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Taxpayers who fail to file a tax return or fail to pay taxes by the deadline are subject, by law, to penalties assessed by the IRS. Taxes unpaid by the original filing due date are subject to interest and a monthly late payment penalty. The failure to file a tax...
Once a taxpayer successfully submits an Offer in Compromise (OIC) application to the IRS, certain events occur as the IRS considers whether to accept the OIC. Offer in compromise applications typically require specific IRS forms and substantial paperwork to document...
The IRS will settle unpaid tax debt with taxpayers for less than the full amount owed through an agreement known as an Offer in Compromise (OIC). Thus, an offer in compromise may be a realistic option for taxpayers hoping to resolve a tax balance due. Taxpayers who...
The IRS provides payment alternatives for any taxpayer with delinquent taxes. The requirements of these programs can be complicated and may require the assistance of a qualified tax professional. The IRS suggests such assistance may be useful in helping...
It’s important to understand the tax consequences associated with receiving a legal settlement or award. A failure to pay attention to detail could result in a significant tax liability and other IRS tax problems. What’s Taxable? Legal settlements may compensate a...
Virtual currency taxes are a relatively new issue. The IRS will continue to issues guidance as time passes, but taxpayers still need to properly report their virtual currency transactions, pay taxes on virtual currency income, and correct any noncompliance on...
Reasonable compensation issues can come up in a variety of circumstances. An IRS tax audit may result in an adjustment to your compensation or the compensation of your employees, causing you to owe additional taxes, penalties, and interest. The IRS may...
The general rule is to keep tax records for at least three years. But there are many situations where you may want to keep records for longer than that if you want to protect yourself in the case of an IRS tax audit. The Three-Year Rule The IRS has three years to...
The IRS can ask a taxpayer to extend or waive the statute of limitations for tax assessment or collections. You should consult a tax attorney before agreeing to any extension and make sure that it is in your best interests. You may also want to limit the length or...
The IRS has an unlimited amount of time to assess tax for a period where no return was filed. Technically, you should keep your records forever for any tax year where you did not file a return, but in practice the IRS doesn’t commonly go back more than six years when...