The IRS offers the Fresh Start initiative program for people who owe unpaid taxes. If you’re dealing with unpaid tax debt, learning about this program could be the first step to getting on the right track with the IRS – but the IRS is very particular regarding how it handles applications for this multifaceted program. One …
Continue reading “How Does the Fresh Start Initiative Program Work?”
Taxpayers sometimes find themselves in the position of owing money to the IRS. This is understandably a very stressful situation, and the stress is compounded if you don’t currently have the cash on hand to pay the IRS in full by the due date. Unfortunately, penalties and consequences can mount pretty if you do not …
Continue reading “How To Set Up an IRS Installment Agreement”
Are you facing a tax penalty? One misconception is that nothing can be done about penalties once the IRS puts them in motion. The reality is that taxpayers have options to eliminate, reduce, or even freeze penalties. This is important because penalties can quickly bring about a “snowball” effect, turning a tax debt that you …
Continue reading “How to Know if You Qualify for An IRS Penalty Abatement”
Do you know what the deadline is for your next tax bill? Unlike typical employees, business owners and self-employed individuals need to pay quarterly taxes throughout the year. To further complicate matters, not all types of businesses share the same filing deadlines for tax returns. When Are Estimated Tax Payments Due in 2020? Anyone who …
Continue reading “2020 Tax Dates & Deadlines Calendar [Infographic]”
Is a fresh start in your future? It can seem like options are few and far between once you receive a notice from the IRS. Most taxpayers simply go along with whatever repercussions and consequences stem from owing unpaid taxes because they assume the IRS won’t permit any type of relief. But taxpayers do have …
Continue reading “Do You Qualify for the IRS Fresh Start Initiative?”
What Is an IRS Audit? The IRS may examine the financial info and accounts of a person or organization to check for inaccuracies or discrepancies. This process is called an audit. How Are Taxpayers Chosen for an IRS Tax Audit? Random selection via a computer system is used to flag returns that deviate from the …
One of the most uncomfortable and serious consequences of having a conflict with the IRS is wage garnishment. You may be wondering if the IRS can come after your wages if you owe back taxes. Unfortunately, the answer is yes; the IRS can and will collect money from every paycheck until your debt is satisfied …
Continue reading “Wage Garnishment: Everything You Need to Know”
Nothing about dealing with the IRS is easy when you run a business, but figuring out your obligations for payroll taxes can be especially difficult. The situation can get even more complicated when we’re talking about unpaid payroll taxes. The IRS takes payroll taxes very seriously. In fact, 70 percent of the annual revenue collected …
Continue reading “How Does the IRS Address Unpaid Payroll Taxes?”
If you’ve been notified of an impending tax lien by the IRS, the last thing you want to do is ignore the problem. What does a tax lien mean for your future? What happens next will depend largely on your ability to act quickly. What Is a Tax Lien? A tax lien refers to the …
Continue reading “What Does It Mean if You Have a Tax Lien?”
An IRS audit can be an anxiety-producing event. One factor that makes the idea of being audited by the IRS so intimidating is uncertainty, as the average taxpayer isn’t very experienced in dealing with the IRS. What’s more, it can feel like the IRS holds all the cards when it comes to what you must …
Continue reading “What Happens When You Get Audited by the IRS?”
