Originally published at AVVO.com 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…
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…
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…
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…
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…
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…
“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…
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…
What if I can’t pay my taxes? It is tax season and that means a lot of people are looking forward to a healthy tax return check. But some individuals might be surprised to see that they will not receive a tax return, but will, in fact, owe money to the Internal Revenue Service (IRS)…
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