Posts Tagged ‘Installment Agreement’

Posted on June 24, 2021 in IRS

Kinston, North Carolina: Former tax preparer Hildares Kinkesha Parker-Greene has been sentenced to 30 months in prison for conspiring to file false returns. In early 2016, Parker-Greene managed a tax prep business in Kinston, where she conspired with another preparer to fraudulently inflate clients’ refunds by claiming false wages, federal income tax withholdings and dependents. Parker-Greene […]

Posted on June 10, 2021 in IRS

Many people are afraid of IRS audits — and maybe even going to jail if they make a major mistake. In fact, fear of an IRS audit is one of the main reasons that people strive to file timely and accurate tax returns each year. But here’s the reality: Very few taxpayers go to jail […]

Posted on May 5, 2021 in IRS

Tax practitioners are facing an increase in compliance efforts and controversies not only in the U.S. but worldwide, according to observers. “It started several years ago, and then slowed down because of COVID,” said Sharon Katz-Pearlman, head of global tax dispute resolution and controversy at KPMG International, and the national principal-in-charge of its Tax Dispute […]

Posted on March 16, 2021 in IRS

The Internal Revenue Service has failed to collect more than $2.4 billion from wealthy individuals who owe the federal government back taxes, according to a Treasury Department watchdog report. Auditors were only able to recoup about 39 percent of the more than $4 billion in unpaid taxes owed by a group of rich taxpayers with […]

Posted on February 17, 2021 in IRS

The U.S. federal tax-filing season that begins Friday will be among the most consequential in recent history, as households face potential surprises — both negative and positive — sorting through pandemic-related measures at a time of high unemployment and depressed consumer confidence. Millions of people are still missing some or all of the $1,200 and $600 […]

Posted on January 12, 2021 in IRS

The Internal Revenue Service will allow businesses that got their Paycheck Protection Program loans forgiven to write off expenses paid for with that money, shifting policy after Congress passed new legislation last month. IRS guidance overrides previous rules that recipients of PPP loans that had been forgiven couldn’t claim deductions for the wages, rent, utilities […]

Posted on December 17, 2020 in IRS

When the IRS sends you to collections, it means you have overdue taxes you still haven’t paid after sending you a bill, and they’re now taking active steps to collect the money you owe, including any penalties and interest. The IRS will either try to recover the money themselves, or in limited circumstances, assign private […]

Posted on November 7, 2020 in IRS

The Internal Revenue Service is making some changes in its collection program to decrease the burden on taxpayers who owe outstanding tax debts and are trying to cope with the economic fallout of the COVID-19 pandemic. The IRS said Monday that it’s making it easier to set up payment agreements and offers in compromise as […]

Posted on September 29, 2020 in IRS

The Coronavirus Aid, Relief and Economic Security Act became law on Friday, March 27, 2020. The CARES Act included a new federally guaranteed Small Business Administration (SBA) loan program called the Paycheck Protection Program (PPP). The maximum PPP loan was based upon two and one-half months’ average payroll costs for the prior 12 months. If the business […]

Posted on August 21, 2020 in IRS

Rep. Richard Neal, D-Massachusetts, who chairs the tax-writing House Ways and Means Committee, is asking the Internal Revenue Service to quit mailing notices for unpaid taxes to taxpayers who may have been affected by the mail backlog at the agency due to the COVID-19 pandemic. Many taxpayers have been receiving balance-due notices from the IRS […]