What Are The Penalties For A Tax Audit? Expert Insights

What Are The Penalties For A Tax Audit? Expert Insights

No matter if you’re a business owner or an individual taxpayer, receiving a tax audit notice from the IRS can be an unsettling experience. In the 2023 fiscal year alone, the IRS audited 582,944 tax returns, uncovering nearly $31.9 billion in additional taxes....
What Happens If You Default On An IRS Installment Agreement?

What Happens If You Default On An IRS Installment Agreement?

Missing an IRS installment payment can lead to serious repercussions. The IRS will send you Notice CP523, notifying you that your installment agreement is at risk of termination if you don’t act swiftly. In addition to missed payments, your agreement can be revoked if...
How Does The IRS Determine Your Capacity To Pay Tax Debt?

How Does The IRS Determine Your Capacity To Pay Tax Debt?

Tax obligations are a common issue faced by individuals and businesses who struggle to meet them by the deadline, leading to tax debt. Whether it’s income tax, payroll tax, or other forms of taxation, unpaid taxes can result in mounting interest, penalties, and even...
Avoid These Offer In Compromise Mistakes

Avoid These Offer In Compromise Mistakes

Understanding the Offer in Compromise process with the IRS can be challenging, especially when even small missteps can lead to delays or rejections. Knowing the common mistakes that people make and how to avoid them can significantly increase your chances of a...
Determining The Offer Amount For IRS Offer In Compromise

Determining The Offer Amount For IRS Offer In Compromise

If you’re exploring ways to settle your tax debt with the IRS, submitting an offer in compromise might be on your radar. But figuring out how much to offer can be tricky—it’s all about finding that sweet spot the IRS will accept. This starts with understanding your...
How Long Does An Offer In Compromise Take? 

How Long Does An Offer In Compromise Take? 

If you’re dealing with overwhelming tax debt and finding it difficult to make ends meet, the Offer in Compromise (OIC) program could provide the financial relief you need. This IRS tax negotiation initiative allows eligible taxpayers to reduce their tax...