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Fees, Interest Charges, and Penalties the IRS Can Hit You With

If you are audited and the IRS determines you underpaid or failed to file at all, the IRS doesn’t just hit you with a bill for that amount. They penalize you, by charging interest for the amount you didn’t pay—starting from the day it was due—and they assess user fees for evaluating your debt and […]

A List of Common IRS Penalties and Fees, and How to Avoid Them

A sizeable tax bill to the IRS is bad enough on its own, but if you’re late in paying it, fail to file or make a mistake, your bill could be compounded by a number of IRS penalties, fees and interest—all of which could make a huge bill even more difficult to pay. Some penalties […]

First Time Penalty Abatement Accepted Saving Client $35,000!

Our client came to us this summer with a hefty tax liability, (over $125,000) along with IRS penalty and interest charges, stemming from a broken relationship. She mentioned her now estranged husband managed to cash in most of their joint retirement accounts, not pay the tax, and then proceed to file separately from her. Thus […]

IRS Penalty Abatement Saves Over $40,000!!

We had a client who came to us this past month with an IRS tax liability for 1 tax year. She owes over $150,000 for 2014, form 1040.  When she sat down in my office, her presence weighed heavy upon me. She claimed the tax debt stemmed from her ex-husband, who cashed in several IRA […]