Tag Archives: Back Taxes

Creator of Beanie Babies Hit with $53.5 Million Penalty for Tax Evasion

Ty Warner, the creator of Beanie Babies, has been charged with tax evasion for failing to report income in a secret offshore bank account. The 69-year-old Chicago-area billionaire has agreed to plead guilty and pay a $53.6 million civil penalty … Continue reading

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Compromise of Tax and Penalty

Lefstein-Suchoff CPA & Associates, LLC has a proven track record of getting our Client’s Offers in Compromise accepted and thereby saving our clients thousands of dollars. If, on the other hand, we believe that filing an Offer in Compromise will … Continue reading

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If You Don’t Pay on Time: Understanding Collection Actions

  There are several words and phrases particular to the collection process.  Here, we’ve defined some of the most commonly used collection terms: Federal tax lien:  A legal claim against all your current and future property, such as a house … Continue reading

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How Long the IRS Has to Collect Taxes

  The IRS can attempt to collect your taxes up to 10 years from the date they were assessed.  However, there are exceptions to this time frame.  For example, by law, the IRS will suspend and extend collection while: The … Continue reading

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IRS Collections and IRS Installment Agreements

  In 2012, the IRS instituted additional Fresh Start initiatives to help struggling taxpayers pay their taxes. As part of these initiatives, the IRS relaxed streamlined installment agreement rules for individuals by increasing the threshold from $25,000 to $50,000, and … Continue reading

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IRS Summons

At Lefstein-Suchoff CPA & Associates, we are committed to providing useful information that helps those faced with a situation requiring tax help for: tax settlements, tax debt, back taxes, IRS tax debt, an IRS levy, IRS tax audits, Offer in … Continue reading

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IRS Notice of Levy

If taxes are not paid timely, and the IRS is not notified why the taxes cannot be paid, the law requires that enforcement action be taken, and this may often involve the IRS issuing a Notice of Levy. This notice … Continue reading

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Payment Plans, Installment Agreements

You can make monthly payments through an installment agreement if you’re not financially able to pay your tax debt immediately. However, you will still incur penalties and interest as well as a  fee associated with setting up an installment agreement. … Continue reading

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Requirements for Full Evaluation of an Offer In Compromise

In order for an Offer In Compromise to be fully evaluated by the IRS, the taxpayer must have completed the following steps prior to submitting the offer: 1) File all tax returns legally required to be filed 2) Make all … Continue reading

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Unfiled Tax Returns & the IRS Substitute For Return (SFR)

It’s important to understand the ramifications of not filing a past due return and the steps that the IRS will take. Taxpayers who don’t file a past due return or contact the IRS are subject to the following: The IRS … Continue reading

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