Frivolous Tax Returns The IRS can charge penalties of $5,000 for Frivolous Tax Returns and other Frivolous submissions made to the IRS. The US Tax Court may impose penalties of up to $25,000 when a Taxpayer makes frivolous arguments in Tax Court. A list of some of the frivolous arguments that can lead to penalties
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IRS Releases New Collection Financial Standards for 2023
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
Received an IRS Notice of Tax Lien?
Notice of Tax Lien Have you received an IRS Notice of Tax Lien? This is a notice stating a tax lien is about to or already has been placed on your property or other assets. Here is what it means and what you should do next. What?A tax lien is a legal claim against your
IRS Tax Brackets 2023
Will New Tax Brackets for the 2023 Calendar Year Help You? The IRS updates tax rates annually based on inflation—and with this year’s monthly inflation numbers struggling to dip below seven percent, income tax thresholds are changing fairly dramatically compared to past years. The new IRS Tax Brackets 2023 reflect the substantial changes to prices
IRS Penalty Relief for Certain Taxpayers Filing Returns for Taxable Years 2019 and 2020
IRS Penalty Relief The IRS announced on August 24, 2022, it will be waiving late-filing penalties and processing refunds to taxpayers who missed the filing deadlines on their 2019 and 2020 federal income tax returns (IRS Notice 2022-36). Before this IRS penalty relief announcement there were two ways to petition for a waiver of penalties.
What Is A Tax Lien?
What Is A Tax Lien? Lien on me Tax Liens are a powerful weapon in the arsenal of the IRS and other taxing agencies including the Franchise Tax Board (FTB), California Department of Tax and Fee Administration (CDTFA), and Employment Development Department (EDD). A Notice of Federal Tax Lien (or notice of State Tax Lien)
July 15th IRS Deadline – When their Gloves Come Off
IRS Deadline In response to the COVID-19 epidemic, the IRS launched a People First Initiative. Among other things, the IRS suspended most collection activity until July 15th, 2020as part of the People First Initiative. Other tax agencies like the California Franchise Tax Board (“FTB”) have implemented similar relief programs for taxpayers. The relief afforded by
How to use the IRS Website to Get your Stimulus Check
How to use the IRS Website to Get your Stimulus Check Beware of entering the IRS website to get your stimulus check. It is something you may have heard of in a haunted house at a Halloween Carnival. However, when it comes to COVID 19 Stimulus payments you should we wary before using the IRS
IRS Notices and Letters: What You Need to Know
If you notice a letter from the IRS in your mailbox, you may immediately feel uneasy. However, there is no need to panic. The IRS sends out millions of letters to taxpayers every single year—and most of them are simple requests or notices. A letter from the IRS does not necessarily mean you are in