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 […]
Posts Tagged ‘Trust fund recovery penalty’
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 […]
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 […]
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 […]
The Internal Revenue Service reminded taxpayers last month that they will need to resume paying their taxes on July 15 as its “People First Initiative” to provide tax and penalty relief in response to the novel coronavirus pandemic comes to a close. July 15 is also the date, of course, when taxpayers were expected to […]
The Internal Revenue Service reminded taxpayers Wednesday that they will need to resume paying their taxes on July 15 as its “People First Initiative” to provide tax and penalty relief in response to the novel coronavirus pandemic comes to a close. July 15 is also the date, of course, when taxpayers will be expected to […]
This time last year, the IRS was processing federal returns with few problems — nearly 138 million by the third week in May. This year, with staff sent home because of the novel coronavirus, the agency has only processed 117 million returns, down 14 percent from last year, according to the latest statistics for the […]
c These are truly trying times for everyone. For the Internal Revenue Service, our nation’s tax (and now stimulus) administrator, times are about to get even more hectic. The IRS is in the middle of a perfect storm. It’s in the midst of a busy filing season — with about 70 million individual tax returns […]
Seeking the help of an accountant or tax preparer is one of the best ways to identify deductions, reduce tax liability and make sure your return is correct before filing with the IRS. But every now and then, something happens that forces a big change in your tax situation. And when a new life event or […]
The IRS published its annual trove of tax statistics Internal Revenue Service Date book, 2018. The book is a collection of statistics, and reveals declining enforcement and in-person taxpayer services resulting from a shrinking budget and staff. While the growing use of electronic filing and third-party data reporting can ease compliance, budget and staff cuts […]