IRS Penalty and Interest Abatement Archives - Page 5 of 9 - John R. Dundon II, Enrolled Agent

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IRS Penalty and Interest Abatement

03 Jun Restaurants and Bars: IRS Audit Technique Guide an Introduction

Posted at 00:00h in Audit Technique Guide, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement

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...

02 Jun Partial Payment Installment Agreements with the IRS – some requirements

Posted at 00:00h in IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Partial Payment Installment Agreement

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...

01 Jun How to Get a ‘Fresh Start’ with the IRS

Posted at 00:00h in Alternative Minimum Tax (AMT), Amended Tax Return, Appeals & Audit Resolution, Back Taxes Owed, Business Expense, Colorado Department of Revenue, Disallowed Expenses, Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Non-filed Tax Returns, Paying Taxes, Payroll Tax Problems, Rental Real Estate, Self Employ, Small Business, Tax Problems & Requests, Tax Relief

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...

01 Jun How do you request a CDP or equivalent hearing with the Offi ce of Appeals?

Posted at 00:00h in IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement

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...

12 May Suspension of IRS Interest – IRS Form 843

Posted at 00:00h in IRS Collections, IRS Penalty and Interest Abatement

For the most part if you talk to someone from the IRS about interest on penalties you will learn that they are trained to state that by statute the IRS is not allowed to abate interest. This statement albeit true has exceptions. Generally, the IRS has...

14 Apr Reporting Large Cash Transactions – IRS Form 8300

Posted at 00:00h in Cash Transaction, IRS Audit, IRS Collections, IRS Examination, IRS Penalties, IRS Penalty and Interest Abatement

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”...

11 Apr What are the Tax Implications of an Involuntary Conversion?

Posted at 00:00h in IRS Audit, IRS Collections, IRS Examination, IRS Penalties, IRS Penalty and Interest Abatement

Usually when when economists define a business transaction in a free market society it involves a willing buyer and a willing seller coming together on terms. More often than not however it seems to me that in a wide variety of transactions there is not...

02 Mar Questions Asked by the IRS in an Initial Interview Audit

Posted at 00:00h in IRS Appeal, IRS Audit, IRS Collections, IRS Examination, IRS Penalties, IRS Penalty and Interest Abatement

Questions Asked by the IRS in an Initial Interview Audit. The following is a sample set of questions the IRS uses when conducting an initial 'interview' Mandatory Statements/Questions by IRS: IRS Agent /Officer Name? Taxpayer Name? Audit Date/time? Do you have concerns regarding the audit process? ...

21 Feb Documents Required When Negotiating Payment with the IRS

Posted at 00:00h in IRS Appeal, IRS Audit, IRS Collections, IRS Examination, IRS Levy, IRS Lien, IRS Penalties, IRS Penalty and Interest Abatement

Alimony or Child Support Received Commission statement Completed Form 433- A, B or F Copies of delinquent tax returns and /or ASFR returns Explain in detail why the taxpayer is not able to full pay or borrow to pay Employer’s information including work number Investment income Life insurance policies cash out value Number...

10 Jan IRS USE OF HARD-CORE ENFORCEMENT TOOLS, ESPECIALLY TAX LIENS

Posted at 00:00h in IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Penalties, IRS Penalty and Interest Abatement

The Taxpayer Advocate's 2010 annual report to congress describes continuing concern that IRS collection practices inflict unnecessary harm on financially struggling taxpayers and fail to achieve the IRS’s overriding objective of increasing long-term voluntary compliance with the tax laws. “Tax collection requires a delicate balancing...