Time is almost up to enroll in the Affordable Care Act’s (ACA) federal or state marketplace health care, and if you are not enrolled in minimum coverage health insurance by March 31, 2014 you must pay a penalty. We know the Affordable Care Act is confusing, so we tried to break it down and put
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IRS Penalty Abatements – Ignorance of the Law
IRS Penalty Abatements Many taxpayers do not have a wide grasp of the myriad of regulations and procedures that make up US Code Title 26, or what is more commonly known as the Internal Revenue Code. Because of this lack of knowledge, some taxpayers can find themselves facing significant tax penalties and interest charges due
Quiet v. Voluntary Disclosure
IRS OVDI – Quiet v. Voluntary Disclosure In some cases, a taxpayer who has previously unreported foreign income may decide to amend their tax returns in order to avoid some of the harsh penalties involved with non-disclosure rules. They also pay any past due penalties and interest that has accrued based on this new unreported
What to Do if You Have an Undeclared Foreign Bank Account
IRS OVDI – I have an undeclared foreign bank account. What do I do? Ownership of an undeclared foreign bank account can cause the average American taxpayer to feel a sense of impending doom. Due to the many disclosure laws that have been implemented over the years, and the potential fines and criminal penalties they
IRS OVDI – Foreign Income and Foreign Bank Accounts Reporting Requirements
IRS OVDI Due to the globalization of the world’s economy over the last few decades, many Americans are receiving an ever increasing amount of income from foreign sources. Some of this income is held in oversea banks and other financial institutions. However, due to both the use of foreign financial transactions in funding terrorism, and
IRS Offer in Compromise Rules – Tax Settlement
Tax Settlement An IRS Offer in Compromise or tax settlement allows you to settle whatever tax debts you might have for less than the full amount owed. This is a legitimate option if you cannot pay your full tax liability or if doing so would create a financial hardship. The IRS considers the following circumstances
Allowable living expenses/IRS National Standards
Though the Internal Revenue Service does not take the collection of taxes lightly, the IRS is prevented by law from attempting to collect assets that a person needs to survive and to live a normal life. These necessities have been dubbed allowable living expenses, and they are the expenses a person must be able to
Form CP 297C
When a taxpayer receives a Form CP 297C, this means that the IRS intends to levy on the taxpayer’s assets, typically where that taxpayer is a federal contractor subject to a Federal Contractor (FEDCON) Federal Payment Levy Program (FPLP). While taxpayer’s may understand a levy enough to know that it’s not a good thing, a
Form 9465-FS
When a taxpayer fails to meet his or her federal tax obligations to the Internal Revenue Service (IRS), he or she has a number of options available to meet that obligation and avoid an IRS levy. One such option is to request that the IRS and the taxpayer enter into an agreement whereby the taxpayer
Form 4180
The Internal Revenue Service (IRS) does not come calling from the moment a business falls behind on its tax obligations. However, failure to pay payroll taxes will initiate a process that often ends with the assessment of a Trust Fund Recovery Penalty (TFRP), or a penalty imposed directly on responsible persons that willfully fail to