It seems the IRS charges penalties for everything. IRS Penalty for filing a return late. IRS Penalty for paying taxes late. IRS Penalty for not paying enough estimates. IRS Penalty for not filing 1099s. IRS Penalty for …. The list goes on. If you have reasonable cause, the IRS will abate IRS Tax Penalties.
Offer in Compromise Settlement based on Effective Tax Administration is not common. There must be an exceptional circumstance to qualify for this type of Offer in Compromise Settlement.
There are three different types of IRS Offer in Compromise. An IRS Offer in Comprise based on Doubt as to Liability is a less popular type.
Operating a small business can be tough. There is plenty of work to complete. Generally, one aspect of the business that is easily mismanaged is business tax and accounting. Many small business owners gather documents at the end of the year for business taxes. Gathering documents at the end of the year can be time consuming and inefficient. The following are IRS resources to help you categorize expenses and identify business expenses throughout the year.
Offer in Compromise is an IRS program to settle your taxes for less. There are three different types of Offer in Compromise. This blog reviews Offer in Compromise Doubt as to Collectability.
Joy to the world, tax time is just around the corner. I know you are excited. Ok, probably not. We CPAs and accountants are a unique breed. We get excited to work every day and night for three months straight to get everyone’s tax returns filed on time. Filing taxes is a necessary evil. It is best to prepare for tax time by reviewing your itemized deductions in December. You may be able to gather additional deductions before the year ends. Review this list of IRS itemize deductions.
Livingston Interdisciplinary Professional Association (LIPA) is offering a free seminar on divorce and family law. LIPA’s mission is to inform and guide Livingston county couples and families in order to reach smarter, more helpful and less costly outcomes in divorce and family law situations through non-court processes.
In honor of Nelson Mandela
It always seems impossible until it’s done
Can you settle tax debt? It does not seem possible. Why would the IRS accept less than what is owed?
The IRS will settle tax debt and accept less than owe. You must qualify.
Tax accounting is one of the more trusted professions. Every year people gather tax information then go to a trusted source for tax service. The problem is people may be receiving inferior tax service and do not realize it. Most people find out the hard way. A year to two after the tax return was filed, they get an IRS tax bill. The IRS found a mistake made by your accountant.