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 …
Federal tax debt is a serious issue. The government possesses a few more tools than the average creditor, and unlike some debts, the IRS doesn’t easily forgive tax debt. The IRS expects you to pay back what you owe to the best of your abilities, whether a few hundred dollars or several hundred thousand. The …
Federal tax liens are one of the IRS’ collection actions used to enforce payment for tax debt. Unlike a levy, a federal tax lien is not an actual claim of your property or assets. And unlike a levy, the IRS issues a federal tax claim on everything you own, all at once. The IRS will …
One of the functions of the IRS is to ensure that taxpayers adhere to their tax liability. To that end, the IRS attempts to combat the so-called “tax gap”, an estimated gap in the nation’s total tax liability and the money the IRS is pooling together from estimated payments and withheld taxes. To reduce that …
While receiving an IRS notice of deficiency in the mail will make anyone’s knees quiver, most tax discrepancies result from honest errors and can be resolved in short order. Here’s what to know. – When the IRS establishes that your tax account owes money – perhaps due to a missed tax payment, an incorrect calculation …