Nobody likes tax season. In fact, this time of year is a major source of anxiety for thousands of people. But, it’s a necessary evil that you’ll have to face if you want to stay out of trouble. One of the worst things you can do is assume there aren’t consequences for not paying the IRS. …
For many people, January 1st signals the start of the season in which they can get a big payout from the government in the form of a tax return. But for those who’ve failed to file their taxes in the past or those who know they’ll owe the IRS a large sum of money, January …
Why Does the IRS Garnish Wages and How Does it Work? Read More »
Benjamin Franklin said, “Nothing is certain but death and taxes”. If you’re thinking about eluding the IRS — think again. Tax evasion is a serious crime, punishable by fines, back taxes, and potential jail time! Whether you intentionally skipped out on your taxes or miscalculated funds, you eventually need to pay what’s due. If you’re …
You get a certified letter in the mail from the IRS. It says that unless you pay your back taxes immediately, your property is subject to a tax levy. That’s enough to scare you senseless. Know that you’re not alone. Every year, the IRS has issued tax levies from bank levies to wage garnishments. Read …
The IRS uses property seizure as a last resort when attempting to resolve tax debt. While the notion of having a car, house or bank account seized can be terrifying for many individuals and families, the IRS employs various rules, regulations and procedures to ensure that tax-payers are protected and are given every opportunity possible …
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 …
On behalf of Silver Tax Group posted in IRS Tax Audits on Wednesday, December 6, 2017. Michigan taxpayers face tax audits from the IRS for a number of reasons. And as the consequences of a tax audit can be severe, it is important to understand the reasons why audits occur. An audit may be the result of someone ignoring …
On behalf of Silver Tax Group posted in Tax Crimes on Friday, October 6, 2017. If you are Michigan resident behind on paying your federal taxes, you are likely facing significant penalties and fines. But being behind on your taxes – even significantly behind – is not the same as saying you are guilty of tax evasion or fraud. …
On behalf of Silver Tax Group posted in Back Taxes on Thursday, August 24, 2017. Most tax reporting that does not comply with IRS regulations will result in penalties. Yet because there are so many forms to fill out and procedures to follow, Michigan taxpayers may not even understand the requirements to follow. Penalties to underreporting In recent years, …
Penalties due to Underreporting of Estimated Taxes Read More »
On behalf of Silver Tax Group posted in Back Taxes on Tuesday, June 20, 2017. Tax debt can quickly become a significant burden. This sort of debt can even inhibit the enjoyment of owning property you have worked hard to accumulate. A lien upon property The IRS can place a lien upon property you own – even if title …
Coping with a Federal Tax Lien against Your Property Read More »
On behalf of Silver Tax Group posted in Back Taxes on Friday, February 24, 2017. Michigan taxpayers already understand the complexity of filing taxes. Unfortunately, any mistake made in the filing of taxes can result in penalties or a possible tax audit. That is the sort of attention we all would prefer to avoid. Mortgage interest deductions There are always …
On behalf of Silver Tax Group posted in Tax Penalty Relief on Monday, October 24, 2016. This is an excerpt from Chapter 12 (“Slaying IRS Penalties”) from Chad Silver’s book Stop the IRS. It deals with the topic of penalty forgiveness, and outlines some of the common reasons that people qualify for removal of tax penalties. The IRS loves …
On behalf of Silver Tax Group posted in Back Taxes on Thursday, May 5, 2016. This question comes up in many contexts. Moving for job may require you to sell your primary residence before having a down payment for a new home. It may be time to downsize and sell a vacation home. After the loss of a parent, …
Selling a Property? What Are the Tax Consequences? Read More »
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