Unpaid IRS Taxes: What You Should Know
March 2, 2023
If I can’t pay my income taxes, should I still file my return? The penalty for an unfiled return is much greater than the penalty for not paying. If you fail to file your return, the IRS charges a monthly penalty that equals 5% of your balance. The penalty starts on the date following the…
Tax Evasion vs Tax Fraud And The Statute Of Limitations
February 25, 2023
Many of us have heard about tax evasion and tax fraud. What do these terms really mean? Is there a difference between tax evasion and tax fraud? In short, the answer is YES. Tax evasion and tax fraud may appear to be problems only faced by master con artists and embezzling white-collar criminals, but that…
How To Write A Penalty Abatement Letter: We Can Help
February 15, 2023
Dealing with tax debt and the interest and penalties that come with it can be overwhelming for anyone. The IRS estimates that the number of taxpayers penalized for miscalculating or underpaying their taxes has risen to nearly 40%, so you are not alone if you are facing tax debt. When you owe money to the…
Unfiled Tax Returns: What Should You Do?
February 15, 2023
Taxpayers that fail to file their tax return for one or more years can become overwhelmed later on when attempting to file all of their missing tax years all at once. Missing all or a portion of their records, personal hardship and/or neglect are some of many reasons people fall behind in filing their taxes.…
Are You Facing Civil Penalties? We Can Help
February 10, 2023
The IRS uses penalties and interest charges to encourage taxpayers to comply with tax laws. The Internal Revenue Service(IRS) usually will not legally prosecute people who file their taxes late. Instead, they impose consequences by assessing interest and penalties, as well as denying refunds. There are two types of penalties these two types are criminal…