If you owe back taxes to the IRS, you may have heard about the IRS Fresh Start Program. However, many people do not understand what it is and how it can help them obtain relief from the IRS. Here is a general overview of the IRS Fresh Start Program. The IRS has great power when …
The law generally requires individuals and businesses to maintain records and to disclose income via tax returns. It also requires taxpayers to keep accurate records in order to deduct expenses on their tax returns. The IRS has the authority to demand proof of income and expenses for a specific period of time after a tax …
If your business has one or more employees, it also has requirements to file employment tax returns, and to pay employment taxes at the state and federal level. Depending upon the size of your business, and upon the number of employees, the business may be required to make tax deposits with each payroll. Failure to …
If you are dealing with a tax problem, you may consider hiring a tax professional to represent you before the IRS. However, not all tax professionals are the same. Furthermore, not all tax professionals may be right for you or your case. Here are some helpful hints to consider while searching for a tax professional. …
What to consider before hiring a representative to represent you before the IRS Read More »
If you do not meet your tax obligations in their entirety, the federal government maintains the ability to assess civil and criminal penalties to you. Here are the answers to some of the most common questions that I hear regarding civil penalties: Why does the IRS assess penalties? According to the IRS, penalties are primarily …
Receiving the dreaded notice from the IRS stating that you have a balance due can ruin your day. Especially if you were unaware that you owed money to the IRS to begin with. Depending upon your situation, you may have one or more than one of the following options available to you: 1. Challenge the …
What options are available to me if I owe back taxes? Read More »
Generally, if you owe taxes, penalties and/or interest to the IRS and do not pay it in full within the time specified after the IRS notifies you, you are now faced with a federal tax lien. Taxpayers are typically unaware of the presence of a lien in the earliest stages. To collect the balance due, …
Life happens. Things come up. Sometimes you get overwhelmed by circumstances and do not do the things that you should, when you should. Or maybe you didn’t know at the time that you were required to do anything at all. You may believe that the damage is already done because the due date has come …
Eleven reasons to address your un-filed income tax returns as soon as possible Read More »
You may have a legal obligation to file an income tax return with the IRS every year and to timely pay the associated taxes. Failure to comply with federal tax laws usually results in steep penalties. However, many people don’t realize that you may be subject to criminal prosecution and imprisonment for failure to file …
The IRS is the agency responsible for collection of tax and enforcing tax laws. The IRS is the largest and most powerful government and collection agency in the US. The IRS can seize the money in your bank, including investment and retirement accounts. Even after seizing your home and personal property, the IRS can garnish …
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