IRS Currently Not Collectible Status: What Are The Pros And Cons?
March 16, 2023 by Jill B.
IRS Currently Not Collectible Status: What Are The Pros And Cons? 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…
The IRS Partial Payment Installment Agreement: Do You Qualify?
March 15, 2023 by Jill B.
The IRS Partial Payment Installment Agreement: Do You Qualify? 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…
How Do I File Returns for Back Taxes?
March 8, 2023 by Jill B.
How Do I File Returns for Back Taxes? 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…
What is the Difference Between Criminal Tax Penalties and Civil Tax Penalties?
March 7, 2023 by Jill B.
What is the Difference Between Criminal Tax Penalties and Civil Tax Penalties? 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…
Unpaid IRS Taxes: What You Should Know
March 2, 2023 by Jill B.
Unpaid IRS Taxes: What You Should Know 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…