Taxpayers beware! The penalties for bouncing a check to the U. S Treasury Department have recently been increased. Generally, if the IRS extends an existing tax credit or offers a new one, they will make a corresponding change in the tax code to “pay” for the credit. In this case penalties and fees on bad… Continue reading →
Tax Interest
Case In Point-Hiring A Qualified Professional To Handle Your Tax Settlement = A Good Investment
Hiring a qualified tax professional can seem like a bit of an investment. However by representing yourself before the IRS or State Tax Board small mistakes or assumptions can cost you even more time and money. This case study is a real world example.
FAQ about the IRS Notice of Deficiency
If you received an IRS Notice of Deficiency, the following article outlines some frequently asked questions about what a ‘Notice of Deficiency’ is, what the letter states about your situation, and both how and when you should respond.
Learn How the IRS Grants An Abatement of Penalties
Penalties in the form of interest and other fees are incurred when a taxpayer fails to file a tax return by a filing deadline and/or fails to pay a tax debt when it is due. Although interest and other penalties assessed by the IRS function to create equity within the tax system and encourage compliance,… Continue reading →
