IRS Collection Financial Standards The IRS recently released the new Collection Standards for 2023. The IRS Collection Financial Standards are significant because they often determine what a Taxpayer can “reasonably afford” when a Taxpayer makes a payment arrangement such as an Offer in Compromise, Currently Non-Collectable Status, or an Installment Agreement with the IRS for
It happens to the best of us. We carefully prepare for an appointment with our accountant or we gather all our documents and go through the process of preparing our tax returns. A short while later we receive a notice from the IRS letting us know that we underreported our taxable income. Now what? Our
Should You Hire a Tax Attorney? It’s the kind of mail nobody wants to receive—a letter from the IRS. It’s pretty much given that any mail you get from the agency is most likely not going to contain good news. If you receive a letter from the IRS you have an important decision to make.
How the IRS calculates interest Filing a tax return on time and paying any taxes due allows you to avoid having to worry about paying any additional penalties and interest the IRS may charge. However, every year there are taxpayers who find that they are unable to pay their tax obligations on time. These taxpayers
The IRS has many different penalties they can place against taxpayers if they believe you have a balance due after tax day. If you find yourself with a large balance due to the IRS, FTB, EDD, or SBOE, these agencies will impose high percentage penalties on the balance due, and they may begin garnishing your
When a tax debtor fails to stay current with his or her tax obligations, the Internal Revenue Service (IRS) will eventually initiate collection proceedings in order to collect the outstanding tax liability from the tax debtor. Tax debtor should understand that just because the IRS is a federal agency, its actions are not always proper