If you have an unpaid tax bill, you know the stress that comes with owing the IRS. The IRS is a powerful agency with the ability to collect what is owed to them using severe methods. These can include garnishing your wages or levying your bank accounts. With a 10-year statute of limitations, the agency […]
How to Avoid a Tax Audit
While there is no guaranteed method of avoiding audits, there are things to steer clear of that could trigger an IRS audit. The Senate recently approved nearly $80 billion in IRS funding, with $45.6 billion for enforcement, which could lead to more audits. Here are some things that the IRS has historically viewed as “red […]
New Consequences of Payroll Tax Liability
The responsibility of payroll taxes falls on the shoulders of employers, although they come from employee paychecks. The federal government, Social Security and Medicare heavily rely on taxes from employee wages. IRS revenue officers are now tracking how unpaid payroll taxes were spent during their “trust fund investigation.” Payroll Taxes Used for the Employer’s Benefit […]
The Consequences of Owing Taxes
Owing the IRS can be a scary and confusing time, especially if you don’t know what to expect. The IRS has protocols to collect past due balances. This article will review the consequences of owing taxes. Interest and Penalties The IRS adds interest to your tax liability daily until you pay it in full. The […]
What is IRS Notice 1444 and will you need it for filing your 2021 taxes?
With the pandemic still ongoing and many Americans out of a job, the distribution of two stimulus checks has helped many individuals pay their bills. Now that it is tax filing time, tax filers should have received Notice 1444 in the mail from the IRS. This notice will be required when filing your taxes in […]
What Does IRS Code 9001 Mean?
There are still many IRS terms and codes that are a mystery to the average taxpayer. Tax terms can be confusing, whether you’re a first-time tax filer or have been filing tax returns for years. IRS Code 9001 is a common error code, but many people don’t know what it means. We’ll explore what the […]