Do I Qualify for Penalty Abatement?

March 7, 2017

If you owe money to the Internal Revenue Service, you may be concerned about debt payment, penalties, and interest. Some taxpayers qualify for a penalty abatement, which is a waiver of the charges and fees incurred from either late or non-payment and filing of a person’s income tax. However, the IRS is very selective when…
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What If I Haven’t Filed Taxes in Years?

November 24, 2016

Every year, millions of individuals—roughly 5% of all taxpayers—fall behind on filing taxes for various reasons. The reality, however, is that failing to file a past tax return can have serious consequences—such as the IRS levying your bank account or wages or filing a federal tax lien against you. If you haven’t filed your taxes…
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What Happens If I Miss the Tax Deadline?

August 26, 2016

At some point, most people have been tempted to delay the tedious task of paying taxes at least once in their lives. Did tax season slip your mind completely? What happens if you didn’t file your taxes this year? There are several things you need to know if you file your taxes late. The first…
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Pros and Cons of an Offer in Compromise

March 23, 2016

If you are having a difficult time paying off your taxes, you may seriously be considering the Internal Revenue Service’s offer in compromise program. Before submitting those forms, however, it may be best to take a closer look at the pros and cons of this program to see if this is truly the best option…
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Options for Businesses Behind on Payroll Taxes

November 20, 2015

Generally, employers are legally required to file payroll taxes for their employees on a quarterly basis and pay them on a monthly or semi-weekly basis. While the best way to avoid any legal issues regarding payroll taxes is to pay them regularly and promptly, it is not uncommon for businesses to fall behind in their…
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What Are My Options If I Don’t Qualify for an Offer in Compromise?

September 12, 2015

An offer in compromise is one of the most effective and popular ways to resolve tax problems with the IRS. This agreement allows a taxpayer to settle his or her tax liabilities with the IRS for an amount less than what is owed. This program, however, is not for everyone. For some individuals, it is…
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Do I Need to File a Tax Return on Gambling Winnings?

August 20, 2015

Taxes are probably the last thing on your mind when you are playing games of chance at a casino, placing wagers on horse races, or even playing Bingo at the mall. Unknown to many, however, is that your gambling winnings are almost always considered taxable income. Failure to properly report your earnings can result in…
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Can You Sell Your Home If You Have a Federal Tax Lien?

August 6, 2015

A tax lien, simply put, is the legal claim of the U.S. government against some or all of your assets due to your failure to pay a tax debt on time. A federal tax lien can be assessed for unpaid taxes of any type, including self-employment, income, estate, or gift taxes. The general rule is…
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Types of Tax IRS Audits

May 15, 2015

Every year, the IRS selects random tax returns for audit. Being audited by the IRS can be a stressful experience. Many people are unaware, however, that there are different types of IRS audits, and they must understand that not all audits are handled equally. In some instances, the IRS may just want to clarify some…
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IRS Penalties and Interest

May 7, 2015

Individuals are generally given until April 15 to file their tax returns and pay any taxes they may owe for the year. In most instances, you will likely not have to pay any penalties—provided that your tax return was filed and the balance was paid by April 15. If you fail to meet the deadline…
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