IRS Penalties
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IRS Penalties

Collection of federal taxes starts with an assessment of tax due. The assessment serves two functions. It is the government’s mechanism for keeping records and recording a liability. The assessment, authorizing the government to collect, is equivalent to the final judgment that a general creditor must...

I am opposed to all tax strategy patents.  They are bad public policy and harmful to taxpayers and their advisers.  No one should have a monopoly on part of the tax code and no taxpayer should be subject to paying royalties or lawsuits for using...

IF you find yourself 'running out of time' on the 90 day period, filing a tax court petition and paying court fees and representing yourself pro-se or hiring a tax court lawyer are last choice decisions. They are costly and tax court I hate to...

Regardless of the type of restaurant one fact that is consistent when it comes to IRS audits is that all restaurants have numerous sales transactions with small(er) dollar amounts, taking place in a short time frame, such as during lunch or dinner. Many restaurants, especially...

According to the Internal Revenue Manual Chapter 5.14.2.1.1 a full Collection Information Statement is required for all Partial Payment Installment Agreements (PPIA's). IRS Forms 433A or 433B must be completed to determine the taxpayer’s ability to pay Conditional expenses are not allowed for PPIAs. Only necessary...

According to IR-2011-20 published on Feb. 24, 2011, in its latest effort to help struggling taxpayers, the Internal Revenue Service announced a series of new steps to help people get a fresh start with their tax liabilities. The goal is to help individuals and small businesses...

Complete IRS Form 12153, Request for a Collection Due Process or Equivalent Hearing, or other written request with the same information and send it to the address shown on your lien or levy notice. To request an equivalent hearing, you must check the Equivalent Hearing box on line 6 of...

When it comes to filing a tax return – or not filing one - the IRS can assess a penalty if you fail to file, fail to pay or both. Here are eight important points the IRS wants you to know about the two different...

Businesses that receive more than $10,000 in cash in one transaction (or several related transactions) must file IRS Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. According to Program Manager Technical Advice (PMTA) 2010-012. Reg. §1.6050I-1(c)(1) and the instructions to Form 8300, “cash”...

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