The IRS imposes penalties on taxpayers for various reasons, including failing to file a tax return on time, failing to pay taxes owed, or providing inaccurate information. However, the IRS also offers penalty abatement—a process that allows taxpayers to request a reduction or removal of certain penalties under specific circumstances. Understanding how penalty abatement works […]
2025 IRS Mileage Rates
The IRS mileage rates for 2025 have been announced, and these updates are crucial for taxpayers and businesses that rely on mileage deductions. Whether you’re using your vehicle for business, medical purposes, charitable activities, or moving expenses, understanding the latest rates can help you maximize your deductions and stay compliant with tax laws. What Are […]
What is the IRS Fresh Start Program?
A new year could mean a financial fresh start. The IRS Fresh Start program was created to help struggling taxpayers and small businesses. In 2023, taxpayers are still asking how the program works. Here are some key details about the program. The History of the Fresh Start Program The Fresh Start Initiative was established in 2011 […]
Penalties for Unfiled Tax Returns & How to Avoid Them
When you fail to file your tax returns or pay your taxes on time, you may face significant penalties from the IRS. These penalties are intended to encourage taxpayers to comply with tax laws, and their impact can range from financial burdens to long-lasting consequences. In this article, we will explore the penalties for unfiled […]
How to File Past-Due Tax Returns
Life can sometimes throw us curveballs, and as a result, important tasks like filing tax returns can fall through the cracks. If you find yourself in a situation where you have past-due tax returns, it’s essential to address the issue promptly to avoid penalties and legal complications. In this article, we’ll walk you through a […]