Understanding the Basics of IRS Penalty Abatement
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Homeownership ranks among the top aspirations for people all over the world. A massive 35% of Americans are either renting, living with family, or homeless. IRS tax problems can be an impediment for people looking to buy a house due to a fear that it may be forfeited to the government agency. One IRS tax problem that affects many taxpayers is that of unpaid taxes. In this blog, we explore whether it is possible to buy a house while owing the IRS. Is it possible to buy a house while owing taxes? It is possible to buy a house while
The American income tax system is based on the idea of voluntary compliance. The Internal Revenue Service (IRS) promotes trust in the tax system and legal compliance through its civil and criminal enforcement initiatives. Reducing the tax gap, or the anticipated difference between the amount of tax that taxpayers should pay, and the amount voluntarily collected, is one of the IRS’s goals in its enforcement approach. Keep reading if you earn upwards of $100,000 or more each year and have one or more unfiled tax returns. IRS initiatives to boost collection from high-income non-filers According to a report by the
Ensuring compliance with tax laws is unarguably one of the most challenging things taxpayers (both individuals and businesses) have to deal with, although it is all the more difficult for businesses. That’s because businesses are not only required to ensure compliance with federal tax laws, but they must also comply with state and local tax laws. And on top of that, the laws keep changing on a frequent basis. This adds to the misery of the taxpayer, who has to keep up with the changes or run the risk of incurring huge penalties. The worst part is that despite the
This year, the IRA (Inflation Reduction Act) replaced the House-passed “Build Back Better Act” of late 2021, with the aim to, among other things, lower the nation’s debilitating inflation. As the act becomes mainstream, average taxpayers may get confused regarding what they owe to the Internal Revenue Service (IRS). That is why consultation with an experienced IRS tax attorney is important. If you are a resident of Dallas – Fort Worth, you have easy access to the best IRS attorneys in Dallas – Fort Worth, TX. In this blog, we take a closer look at the Inflation Reduction Act tax
Back taxes can be the stuff of nightmares as they can trigger severe tax collection processes, including liens, wage garnishments, and levies. While the IRS recommends clearing back taxes at the earliest, you may also opt for provisions that are available under the Fresh Start Initiative (FSI). One of the provisions is the IRS offer in compromise (OIC), which is a monetary concession that allows the IRS and taxpayers to settle unpaid dues for less than what is owed. Requesting for an OIC requires taxpayers to comply with intricate eligibility criteria, which is why it is advisable to consult a
Social Security taxes are paid by both employees and employers on income up to an annual cap, commonly referred to as maximum taxable earnings. Based on changes in the annual National Average Wage Index, every year, the federal government raises the Social Security threshold to keep up with inflation. In this blog, we will discuss some recent changes to IRS payroll taxes. Changes in Social Security Payroll Taxes in 2022 The maximum earnings subject to the Social Security payroll tax increased to $147,000 on January 1, 2022, up from $142,800 for 2021, a $4,200 increase. Over the last five years,
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