IRS

Income tax oversights and errors can cause financial devastation. The unpaid amount due to the Internal Revenue Service (IRS) can increase rapidly. The IRS assesses interest and also imposes fines for underpayment and late payment of taxes. Taxpayers might make the...

 A lot of people tend to ignore what little “snail mail” they receive these days. One thing you should never ignore is a piece of mail from the IRS. Tossing it in the trash or shredding it isn’t going to make the problem go away. In many cases, it will only escalate,...

Missing the deadline to file your tax return can happen. Whether you forgot about it, didn’t finish your return on time, the situation can be remedied. Below are some important points to consider. You should still file The first step is to file your tax return as soon...

If you receive a Statutory Notice of Deficiency (SNOD), you’ve likely received multiple notices already from the IRS that you owe back taxes – or at least they’ve been sent. SNODs are sent using certified mail, so they are more likely to get a taxpayer’s attention...

Knowing that you owe the Internal Revenue Service (IRS) money is a stressful experience, particularly if they start the collections process. There are several ways that the IRS may work to get the money it’s due, one of which is a levy.  A tax levy is a tool that...

The IRS sends a notice of deficiency when it believes a taxpayer owes additional taxes. This letter, also called a "90-day letter," gives the recipient 90 days to respond before the IRS assesses the tax. Ignoring this notice can lead to penalties, interest, and...

If you owe taxes to the IRS and can’t pay the full amount right away, you have options to set up a payment plan. The IRS offers several choices that can help you pay off your taxes over time. Understanding these options will make it easier to manage your payments and...

Getting a tax decision from the IRS that you disagree with can be frustrating. Fortunately, you have the right to challenge it through an appeal. Understanding the process helps you take the right steps and increases your chances of a favorable outcome. Review the IRS...

The IRS’s Fresh Start Program provides relief for taxpayers struggling with unpaid tax debt. It offers a structured way to manage tax obligations and avoid severe penalties. Understanding the program’s components and qualifying requirements can help individuals regain...

The rise of gig economy work, including freelancing, ride-sharing, and other contract-based jobs, has drawn the attention of the IRS. As more workers join the gig economy, the IRS increases its scrutiny, which impacts how workers report taxes and meet compliance...