IRS Currently Not Collectible Status: What Are The Pros And Cons?
March 16, 2023
Each year, almost 30 million taxpayers file a return and owe taxes. Most people pay the taxes when they file, but about 4 million to 5 million taxpayers are unable to pay. About 3 million of these people set up payment plans with the IRS. These payment plans are known as installment agreements, and are…
The IRS Partial Payment Installment Agreement: Do You Qualify?
March 15, 2023
For some debtors, paying off their tax debt in full is impossible. If a true financial hardship can be proven, the Internal Revenue Service (IRS) can permit a debtor to enter what is known as a “Partial Payment Installment Agreement” (PPIA). This is an agreement that requires the debtor to pay off a certain amount…
How Do I File Returns for Back Taxes?
March 8, 2023
Tax Facts:• A taxpayer can file back taxes for any past year, but the IRS usually considers a taxpayer in good standing if they have filed the last six years of tax returns.• If a taxpayer was qualified for federal tax credits or refunds in the past but did not file tax returns, they may…
What is the Difference Between Criminal Tax Penalties and Civil Tax Penalties?
March 7, 2023
In recent years, the IRS has been cracking down on tax crimes. Some tax crimes are civil crimes, such as Tax Fraud. With a civil tax violation, the enforcement penalties will come down to money. Other tax crimes, such as Tax Evasion, are more serious and are considered criminal. With a criminal tax violation, the…
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…