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 $1 million, with Hatch actually owing the IRS more than $1 million in [...]

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. Failure to File Penalty Many people think that if they can’t pay for the taxes they owe, their only option is to [...]

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 [...]

With each passing year, the IRS gets more and more efficient at catching non-filers. If you have gotten away with not filing a tax return in the past, don’t expect to in the future. Even if you missed the past few years, it is in your best interest to file those returns because the IRS [...]

The IRS announced today that it is keeping interest rates the same for the first quarter of 2010 (Jan-March). These interest rates have remained the same since the 2nd Quarter of 2009.