Tag Archives: IRS Penalties

What’s the Difference Between an IRS Levy And an IRS Lien?

The IRS imposes a variety of penalties on delinquent taxpayers who fail to respond to collection efforts. In especially severe situations, the agency may assess liens or levies. Both are problematic for taxpayers, but many struggle to tell the difference. Keep reading to learn the distinctions between these two IRS actions — and why both […]

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 […]