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How Does the IRS Assess Penalties On 941 Back Taxes Owed?

As a business owner, you may be required to withhold federal taxes from employees and file IRS Form 941 on a quarterly basis. With Form 941, you report on the number of employees who currently work for your business, the total wages paid to those employees, and the amount of taxes withheld. What happens if […]

IRS First Time Abatement Saves Client $20,000!

We have a new client who hired us last week concerning his 2006 IRS tax debt totaling over $82,000! He has a significant amount of IRS penalty and interest and wants us to mitigate some of the debt. We discussed several ways to mitigate the tax debt including IRS penalty and interest abatement, IRS first time […]

How Much Does A Schedule C Audit Typically Cost, In Terms Of Money And Time?

You know your Schedule C audit will cost money and time, but how much will you pay? It will depend on the type of audit you face, the status of your records, and the professional help you hire. Use this breakdown to estimate your audit expenses. For audit representation, a Schedule C is considered a […]

5 Questions to Ask an Enrolled Agent

Many people facing IRS action seek the advice of enrolled agents. But what do these professionals do? Are they worth the investment? How do you find someone who shares your values and who has the experience to handle your complex challenge? An agent is a person who has been qualified to represent taxpayers in front […]

Do You Owe Money to the IRS for 2015? Will You Owe More For 2016? Here’s a List of Critical Dos and Don’ts

Being in debt to the IRS can be scary, regardless of how much money you owe, but ignoring the debt will only make the problem worse. So, what do you do if you already owe the IRS money for 2015, and you’ve just found out you’ll owe again in 2016? Let’s take a look at […]

How to Tell Whether a Communication from the IRS is Real or a Scam

Tax identity thieves are paying attention. They listen to the Internal Revenue Service (IRS) warn the public that the agency will not call or send emails to discuss tax issues. Instead, the IRS always first contacts taxpayers via old-fashioned snail-mailed letters. So, that’s what tax criminals are doing now, too. In fact, even the IRS […]

Owe Money to the IRS? Here are 20 Terms to Know

One of the reasons many people struggle with taxes is because the IRS effectively has its own language. You can access IRS instructions and forms with ease, but if you can’t decipher the vocabulary, you will face trouble and frustration – almost as if you’ve been parachuted into a surprise college Latin final. To simplify, […]

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 […]

Tax Penalty Abatement: 7 Common Myths

Have you received an IRS tax notice indicating that you need to pay back tax debts? If so, you obviously want to resolve your matter carefully, quickly and ethically. Unfortunately, when it comes to sidestepping IRS penalties and obtaining tax relief, Coloradans often engage in dubious or even outright illegal or counterproductive behavior, because they’re […]