So you’ve received an IRS Audit notice and you’re about to break out into cold sweat. Lots of questions may be going through your mind, like how far back can the IRS audit me? Or why did the IRS choose to audit me? Why the IRS has Chosen to Audit you An IRS Audit doesn’t necessarily …
Hundreds of thousands of people are indebted to the IRS because they do not have the money to pay their taxes. In the past, a debt of $5000 could easily turn into a lien, but nowadays the IRS is considerably less belligerent than it used to be. Why? Because it offers the Fresh Start Program. This …
The IRS Fresh Start Initiative: All you need to know Read More »
You may have filed late, or made a late payment on your quarterly tax returns. If you’re worried about facing a Form 941 late payment penalty, or form 941 late filing penalty then this article is for you! We’ll go through: Why you might be penalized How much you’re likely to be penalized How you can rectify your …
How to Fix Form 941 Late Filing and Late Payment Penalty Read More »
It’s no secret that IRS is a tough creditor. As the government, they wield enormous control and resources. I’ve even documented in a previous article about the ruthless collection methods that the IRS can use against you. Of all the torturous tools the IRS has in its toolbox, the most feared has to be the …
IRS Bank Levy: What to do when the IRS freezes your bank account Read More »
Many tax bills are similar to punches to the stomach, and on some occasions, the latter would be more pleasant than the former. Reducing taxes is anyone’s dream, and the perfect scenario would be that in which we wouldn’t have to pay any taxes at all. Reducing taxable income is one of the most frequently …
Owing money is something we all try to avoid. The stress of facing the repercussions can be overwhelming. Creditors often employ techniques such appearing at your workplace/home, taking money out of your weekly salary and even your bank account. Of all the creditors, the IRS is the toughest. IRS penalties for those who fail at …
If you’re having trouble paying your tax debt, you should set up payment plan to break the amount down into manageable monthly chunks. There are immense benefits to a payment plan. However, be aware that it can be complicated based on your financial situation. Some obstacles you might face include: Preparing financial statements, Calculating how …
So you’ve just received your tax bill and shockingly, it’s much larger than you had anticipated. In fact, there’s no way that you’ll be able to pay it off any time soon. Yikes. With the due date looming ever closer, and knowing about all the nasty things the IRS can do to you, you can’t …
