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Tag Archives: Tax Penalty
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
Posted in IRS Collections, IRS Payment Plans
Tagged Back Taxes, File Tax Return, IRS Relief, Tax Penalty, Tax Problem Solutions
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Summary of an Offer in Compromise
An offer In Compromise (OIC) is an offer made by a taxpayer to settle a tax liability for less than the full amount owed. The IRS will usually accept an OIC if it is unlikely that the tax liability … Continue reading
Posted in Offer In Compromise
Tagged IRS Problem Help, IRS Tax Problems, Tax Penalty, Tax Problem Solutions
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IRS Penalties: Part 4 of 4
The Internal Revenue Code imposes many different kinds of penalties, ranging from civil fines to imprisonment for criminal tax evasion. These penalties are designed to foster compliance. Penalties are generally payable upon notice and demand. Penalties are generally assessed, collected … Continue reading
IRS Penalties: Part 3 of 4
The Internal Revenue Code imposes many different kinds of penalties, ranging from civil fines to imprisonment for criminal tax evasion. These are designed to foster compliance. Penalties are generally payable upon notice and demand. Penalties are generally assessed, collected and … Continue reading
IRS Penalties: Part 1 of 4
The Internal Revenue Code imposes many different kinds of penalties, ranging from civil fines to imprisonment for criminal tax evasion. Penalties are generally payable upon notice and demand. Penalties are generally assessed, collected and paid in the same manner as … Continue reading
IRS Penalty Abatement
The IRS assesses various penalties, including those for late filing of tax returns and late payments of taxes. These penalties effectively punish taxpayers for noncompliance. Fortunately, there are relief provisions that can help eliminate or otherwise reduce penalties that have … Continue reading
Late Filing Of Tax Returns
What happens if you fail to file your return by October 15, the extended due date? One consequence: Unless a disaster-relief exception applies or you have a valid reason, you may be charged penalties and interest. For example, the … Continue reading
IRS Can Now Reduce the Amount of the Frivolous Tax Penalty
Section 6702(d) of the Internal Revenue Code authorizes the Internal Revenue Service (IRS) to reduce the amount of the frivolous tax submission penalty assessed under section 6702(a) or (b) if the IRS determines that a reduction would promote compliance … Continue reading
Posted in Tax Penalties
Tagged Business Tax Relief, Tax Penalty, Tax Penalty Reduction
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