and Failure to File.

Failure to Pay(Opens in a brand new window) is the much less critical of the 2. Should you file however don’t pay your taxes, you’ll pay a penalty calculated by the IRS primarily based on how lengthy your overdue taxes stay unpaid. You’ll be assessed 0.5% of the entire of your unpaid taxes for every month or partial month till the debt is paid. This penalty can’t exceed 25% of your complete unpaid taxes. There’s additionally a penalty if the IRS learns you owe greater than you claimed.

Failure to File(Opens in a brand new window) is a penalty with a a lot heftier high quality: 5% of your unpaid taxes each month or a part of a month your return is late. It, too, can’t exceed 25% of the entire of your unpaid taxes.

The IRS additionally prices curiosity(Opens in a brand new window) on penalties, because it does for underpayment of taxes, even in the event you file an extension.

Really useful by Our Editors

You could possibly have penalties decreased or eliminated in the event you “acted with affordable trigger and in good religion.” The Penalty Reduction for Affordable Trigger(Opens in a brand new window) program accepts or rejects taxpayers on a case-by-case foundation after contemplating all of the details introduced. Some examples of legitimate causes for not submitting or paying on time embrace:

Fires, different pure disasters, or civil disturbances
Severe sickness or demise
Lack of ability to acquire information
An digital submitting or cost that was delayed by system points

You possibly can apply for this aid over the cellphone by calling the quantity within the higher proper nook of your discover. Or you’ll be able to submit Type 843(Opens in a brand new window).

Can You Negotiate With the IRS on Taxes?

There is an possibility that permits you to pay lower than you owe. You possibly can request an Provide in Compromise(Opens in a brand new window) in the event you’re unable to pay your tax legal responsibility or if “doing so creates a monetary hardship.” The IRS usually approves requests whenever you make a proposal that’s the most the IRS might count on to gather from you inside an inexpensive time. The company suggests you discover all different prospects earlier than making an attempt an Provide in Compromise.

The IRS considers 4 issues earlier than deciding: your skill to pay, revenue, bills, and asset fairness. You might be eligible to use for this system in the event you:

Have filed the entire required tax returns and submitted all quarterly estimated funds
Usually are not within the strategy of declaring chapter
Filed a sound extension for the present 12 months (until you’re making use of for a unique 12 months)
Are an employer who has submitted tax deposits for the present quarter and the previous two quarters

You possibly can full the Provide In Compromise Pre-Qualifier right here(Opens in a brand new window). Extra data and the required types can be found right here(Opens in a brand new window). In case your provide is rejected, you’ll be able to enchantment the ruling(Opens in a brand new window).

What Occurs If You Merely Don’t Pay Your Taxes?

You in all probability already know the reply to this one. Should you do not pay your taxes, first you obtain notices about penalties and curiosity. Then chances are you’ll hear from a group company, and the IRS will ultimately begin to slap liens in your belongings. Should you don’t reply, the IRS will ultimately try to gather by seizing belongings like your paycheck, your Social Safety cost, your financial institution accounts, and your property.

One of the best answer, in fact, is to maintain up together with your taxes throughout the 12 months. Should you’re a W-2 worker and also you needed to pay a large chunk in your 2022 taxes, change your withholding. Should you’re self-employed and getting at the least a few of your revenue reported on 1099s, use a private finance software or small enterprise accounting web site to trace your revenue and bills all year long, so you’ll be able to estimate and pay your quarterly taxes.

Should you do begin getting notices from the IRS about funds due, talk promptly. There are many choices, and the company work with you so long as you present good religion efforts.

For extra tax protection, see 7 Methods to Begin Minimizing Subsequent Yr’s Taxes Now.

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Technology

This modder proves everything’s better with a GBA SP screen attached

Published

2 hours ago

May 18, 2024

Press Room

This modder proves everything’s better with a GBA SP screen attached

Have you ever looked at a Nintendo DS and thought it would be cooler if the top screen was swapped for the Game Boy Advance SP’s? Or looked at a Super Nintendo controller and wished it had a GBA SP screen bolted onto the back? Whether you have or not, Hardware modder Hairo Satoh, aka Retrohai hai Softbank, has you covered with some truly cursed reimaginings of Nintendo’s portable consoles. (Recall their portable emulated PlayStation built into the Takara Roulette Controller.)

Let’s go on a little journey through Satoh’s Instagram account. Before we get into my favorite mutated Nintendo handhelds — frankententos, if you will — know that Satoh also does some very pretty custom jobs on the company’s various portable consoles. And they’re made to order.

