If you owe back taxes because of an IRS audit, you may be able to get the debt reversed by submitting new tax documents through audit reconsideration. This process allows you to show the IRS they made a mistake when auditing your return. If the IRS agrees that the new...
The Internal Revenue Service (IRS) defines tax evasion as “the illegal non-payment or underpayment of taxes.” It is often used interchangeably with “tax avoidance.” However, the two terms are different—tax avoidance is legal, while tax evasion...
If you earn more than the amount specified by the government as tax-free, you must file a tax return. There are some circumstances where you might have to file a return even if you earn less than that amount, and we can help you figure out if that’s the case for...
The IRS (Internal Revenue Service) reports that over 40 percent of businesses are fined each year for not being able to meet their payroll tax obligations. This is because they usually have payroll processes done manually and use software that is not connected to each...
Currently Not Collectible (CNC) is a status that the IRS may assign to a taxpayer’s account if the taxpayer is unable to pay their tax debt. This means that the IRS will not take any collection action against the taxpayer for a period of time. This status may...
Inflation is one of the most important factors to consider regarding taxes and tax debt. When prices rise, the value of money falls. This means that taxpayers who owe money to the government will find that their debt is worth less in real terms. Inflation can also...
Missing a tax filing deadline is a definitive no-no. While it is possible for you to request an extension, know that it would be best to file your taxes as soon as possible. In general cases of tax filings, the Internal Revenue Service (IRS) advises filing early to...
Tax audits can be stressful for taxpayers and can cause them to wonder if they’re at risk of a tax audit. This is especially true if a taxpayer has a unique income stream or if they’ve been flagged for an audit in the past. There are some red flags though...
No one likes owing the IRS money, but it happens to a lot of people. If you don’t have the cash to pay your tax bill all at once, don’t worry. The IRS has a few options that can help you out. 1. Using the Form 1040-V Payment Voucher If you can’t pay...
You may be able to get relief from IRS penalties by asking for what is called “abatement.” This is not always possible, but it is an option for two of the most common penalties. To request abatement, you must follow some specific rules. Here are a few...
Recent Comments