Tips for avoiding IRS penalties

Tips for Avoiding IRS Penalties

If your job or business has been affected by the COVID-19 pandemic, you may be concerned about your ability to pay taxes on time or to pay a delinquent tax debt. Fortunately, it may be possible to obtain relief from harsh IRS penalties and other consequences of the tax collection process, provided you take action…

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tax tips on passport and IRS, retirement plans, and gift and estate tax

May/June 2019 Tax Tips

Hang on to your passport A 2015 law allows the U.S. State Department to deny your passport application — or revoke or limit your current passport — if the IRS certifies that you have a seriously delinquent tax debt (SDTD). You have an SDTD if 1) you owe more than $51,000 (as indexed for inflation)…

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couple reviewing unexpected tax liability

If You Have an Unexpected Tax Bill, a Payment Plan May Be Your Best Option

Although recent changes in the tax law brought some new deductions and reductions in the highest marginal tax brackets, the loss or limitation of many deductions and changes in the tax withholding tables have left many taxpayers with an unexpected bill to pay. For taxpayers who do not have the cash available to pay the…

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