This one they posted recently is a good example. We are Known Transparent Case Stans here at The Verge, but this goes a step further with its colorful hologram stickers and ChromaFlair-style color-changing sheen. Oh, and it runs Game Boy Advance games.

That controller mod I mentioned up top isn’t the only time Satoh has turned a console gamepad into its own handheld. The GBA SP’s screen looks remarkably at home on an SNES (well, Super Famicom, technically) pad…

…and on a PS2 Dual Shock controller, too.

But why not jam one onto a Nintendo DS Lite, too? It doesn’t make sense at all, even if this is a mash-up of the two most attractive pieces of hardware Nintendo ever made, but I don’t need any justification for this thing’s existence. Also, this is the point where things start getting a little cursed.

I guess this is also a Nintendo DS?

Again, but more colorful.

Ah yes, the Original Game Boy Advance SP DS (OGBASPDS).

I’m enamored with the concept of a multi-position adjustable screen on this original DS.

Give me this and the ability to emulate the fantastic vertical-scrolling shooter Ikaruga, please.

Ah, yes, this makes sense.

I can’t say I understand the extra buttons and d-pad here, but I respect the chaos.

The Nintendo Long Boy DS.

I think this is probably the final boss of Satoh’s inventive creations.

Satoh didn’t respond to us when we reached out, but we’d love to know more about these creations. How much of these are made up of custom hardware on the inside? How many of them are emulating Nintendo’s handhelds, rather than rejiggering its original hardware components to fit? If we receive a response, we’ll dig in some more.

Technology

Massive Dell data breach hits 49 million users; what this means for your privacy and security

Published

2 hours ago

May 18, 2024

Press Room

Massive Dell data breach hits 49 million users; what this means for your privacy and security

Computer maker Dell faced a huge security challenge after a cyberattack stole information for approximately 49 million customers.

Dell confirmed that the type of information stolen includes people’s names, postal addresses, and Dell hardware and order information, such as service tags, item descriptions, order dates and different warranty information.

What happened: a breakdown of the incidents

Menelik, the threat actor behind the attack, openly told told TechCrunch how he extracted such a huge amount of data from Dell without being detected.

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Menelik set up several partner accounts within the Dell company portal which, when approved, allowed the hacker to use a brute-force attack to access customer data. A brute-force attack consists of an attacker submitting many passwords or passphrases hoping to eventually guess correctly.

The hacker sent more than 5,000 requests per minute to the page for nearly three weeks, and Dell did not notice anything. After sending nearly 50 million requests and scraping enough data, Menelik sent multiple emails to Dell, notifying the company of the vulnerability. It took Dell nearly a week to patch it all up, according to the hacker. Dell confirmed to TechCrunch that it received the hacker’s email notification of the vulnerability.

MASSIVE FREE VPN DATA BREACH EXPOSES 360 MILLION RECORDS

How Dell responded to the data breach

Dell sits as the No. 3 PC vendor in the world behind Lenovo and HP, and the affected accounts represent a small fraction of its user base. The company communicated this statement to affected users:

“We are currently investigating an incident involving a Dell portal, which contains a database with limited types of customer information related to purchases from Dell. We believe there is not a significant risk to our customers given the type of information involved.”

We reached out to Dell and a representative for the company provided us with this statement:

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“Dell Technologies has a cybersecurity program designed to limit risk to our environments, including those used by our customers and partners. Our program includes prompt assessment and response to identified threats and risks. We recently identified an incident involving a Dell portal with access to a database containing limited types of customer information including name, physical address, and certain Dell hardware and order information. It did not include financial or payment information, email address, telephone number or any highly sensitive customer data.

“Upon discovering this incident, we promptly implemented our incident response procedures, applied containment measures, began investigating, and notified law enforcement. Our investigation is supported by external forensic specialists. We continue to monitor the situation and take steps to protect our customers’ information. Although we don’t believe there is significant risk to our customers given the type of information involved, we are taking proactive steps to notify them as appropriate.”

WHAT A MASSIVE HEALTHCARE CYBERATTACK AT ASCENSION MEANS FOR YOUR PRIVACY AND SECURITY

What this means for your privacy and security

There’s no immediate aftermath of this data leak. Dell believes the risk to its customers is not significant since financial and payment information, email addresses and phone numbers were not stolen in this attack. However, the risk of phishing or even major malware and ransomware attacks still exists. The threat actors might try sending personalized letters with infected drives, a tactic seen before.

