Tax Penalties

/Tax Penalties

Collection Agencies Will Now Be Helping The IRS Collect Back Taxes

Originally published at Pursuant to a law passed by Congress last year, the IRS has hired four private debt collection agencies to contact taxpayers about their back taxes. This is highly unusual, and can cause fear and confusion among citizens who owe tax, but also have heard of the many tax scams currently going [...]

By | 2020-12-31T15:17:13-04:00 |Tax Collections, Tax Penalties|Comments Off on Collection Agencies Will Now Be Helping The IRS Collect Back Taxes

Dangerous Traps for Tax Return Preparers

Originally published at Millions of tax returns are filed each year by return preparers, including Certified Public Accountants, Enrolled Agents, franchised tax return companies, and small companies with unregulated preparers. All of them should know that there are a lot of penalties should they violate the IRS rules. Due Diligence Penalties The Internal Revenue [...]

By | 2020-12-07T14:14:00-04:00 |Tax Penalties, Tax Return Preparers|Comments Off on Dangerous Traps for Tax Return Preparers

I Need More Time to File My Federal Taxes

Fortunately for you, federal tax-filing extensions are pretty much automatic. Unfortunately for you, if you are seeking an extension because you owe taxes but don’t have the money to pay at the moment, you are required to pay on time. This is the case even when you request an extension to file your return. If [...]

By | 2018-03-16T21:28:11-04:00 |Tax Penalties|Comments Off on I Need More Time to File My Federal Taxes

Can I Stop an IRS Wage Garnishment?

When you owe the IRS money, the government has many tools at its disposal to collect that money from you. One of its most powerful tools is wage garnishment, in which the government notifies your employer to send the IRS a portion of your paycheck. If you’re facing wage garnishment, you can stop it in [...]

By | 2018-01-10T21:57:37-04:00 |Tax Penalties|Comments Off on Can I Stop an IRS Wage Garnishment?

Mediating an IRS Dispute

Sometimes the IRS makes mistakes. And when they do, you should fight to receive a fair and just result. Fortunately, the IRS has created an appeals process that involves negotiated settlement instead of litigation, which can save you time and money. However, you shouldn’t appeal any IRS decision without an experienced IRS tax lawyer by [...]

By | 2018-01-19T18:58:18-04:00 |Tax Collections, Tax Penalties|Comments Off on Mediating an IRS Dispute

Can I Ask the IRS to Reconsider an Audit?

Going through an audit is bad enough as is, but what happens if at the end of the process you think the IRS is wrong about how much you owe? Helpfully, a process exists to ask for reconsideration. You must carefully follow the correct steps to ask the IRS to take a fresh look at [...]

By | 2018-01-10T21:39:29-04:00 |Tax Collections, Tax Penalties|Comments Off on Can I Ask the IRS to Reconsider an Audit?

Common reasons for an IRS Audit

Most people panic when they are notified they are being audited by the IRS. The IRS audits only slightly more than 1% of all individual tax returns annually. Some of these audits are at random, but the IRS often selects taxpayers based on suspicious activity. An IRS audit is a review or examination of an organization's [...]

By | 2018-01-19T18:58:18-04:00 |Tax Penalties|0 Comments

I am in the currently not collectable program. Now what?

“Currently Not Collectible” Program As of late, there has been an increasing number of television commercials and radio ads advertising things such as “Currently not collectible tax programs” or “IRS hardship programs.” The advertisings state that these programs are available for a limited time only. The harsh reality is that there are no such programs [...]

By | 2020-09-16T08:23:24-04:00 |Tax Penalties|0 Comments

How Do I Qualify For Currently Not Collectable On My Taxes

Individuals that are not able to pay the Internal Revenue Service federal taxes annually have a tax liability. Currently Not Collectable is an available option to protect assets from the IRS collections department. If you qualify, you can postpone levies and garnishments appointed by the IRS. Bank accounts will not be frozen and the collections [...]

By | 2020-09-16T08:23:24-04:00 |Tax Penalties|0 Comments

What Is An Offer In Compromise?

What Is An Offer In Compromise? An offer in compromise is a plausible path for someone who is unable to pay their taxes in full. It allows people to settle their tax debt for less than the entire amount they owe. Whether this path is available to a taxpayer depends on a few questions surrounding [...]

By | 2020-09-16T08:23:24-04:00 |Tax Penalties|0 Comments