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Penalties Imposed by the IRS — What Are Your Options?

Penalties Imposed by the IRS — What Are Your Options?

The Internal Revenue Service (IRS) imposes penalties on taxpayers who are not compliant with their tax or information filings. Penalties can be imposed for several reasons, including failure to file on time, failure to pay taxes you owe when due, and failure to...

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Understanding Interest Charged by the IRS

Understanding Interest Charged by the IRS

Tax is due to the Internal Revenue Service (IRS) on the return filing date. If you fail to pay all taxes owed when due, interest will be charged and continue to accrue from the return until it has been paid in full. Filing for an extension does not extend the time you...

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Dealing with the New York State Tax Authorities

Dealing with the New York State Tax Authorities

If you owe taxes, the IRS isn’t the only tax authority you will face. Even if you reduced your tax obligation or secure an offer in compromise, you have not reached the finish line. You’ll still be up against the state tax authorities — which are a separate entity...

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Settling Up Your Tab With the IRS

Settling Up Your Tab With the IRS

If you owe the Internal Revenue Service money, the Service will catch up with you sooner or later. The IRS offers a few alternatives if you aren’t able to pay what you owe in full. Taxpayers typically have two options — an offer in compromise or an installment plan....

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Can Your Passport Be Revoked if You Have Unpaid Taxes?

Can Your Passport Be Revoked if You Have Unpaid Taxes?

Owing taxes can be stressful and overwhelming. If you are seriously delinquent in paying your taxes, you may be concerned that the IRS can place a lien against your property, levy your bank account, or seize your property to satisfy the debt. However, be aware that...

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How Long Does the IRS Have to Collect Back Taxes?

How Long Does the IRS Have to Collect Back Taxes?

If you owe the Internal Revenue Service money and are wondering “how long does the Internal Revenue Service have to collect back taxes,” you may be relieved to know that you won’t have to carry the burden forever. Just a very, very long time.  The Internal...

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