It is a common misconception that when it comes to the IRS, you have little or no rights concerning tax issues. With thousands of tax codes to contend with, it is not unusual for taxpayers to feel overwhelmed and intimidated by the entire tax process. While it is true that the IRS is a powerful [...]

As headlines regarding New Jersey Housewife Teresa Giudice’s $11 million debt and bankruptcy filing  surface newspapers, magazines, and blogs alike, America is beginning to realize that financial hardship can face anyone- regardless of social status. And, while the focus seems to lie solely on Teresa’s “breaking news,” turns out that she may not be the [...]

Ever wonder what would happen if you didn’t pay your taxes? When deciding which bills are the most important to pay, some people don’t include the IRS as a top priority, believe it or not! Think about it – if you skip utility bills, they shut off your service. If you skip a car payment, [...]

So, you’re late on filing your back taxes and aren’t sure of how to handle it. Well, you have one of three options: file now, file later, or file never.  Our advice? You guessed it, file now.  Filing late back taxes as soon as possible is imperative, not only because you’re already late, but because [...]

Richard Hatch, most well known for his overconfident, arrogant, and extreme antics in scoring him the winning title on America’s first ever TV series of ‘Survivor’, has done it again. This time, the case seems to stem far from our ‘Survivor’ winning a million, with Hatch actually owing the IRS over one million in federal [...]

Philadelphia has a tax amnesty program in order to recoup back taxes owed by taxpayers. The program ends June 25th.

When the IRS charges your business with tax penalties, you may be shocked at the amount they charge. IRS penalties at times can account for 50% of a tax bill at times. Many of the IRS penalties have their limits but the IRS also does tend to stack some penalties which can lead to enormous [...]

A common tax penalty for self employed individuals is the underpayment penalty for not paying enough estimated taxes. The IRS requires that self-employed individuals must estimate their annual income tax a full year prior to actually knowing what that amount will be. It is very common for individuals to not estimate enough income tax and [...]

There are a few penalties the IRS charges that can be removed, including the IRS failure to file penalty – which is the most common and harshest of IRS penalties; and the failure to pay penalty.

Tax penalties are becoming a reliable source of income for the US government. They take in so much money in penalties each year that they include that number in forecasts for future revenue. The IRS knows taxes are complex and individuals will always make mistakes on their taxes and the IRS will always be able [...]