Have you received an IRS notice of Failure to Pay? Last week, we discussed the IRS penalties and consequences of Failure to Pay, which is when a taxpayer fails to either meet a tax filing deadline, or make a tax payment by its due date. The consequences for Failure to File include 5% per month… Continue reading →
Unfiled Taxes
IRS Penalties for Hiding Income Offshore
You may remember Mitt Romney’s refusal to make his complete tax returns public due to his offshore accounts in the Cayman Islands in January. Romney at least reported the income to the IRS, if not the American public. The OC Register reported this week that Lake Forest resident Louis Joseph Vadino is being investigated by… Continue reading →
Late Tax Return? What Happens Next
It’s the day after taxes were due, April 18th, 2012. What do you do if you still haven’t filed your tax return? The IRS has some guidelines for what happens with returns that are past due. If the IRS doesn’t hear from you and you don’t file a return: The IRS will increase your taxes… Continue reading →
IRS Back Tax Tips – Help with Late Tax Bills – Pay Your Tax Debt
Did you receive an IRS notice that you owe back taxes? While owing money can be a big worry, ignoring the problem will only make things worse. There are options to pay your tax debt, even if you can’t do it all at once. If you need help with tax resolution because you owe back taxes,… Continue reading →
Back Taxes and Small Businesses -Tips to Avoid Tax Debt
Back Tax Issues for Small Businesses What back tax issues are commonly encountered by small businesses? Due to the complexity of tax law, many small business owners do not know how to use available deductions to reduce their lax liability and therefore end up with tax balances that are more than the business can afford… Continue reading →
IRS Tax Tips for the Unemployed – What to Know When Money is Tight
If you are unemployed you are probably worried about many other things but there are some tax consequences and conversely some tax breaks that result from being unemployed. Here are some facts that unemployed taxpayers will need to know when filing a 2011 tax return on April 15 2012. 1. Severance packages, Accumulated sick leave, Vacation, and Holiday pay are… Continue reading →
