In 2020, the IRS levied over $31.4 billion in civil penalties against individuals and businesses. Many failed to pay their taxes in time, while others committed fraud or made mistakes on their returns. If you’ve ever fallen behind on your taxes or even a regular debt, then you know just how quickly those penalties and …
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Before the pandemic, almost half of Americans (48%) viewed the IRS negatively. Once the pandemic hit, though, most Americans were provided with financial relief and the IRS helped them get it, so perceptions about the IRS improved sharply. As a result, a letter from the IRS was no longer seen as something to fear—it might …
Recently, worldwide headlines reported on the arrest of John McAfee, an American tech expert, who was hiding out in Spain after committing severe tax evasion in the U.S. According to the Department of Justice, McAfee could’ve faced a maximum of five years in prison if found guilty of tax evasion. But wait, can you go …
In the wake of the coronavirus pandemic, about 11.23 million Americans failed to pay their taxes on time. Collectively, that means a whopping $125 billion didn’t get paid to the federal government and therefore can’t be used to fund important programs or help citizens in need. If you owe a significant chunk of money in …
If you had to guess the maximum financial penalty you could face for failing to pay your taxes, then what would you say? Five percent of your unpaid taxes? Ten percent? Believe it or not, the highest penalty you could face if you fail to pay your taxes in time is a whopping 47.5%! That’s …
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A whopping 65% of Americans own their own homes. The remainder either rent, live with family members, or suffer from homelessness. If you haven’t become a homeowner, then you likely have your reasons. Are you currently not pursuing home ownership because you’re uncertain about your tax status? Have you found yourself wondering, If I owe …
Continue reading "Can You Have 2 Installment Agreements With the IRS?"
