Answering Frequently Asked Questions About Unfiled Taxes

Answering Frequently Asked Questions About Unfiled Taxes

Unfiled taxes can attract the wrath of the IRS through various collection methods and penalties. Some taxpayers miss out on payments due to unavoidable reasons, while others believe they can evade the IRS and do not pay their dues for several years. While the IRS provides a helping hand to taxpayers troubled by unavoidable issues, there are numerous penalties that can be levied against defaulters. In this blog, we answer some of the most frequently asked questions related to unfiled taxes. What are Unfiled Taxes? Failing to pay your taxes, file tax returns, present accurate tax or financial documents may

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All You Need To Know About Payroll Taxes

5 Ways to Handle Unpaid Payroll Taxes

The taxes withheld from employees to be used to pay FICA taxes and income tax by the employers are known as payroll taxes. It is the employer’s responsibility to maintain an accurate record of the funds deducted from employee salaries, and it is mandatory for them to pay their share of taxes as an employer. Employers must take care when dealing with payroll taxes to avoid getting in any trouble with the Internal Revenue Service. Keep reading to learn all you need to know about IRS payroll taxes. Employer’s Responsibilities Towards Payroll Taxes Employers not only have to worry about

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Debt Settlement and Its Implications on Taxes

Debt Settlement: A Guide for Negotiation

Getting overwhelmed by debts and tax dues is quite a common issue faced by millions of people in the country. People facing a difficult time paying what they owe the IRS or some other creditor can turn to a debt settlement facility, which can help them clear all dues in a very short period. For tax debts, this can be in the form of an IRS installment agreement. While debt settlement is an excellent solution when looking for debt relief, there are some implications to availing this option. Let’s take a closer look at some of them. What is meant

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Important Tax Debt Relief Strategies to Consider

How to Remove An IRS Tax Lien

Tax debt is the difference between the tax someone owes to the state and what they have actually paid. Every year, thousands of Americans end up in IRS debt exposing themselves to a range of IRS problems. In 2019, the national average tax debt was at USD 16,849. Left unresolved, it could lead to a host of complex IRS issues ranging from hefty interest, seizing of assets, or even an international travel ban. Tax debt could further require you to deal with IRS revenue officers or debt collectors continually, which can be a cumbersome experience for anyone. While the implications

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Guide To Requesting IRS Penalty Abatement

Requesting IRS Penalty Abatement

Although the Internal Revenue Service (IRS) is extremely strict when it comes to paying taxes and filing returns, it understands the possibility of taxpayers encountering unavoidable issues that render them incapable of managing these essential tasks. It is always recommended to inform the IRS about your situation and apply for abatement before being considered as a potential tax evader and attracting several penalties. Here is a guide to help you when requesting IRS penalty abatement. Avail of First Time Penalty Abatement Whether you qualify for reasonable cause abatement or not, you are allowed and should prefer availing first time penalty

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Spotlight on IRS Interest & Penalty Abatement

Spotlight on IRS Interest & Penalty Abatement

Paying taxes and filing returns is a responsibility that must be taken care of timeously to avoid any issues with the IRS. Action that can be taken against defaulters include the charging of interest and penalties. While the government agency is quite determined about collecting taxes from defaulters, it offers several options to help taxpayers avoid any severe action that might potentially be taken against them. One of the avenues is IRS interest and penalty abatement. What is IRS Tax Abatement Tax abatement refers to getting exemption from penalties that have been levied against you for missing out on payments

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How Much Do You Actually Pay For IRS Offer In Compromise

How Much Do You Actually Pay For IRS Offer In Compromise

When taxpayers are incapable of paying their tax dues through their monthly income and assets by the end of the given time period, the IRS may consider them eligible for the “Offer In Compromise” program. Under this program, eligible candidates can settle their tax dues by paying a fraction of the actual amount. The IRS also allows people to go with this option if paying the due amount can potentially create financial hardships or the total amount is somehow found to be unfair and unreasonable. Very Few Applications Are Approved Although there are unsurprisingly millions of people that face IRS

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When to Hire a Tax Attorney

Hire reputable tax attorney

Hiring an IRS tax attorney is the best way to escape harsh penalties and collection action by the IRS. There are, however, instances where you can deal directly with the IRS, especially when the errors or omissions that are at issue pertain to an amount that has little to no impact on the gross income that you reported. It is advisable to always hire an IRS tax attorney when there are chances things could go south. In this blog, we look at some of the scenarios where you need to hire an attorney to help with IRS tax problems. When

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Guide to Preparing a Request for Appeal

How to file an appeal with IRS?

Every year, millions of tax accounts are audited by the IRS. An IRS audit is a result of a mistake in a taxpayer’s return or suspicion of potential tax fraud. Sometimes, you may receive an unfavorable ruling after a tax audit. If your tax account was audited recently and you are not satisfied with the outcome, you have the option to request for appeal in the IRS appeal office. The IRS appeals phone number is inundated with calls from taxpayers seeking to get decisions against them assessed. In many cases, the IRS office of appeals may overturn or at least

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All You Need to Know about Tax Payment Plans

Tax Payment Plans

Many times taxpayers find themselves in a situation where they owe taxes and are unable to pay at once. The IRS takes strict action when it comes to collecting back taxes and enforcing tax laws. If you find yourself in a situation where you can’t pay your taxes all at once, you can apply for various IRS payment plans that can help you pay your back taxes in a convenient way. In this blog post, we will discuss the different payment plans offered by the IRS and how they can help you clear back taxes. Read on. What is an

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