According to the IRS, the US loses several billions of dollars every year as a consequence of individuals who either hide or fail to report their offshore revenue or foreign earnings. Offshore tax fraud or tax evasion is a crime if it is determined to have been committed willfully and one can face certain penalties… [Read More]
Important Notice: Consumer Alert from the Attorney General on “Tax Relief” Scams3 Types of IRS Penalty Abatement
What is a Tax Penalty Abatement? Taxpayers with unfiled tax returns or unpaid taxes are often hit with the following IRS penalties: The failure-to-file penalty, which accrues at 5% of your unpaid taxes per month The failure-to-pay penalty, which accrues at 0.5% of your unpaid taxes per month
When Can the IRS Levy Property Without a Hearing?
IRS Levy Procedures The IRS must follow certain procedures before seizing your property. Typically, that process goes something like this: You receive a notice stating that tax has been assessed and asking you to pay it. You don’t pay or resolve the matter by the deadline. A Final Notice of Intent to Levy is sent… [Read More]
How To Get The IRS To Reconsider A Tax Assessment
Having the IRS levy a tax assessment on you is never a great experience, especially if you feel that the assessment is unjust in nature. But, is there anything you can do to fight back? The good news is that, yes there is. Here’s how to get the IRS to reconsider a tax assessment. What… [Read More]
Can You Still Face Penalties If You Get a Tax Filing Extension?
Reasons for Requesting an Extension There are two major reasons taxpayers request a six-month extension to file their tax returns: • They waited until the last minute, and now they don’t have enough time to file their return. • They can’t afford to pay their tax bill. While the IRS will give all taxpayers an… [Read More]