The IRS might need more personnel to audit every taxpayer who files a return with an error or a slight mistake, but it does try to investigate as many returns as possible. This results in hundreds of thousands of audited returns each year, representing a fraction of a percent of all taxpayer returns. Thus, your chances of getting audited …
The IRS can be a scary creditor. With the full might of the government behind it, the IRS can issue federal liens and levies against delinquent taxpayers, claiming paychecks and even taking homes. However, for most taxpayers, a debt with the IRS is far from the world’s end. There are a few ways to resolve your federal tax liabilities …
Getting into tax debt is a serious problem – especially when you have no idea how you ended up owing the IRS money. Unfortunately, that is the case for thousands of Americans who find themselves on the other end of frightening notices and warning letters indicating that they might face financial penalties and growing tax …
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 …
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 …