Millions of Americans struggle with tax debt, and when that balance crosses the $50,000 threshold, the situation becomes far more serious. What happens if you owe the IRS more than $50,000? This level of debt sets off a series of events that increase the urgency and intensity of the IRS’s collection actions. The IRS is …
A non-streamlined installment agreement with the IRS is a payment plan designed for taxpayers who owe significant amounts in back taxes or have more complex financial situations. Although many taxpayers can qualify for the more straightforward streamlined payment plans with the IRS, those with larger tax debts or complicated financials are often required to pursue …
It can be a startling experience to open a notice from the IRS and see a slew of penalties tacked onto a past-due tax bill. In these situations, there is the opportunity for an IRS penalty abatement reasonable cause, a form of relief that hinges on more than just saying “I forgot.” The IRS does …
Payroll tax penalties can pose a threat to business owners who fail to meet their payroll tax obligations. These penalties can arise when businesses do not pay their required payroll taxes on time or fail to file the appropriate paperwork. The consequences of failing to comply with payroll tax requirements can be serious, ranging from …
Knowing the difference between income vs. payroll tax can be confusing, especially for new business owners or those unfamiliar with tax systems. While both are forms of taxation that individuals and businesses are required to pay, their purposes and applications differ. Income vs. payroll tax is a fundamental distinction that affects how much is owed …
The IRS follows a strict process before enforcing a levy, but how many notices does the IRS send before levy? Many taxpayers are unaware of the steps the agency takes before seizing assets, leading to confusion and financial distress. These notices serve as warnings, giving individuals a chance to take action before serious consequences occur. …