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Category Archives: Penalties
Can The IRS Take My Car?
Asset seizure is one of the strongest tools for collection efforts available to the IRS. It can seize a home, bank accounts, retirement accounts or personal property, all with the singular focus of liquidating these assets and paying your federal tax debt. Your best bet…
What Happens If You Forget To File Your Taxes And What To Do Next
The IRS requires you to file a tax return if you earned over the standard deduction for your filing status during the tax year. The standard deduction changes every year, and as of tax year 2022, it is $12,950 for a single filer and $25,900…
Avoiding Late Penalties On 1065 And 1120S Returns
According to research, the IRS gives Americans anxiety and causes mass confusion. To the point where WebMD has issued a guide on how to cope with tax-time stress. If you’re a business owner, the fact that tax season is stressful is probably not a newsflash.…
IRS Disputes: 9 Steps To Appealing And Eliminating Penalties
When you’re dealing with the IRS, you need always to have your ducks in a row. Dealing with an IRS dispute particularly requires you to be detail-oriented. Tax dispute resolution can be a game-changer. Since IRS audits are always a reality, you’ll need to know…
Accuracy-Related Penalties According To The 2022 AUR
Key Takeaways: Accuracy-related penalties, also known as a Section 6662 penalties, can be detected by the IRS’s AUR program The AUR uses an algorithm to identify discrepancies in what taxpayers report to the IRS versus what other third parties have reported The two types of…
What Can I Expect From The Failure To Pay IRS Penalty?
Key Takeaways: The failure to pay penalty is issued when you don’t pay your taxes on time. This penalty is 0.5% of your unpaid tax per month, up to 25% of your total tax bill. You will receive a notice from the IRS if they…
Why Does The IRS Garnish Wages And How Does It Work?
What is Wage Garnishment? A creditor can garnish wages for numerous reasons. But typically, consumer debt, child support and alimony, and student loans are the most common sources. When a court decides to garnish your earnings, they will mandate that a portion of your income…
Can The IRS Take My Social Security?
Yes, the IRS can take a portion of your Social Security retirement or disability payments to satisfy a tax debt.Garnishment is one of the IRS collection tools. The Service can go after a portion of your paycheck, but you might be surprised to learn it…
5 Steps To Request An IRS Bank Levy Release
Filing your tax return is annoying and confusing. And it can be a very stressful process if you end up owing the government. Sometimes, the IRS will end up sending you a levy if you do not pay. That is why it is important to…
The Harsh Consequences Of Neglecting To Pay Your Employees
As a business owner, you have the weight of the world on your shoulders. That means that sometimes things slip. You might forget to respond to an important email or dial into a conference call. You could miss an important lunch date or fail to…
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