IRS Tax Lien – Avoiding a Lien IRS Tax Lien – a dreaded word to the average American taxpayer. However dreaded the words are, many do not know what a tax lien is, or what to do when faced with the potential of having one placed against them. A tax lien occurs when the IRS
Blog
IRS Penalty Abatements – Undue Hardship
If a taxpayer is unable to make their tax payments due to a financial inability to pay them, in some cases they can be granted an Undue Hardship Penalty waiver. This waiver generally only applies to taxpayers who have filed their returns in a timely manner. However, just like the other penalty waiver provisions, this
The Affordable Care Act and Your Taxes
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
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