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There’s a good chance this data leak has already been sold on the dark web. The hacker posted the information for sale on the dark web and then took it down quickly, which often happens when someone buys the whole database. If you’re a Dell customer who bought hardware between 2017 and 2024, be very careful about any messages you get in the mail claiming to be from Dell, especially if they ask for personal information.

OVER HALF A MILLION ROKU ACCOUNTS COMPROMISED IN SECOND CYBER SECURITY BREACH

7 proactive measures to take to protect your data

In the wake of the cyberattack on Dell, consider taking several proactive steps to protect your personal information:

1. Change your passwords: Although Dell says your personal details like phone number and email address haven’t been leaked, it’s still advisable to change the password of your Dell account if you have one. Consider using a password manager to generate and store complex passwords.

2. Avoid tech support phone scams: Since the hackers have your data, they may try to get in touch with you, posing as a Dell employee. Always verify if the tech support person you’re talking to actually works for Dell. Be skeptical about all unsolicited phone calls, and don’t provide any personal information.

3. Be wary of mailbox communications: Bad actors may also try to scam you through snail mail. The data leak gives them access to your address. They may impersonate people or brands you know, and use themes that require urgent attention, such as missed deliveries, account suspensions and security alerts.

4. Report any suspicious activity: If you notice any suspicious activity related to your Dell accounts or purchases, report them to security@dell.com. This may include unauthorized purchases, unusual login attempts, or changes in account information.

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5. Monitor your accounts and transactions

You should check your online accounts and transactions regularly for any suspicious or unauthorized activity. If you notice anything unusual, report it to the service provider or the authorities as soon as possible. You should also review your credit reports and scores to see if there are any signs of identity theft or fraud.

6. Use identity theft protection

Identity Theft protection companies can monitor personal information like your home title, Social Security Number (SSN), phone number and email address and alert you if it is being used to open an account. They can also assist you in freezing your bank and credit card accounts to prevent further unauthorized use by criminals. See my tips and best picks on how to protect yourself from identity theft.

7. Invest in personal data removal services: While no service guarantees complete data removal from the internet, utilizing a removal service can be beneficial for those seeking to monitor and automate the deletion of their personal information from numerous sites over time. Check out my top recommendations for removal services here.

Kurt’s key takeaways

Dell’s recent data leak highlights the lapse in the computer maker’s security infrastructure. The attackers being inside the network for an extended period is especially troubling. Given Dell’s role in providing hardware and software solutions, including backup and recovery tools, for critical infrastructure, a thorough investigation into its code and supply chain for signs of tampering is crucial. Dell is working with law enforcement and third-party security experts to investigate the incident, so that’s a step in the right direction.

Have you adjusted your online behavior or preferences due to concerns about data privacy and security breaches? Let us know by writing us at Cyberguy.com/Contact

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Kurt “CyberGuy” Knutsson is an award-winning tech journalist who has a deep love of technology, gear and gadgets that make life better with his contributions for Fox News & FOX Business beginning mornings on “FOX & Friends.” Got a tech question? Get Kurt’s free CyberGuy Newsletter, share your voice, a story idea or comment at CyberGuy.com.

Technology

The EV industry can’t shake its human rights abuse problem

Published

9 hours ago

May 18, 2024

Press Room

The EV industry can’t shake its human rights abuse problem

Mining for minerals used to make EVs and batteries is plagued with allegations of abuse, the latest report from the nonprofit Business & Human Rights Resource Centre (BHRRC) shows. And automakers continue to source materials from some of the worst offenders, The Verge finds.

BHRRC has documented 631 allegations of human rights abuses since 2010 for seven key minerals used in electric vehicles, rechargeable batteries, and renewable energy technologies. Many of the allegations were made against a small group of companies, which The Verge was able to link to three of the world’s biggest EV manufacturers: Volkswagen Group, Tesla, and BYD.

“Things are not improving,” said Caroline Avan, head of natural resources and just transition at BHRRC. The need for more renewable energy and clean transportation is evident, but those technologies shouldn’t come at the expense of people who live and work in places where companies source their raw materials, she said.

“Things are not improving.”

“The fight against climate change is a human rights imperative at this point in time, but it should not be seen as a license to just disregard human rights in mining operations,” Avan said.

An electric vehicle requires about six times as many minerals as a typical gas-guzzling car. Demand for critical minerals used in EVs and battery storage for renewable energy could grow tenfold by 2040, under a conservative estimate by the International Energy Agency. Scrambling to secure all those minerals without taking the time to make sure they’re mined humanely is where problems arise.

