Tax Penalties Set to Increase in 2017 According to the annual Bloomberg BNA report of projected tax rates, tax penalties are set to increase in 2017. The projected tax penalty increases will be applied pretty much across the board. They include penalties such as the Failure to File Penalty and the Failure to Pay Penalty… Continue reading →
IRS Penalties
What Happens If You Can’t Pay Your Taxes?
What Happens If You Can’t Pay Your Taxes? What happens if you owe tax money to the IRS and you cannot afford to pay it? Most importantly, do not ignore the IRS. They have a lot of information on you and are not going to forget about the money that is owed. To prevent the IRS from… Continue reading →
Tax Debt May Result in Loss of Passport
Tax Debt May Result in Loss of Passport One of the numerous bills passed by Congress toward the end of last year was the Fast Act (Fixing America’s Surface Transportation Act). Executed on December 5, 2015, the main focal points of the bill are improving the county’s transportation infrastructure, strengthening public transportation and improving highway… Continue reading →
Trust Fund Recovery Penalty Averted!
Trust Fund Recovery Penalty Averted! Professional Tax Resolution latest Success Story: Trust Fund Recovery and Penalty Averted. The owner of BM Corporation contacted our office shortly after receiving a subpoena from the IRS requesting all of their banking records. Unsure of how to respond to the notice and fearful of the potential consequences it might hold,… Continue reading →
Jeopardy Assessments Allow IRS to Freeze Assets
Jeopardy Assessments Allow IRS to Freeze Assets The recent tax troubles of Barcelona soccer star Neymar da Silva Santos serve to point out the very powerful nature of tax collection agencies. Earlier this month, a Brazilian judge froze almost $50 million in assets to prevent to Neymar from hiding funds that might be needed to… Continue reading →
Tax Debt Reduced by Filing Past Due Returns
Tax Debt Reduced Through Filing of Past Due Tax Returns Sometimes resolving a back tax balance is as simple as filing past due tax returns. The case of Mr. P involved just that! When he contacted our office, he had not filed either his corporate tax returns or his personal income tax returns for the… Continue reading →
