A failure to file FBARs and Form 8938 can result in numerous civil tax penalties. Criminal penalties are also a possibility, which could result in jail time.
If you’re having tax problems
Category: Tax Penalties
You may be able to get IRS tax penalty relief simply by asking for it. If you meet the criteria for first-time penalty abatement (FTA), reasonable cause penalty relief, or other types of penalty relief, you will need to submit a request to the IRS in order to have your penalties reduced.
It is the right of the IRS to seek payment for debt you owe to the government, but it can be difficult going up against the IRS alone. Therefore, it’s in your best interest to take advantage of knowledgeable, experienced, and professional tax attorneys. Not only will you receive expert guidance, but it could… Read more »
The miscellaneous offshore penalty under the Streamlined Procedures is five percent of the highest aggregate account balance during the disclosure period. A number of factors can influence exactly how this penalty will be calculated in your case.
Back taxes are bottomless pits. They come along when you fail to disclose all your income, don’t file your tax return, or don’t pay all your taxes. No matter how innocent you are, that first step toward back taxes can cost you much more in future. It can be a daunting task to try to… Read more »
The IRS can assess several different types of penalties for tax fraud, including the following: Civil tax fraud penalty Fraudulent failure to file penalty Criminal penalty for filing a fraudulent return Criminal tax evasion Willful failure to pay estimated taxes Trust fund recovery penalty Penalty for willful failure to file Foreign Bank Account Reports (FBARs)… Read more »
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 »
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 In addition, you’ll be charged interest… Read more »
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… Read more »
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 »