If you are suffering or about to suffer an IRS audit, you should know how your tax positions stack up against the IRS examiners’ positions. In most cases, you are discussing the facts, not the law, and you prove your facts with receipts, canceled checks, and logbooks. Once you get into the law, the rules …
The IRS can waive penalties it assessed against you or your business if there was “reasonable cause” for your actions. The IRS permits reasonable cause penalty relief for penalties arising in three broad categories: Filing of returns Payment of tax Accuracy of information Contrary to what you might think, the term “reasonable cause” is a …
Reasonable Cause: Key to IRS Penalty Forgiveness Read More »
I just finished reading a great article/Blog post from Christine Speidel and felt I should re-blog this it is well written and important to anyone who has collection issues open with the IRS. Christine Speidel is Assistant Professor and Director of the Federal Tax Clinic at Villanova University Charles Widger School of Law. Prior to her appointment …
First Question: Is there a difference between a federal tax lien and a Notice of Federal Tax Lien? There’s an important distinction between the federal tax lien and the Notice of Federal Tax Lien. The federal tax lien automatically applies to all of your property when you fail to pay taxes after a demand for payment. The Notice …
Will the IRS Withdraw a Notice of Federal Tax Lien? Read More »
So What is The Difference Between a Tax Lien Subordination and a Tax Lien Discharge? The blanket IRS tax lien applies to all of your property once you receive a Notice of Demand for Payment and fail to pay the balance in full. The lien encumbers your home and your personal property, even if you …
A reminder for taxpayers who filed a delinquent return or paid taxes late: You may qualify for a penalty waiver under IRS’s First Time Abate program. IRS will OK a waiver of the late filing and late payment penalties for filers who pay or arrange to pay the tax due and have been tax-compliant for …
Filed a Delinquent Tax Return or Paid Taxes Late? Read This! Read More »
Can IRS Foreclose on a Jointly Owned Home to Pay Tax Owed by Only One Spouse? Yes, IRS can foreclose on a jointly owned home to pay tax owed by one spouse. But the other spouse must receive his or her share of the sales proceeds.And the IRS must first get federal court approval before …
Can IRS Foreclose on a Jointly Owned Home to Pay Tax Owed by Only One Spouse? Read More »
As a small-business owner, you have good odds of someday facing a penalty for late filing and/or late payment of your or your company’s federal income or payroll taxes. When you receive the penalty notice from the IRS, it’s likely you will think that you have to pay the penalties. Expensive Mistake The IRS charges …
Hit with IRS Penalties? Pay $0 with These 3 Strategies Read More »