BHRRC’s latest report includes potential abuses linked to the mining of seven minerals: bauxite, cobalt, copper, lithium, manganese, nickel, and zinc. It’s been tracking those allegations since 2019 using publicly available records, including court documents and regulatory resources, as well as reports from other nongovernmental organizations and media outlets.

It found 91 more allegations in the past year alone, including a “marked increase in labour rights violations and worker deaths” that made up roughly 40 percent of the new allegations in 2023. Across its entire data set going back to 2010, labor violations including 53 work-related deaths make up a quarter of all allegations. For 2023, alleged attacks against human rights defenders, water pollution, and threats to water access are also glaring issues.

It found 91 more allegations in the past year alone, including a “marked increase in labour rights violations and worker deaths”

Since 2010, more than half of the allegations were made against just 10 companies. State-owned China Minmetals now leads the pack, topping Swiss multinational mining giant Glencore, which ranked highest over the past two years.

Combing through sustainability reports and media coverage of the world’s top three EV manufacturers, The Verge found a history of deals with Glencore and China Minmetals.

To drive its EV ambitions, Volkswagen entered into an agreement with Glencore and battery maker Contemporary Amperex Technology Co Ltd (CATL) back in 2017, Reuters reported. Under the agreement, CATL would buy 20,000 metric tons of cobalt products from Glencore for Volkswagen’s EV batteries.

In 2023, VW’s battery division PowerCo initially agreed to back a SPAC deal alongside Glencore and Stellantis to buy nickel and copper mines in Brazil — although the deal reportedly fell through later that year over price squabbles. Volkswagen has also identified gold sourced by Glencore in its supply chain, according to its 2023 Responsible Raw Materials Report. The company declined to comment on BHRRC’s findings but has said that it is working to comply with Germany’s new Supply Chain Due Diligence Act.

Tesla buys nickel from a Glencore mine in Australia and cobalt from two Glencore mines in the Democratic Republic of Congo according to the company’s 2021 and 2022 impact reports. In 2022, workers at one of those cobalt mines spoke to The Verge about unsafe working conditions without adequate water or breaks and with little food or pay. Cobalt is often called “the blood diamond of batteries” because of the dangers workers face mining it.

Neither Tesla nor Glencore responded immediately to requests for comment from The Verge. Tesla’s 2022 impact report explains that the company conducts audits of its suppliers to improve working conditions at each site and make sure “corrective actions” are taken to address any problems. It touts “working with suppliers where issues are found rather than walking away.”

In the year since then, China’s BYD overtook Tesla to become the world’s biggest seller of EVs — despite its vehicles being unavailable in the US due to high tariffs. China Minmetals also inched past Glencore this year, racking up more allegations of abuse than any other company in BHRRC’s report.

BYD doesn’t name its more than 10,000 suppliers in its 2023 CSR report (Tesla and Volkswagen only give a partial list in their reports). But China Minmetals subsidiary Hunan Changyuan Lico is reportedly one of BYD’s lithium battery material suppliers. BYD didn’t immediately respond to a request for comment.

A separate report by environmental and human rights groups published in February ranked car companies based on how much progress they’ve made to eliminate environmental harms and human rights abuses. Tesla ranked third highest, behind Ford and Mercedes-Benz, in that assessment. Volkswagen ranked sixth, and BYD came in 16th out of 18 companies.

Automakers certainly aren’t the only industry with a lot of work to do to prevent abuse along their supply chains. Rechargeable batteries that power many of the gadgets in our lives are made with a lot of the same materials cited in these reports.

Governments, mining companies, and manufacturers who buy their goods all need to take action to stop abuse, BHRRC’s Avan says. That includes adopting policies that make human rights a priority and that empower people to have a say in projects that might affect their communities.

“[When it comes to] a lot of egregious and gross negligence in occupational health and safety at mining sites, this is not rocket science. Those things can be fixed,” Avan says. “What [manufacturers] should be doing is engaging with the mining sector, asking questions, and putting in front of them the requirements and expectations for better protection of human rights.”

The Verge reached out for comment to each of the 10 companies BHRRC lists as having the most human rights allegations against them. Three of them replied to say that they respond to allegations of abuse and implement changes accordingly, including Freeport-McMoRan, Solway Group, and Tenke Fungurume Mining.

Neither China Minmetals nor Glencore immediately replied to The Verge’s request for comment. But a spokesperson for Glencore commented on BHRRC’s report last year in an email to The Verge to say, “Our assets are located in diverse contexts, some .. in more challenging socio-political circumstances with a history of conflict, limited basic services, and weak rule of law … we work in partnership with government, civil society and development agencies to share knowledge, build capacity and contribute to enduring social and economic outcomes.”