The IRS issues millions of penalties every year. Most of these are for missed or late payments or returns, but sometimes, taxpayers incur the IRS’s ire in different ways, such as missing payroll taxes on their business or bouncing a check. These penalties add up over time – some are flat penalties, while others are …
Getting on the IRS’ bad side is never a good idea. But whether it’s due to a hectic work schedule, personal illness, or family emergencies, millions of Americans miss their Tax Day deadlines each year, drawing the IRS’s attention — and a little bit of financial ire. Maybe you misplaced your return, lost track of time, or …
Thanksgiving is a time for gratitude, and a time for reflection, as we draw closer to winter and a new year. For many people, the end of the year is a great time to wrap up loose ends and prepare for a fresh start. That means taking care of old debts and liabilities. Being in …
It wouldn’t be an understatement to say that the IRS has hundreds of forms and hundreds of different formatted letters and notices it sends out each year. Keeping up with every form is an impossibility, especially for a layperson. However, a few forms are infamous and will sound recognizable, such as Form 1040 and Form W-2. Form 8857 is not one …
A CP14 notice is not a reason for panic but can be a cause for concern. CP14 is also known as an IRS balance due notice – in other words, it is a reminder from the IRS to pay your dues and to ensure that you know you owe them money. This might be a minuscule amount to …
Being warned about an impending audit can be scary, especially when the IRS knocks on your door. However, in addition to the fact that most taxpayers will have to worry about being audited, the vast majority of IRS audits do not involve a face-to-face confrontation with the IRS – they are primarily conducted via the …