Yes, the IRS can take a portion of your Social Security retirement or disability payments to satisfy a tax debt. Of some relief might be that fact that the IRS generally limits what it takes to 15 percent. As you struggle to pay a tax bill, you have probably watched as penalties and interest increase …
Yes. Asset seizure is one of the strongest tools for collection efforts available to the IRS. From seizing a home, bank accounts, retirement accounts or personal property, the IRS operates with a singular focus – to liquidate these assets and pay your debt. What protections are available to you? While the IRS certainly has the …
The IRS has a number of tools at its disposal to get individuals to pay their taxes. The penalties they implement can be severe. Just as importantly, penalties and interest can begin immediately for unpaid taxes. Besides charging taxpayers an annual interest rate for back taxes, they may also assess a late penalty fee at 0.5 percent …
Despite claims of IRS reform, there are no signs that there will be less enforcement concerning IRS regulations. In fact, the IRS appears to be paying attention to regulations that just a few years ago they did not aggressively enforce. One particular section concerns passports. Under IRC section 7345, the IRS has the power to revoke …
It appears that members of Congress are demanding that the Justice Department return assets seized from taxpayers. This was in response to IRS actions levying finances contained in taxpayer bank accounts through civil forfeiture laws. The money seized from accounts was due to alleged structuring offenses. Such offenses concern making cash transactions under $10,000 as a means …
For many Americans, no government agency strikes fear into our hearts more than the IRS. We hear horror stories of garnished wages and forfeited property. But how real is the threat? The IRS isn’t a bank, which may be more than happy to foreclose on a property or repossess a car to resell it for …
On behalf of Silver Tax Group posted in Back Taxes on Wednesday, May 9, 2018. The Affordable Care Act (ACA) creates a number of difficulties for employers concerning compliance. And those not in compliance face significant penalties leveled upon them by the IRS. According to the ACA, employers must either provide full-time employees health care coverage or make what is known …
On behalf of Silver Tax Group posted in Offshore Accounts on Tuesday, March 13, 2018. Americans holding onto foreign accounts need to record their holdings on the Report of Foreign Bank and Financial Accounts form (FBAR). Those filing an FBAR have until the middle of April to report such information. Some may get an extension until October 15. But …
On behalf of Silver Tax Group posted in IRS Tax Audits on Tuesday, February 20, 2018. For close to 17 years, the IRS has had a program in place allowing for penalty abatements. These abatements are available for individuals with a history of complying with reporting requirements. The policy behind the first-time penalty abatement program (FTA) was to give …
On behalf of Silver Tax Group posted in Back Taxes on Tuesday, December 12, 2017. There are a number of ways the IRS can collect back taxes from Michigan residents. Methods to collect tax debt can include property seizure known as a levy. IRS agents can also take legal action to secure payment (known as a lien). An understanding …
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