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 returns
Tax Penalties: What is Failure to Pay?
A tax penalty is assessed when a taxpayer fails to meet a tax filing deadline or fails to make a tax payment when it is due. The IRS and State Tax Agencies impose such penalties as a method of encouraging taxpayers to meet their tax obligations. Both the Failure to File Penalty and the Failure… Continue reading →
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 →
What is the 1099-K?–What New IRS Form 1099-K Means for Your Tax Return
As tax season is underway and you receive W-2s and 1099-MISCs in the mail, you may notice something new this year: Form 1099-K. Preparing your taxes and filing Form W-2 and 1099-MISC may be more familiar, but what is this Form 1099-K? It is important to know because the Merchant Card and Third Party Network… 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 →
