Underpayment PenaltiesThe tax system in the United States can be very complex. Taxes generally must be paid when income is earned, but these taxes are not always automatically removed from your earnings. In some cases, you may have to pay estimated taxes quarterly. The IRS may issue an underpayment penalty if a taxpayer fails to [...]
Delinquent taxpayers often look for a trustworthy company that provides services to alleviate income tax debt. The two most common tax problems taxpayers face are: first, not withholding enough federal income taxes, and second, finding a manageable way to get out of the resulting tax debt. If you owe back taxes to the government, you [...]
An Offer in Compromise (OIC) is a great program offered by the IRS and some states to help taxpayers with financial problems re-comply with tax authorities. If an OIC is approved, it will allow you or a company to pay the taxes due for less. The IRS and States do not readily accept ICOs, as [...]
A tax levy is one of the harshest collection mechanisms used by the IRS and state taxing authorities. A levy is the legal seizure of taxpayer’s assets to satisfy back taxes owed. This is different from a tax lien because a lien is only a claim to your assets while a levy is the actual [...]
IRS Tax Aid This brings us to the matter of how to decide if you need a Tax Advisor or a tax lawyer. A decision can cause a considerable headache to many. Happily, some specific examples can help you determine whether you need a Tax Advisor or the servers of a fully qualified tax lawyer. [...]
How to stop IRS garnishment of wages? Stop IRS Garnishments This is one of many ways the IRS uses to garnish wages as a way to collect your unpaid tax debt. Although there are various ways of going after unpaid tax debt like liens and levies, the IRS wage garnishment is one of the most [...]
If you can't pay your taxes on time in the United States, you may file a so-called "installment agreement" with the Internal Revenue Service (IRS). If the IRS grants the request, the agency will establish a payment plan so that you can make monthly payments on your back taxes. However, before requesting a payment agreement, [...]
During the tax season, people may find that they owe more taxes than they can pay. When this happens, the Internal Revenue Service (IRS) allows taxpayers to establish payment agreements to pay their tax burden. In most cases, the taxpayer must make a deposit and pay interest on the balance. It is important to note [...]
Form 9465 is what you need to fill out for your installment agreement request. The IRS will look over and review your request but don’t be deterred if your first request gets shot down. You are in a negotiation, so fight your corner and only meet an installment agreement that doesn’t put you in financial [...]
The Internal Revenue Service (IRS) and State taxation authorities charge a variety of tax penalties in order to ensure taxpayers remain in compliance with tax law. Typically, the severity of tax penalties assessed depends on the violation at stake. Taxes are generally assessed by computers that in many cases, don’t understand the circumstances that led [...]
