Everything You Need to Know About the IRS First-Time Penalty Abatement Waiver

You didn’t file or pay your taxes on time, and now you’re panicking. Late taxes can prompt harsh penalties from the IRS — but it might not be so bad if you typically pay on time. The IRS offers a penalty abatement waiver to select taxpayers; read on to learn more: What Is the First-Time […]

Take a Deep Breath — How to Handle Your Delinquent Payroll Taxes the Right Way

You’re ages behind on your payroll taxes and well aware of the harsh consequences that could result from your failure to pay up. Naturally, you’re freaking out. Panicking won’t make the problem go away, but it is possible to resolve your tax concerns if you take these simple steps: File Employment Tax Returns And Make […]

The Absolute Worst Things That Can Happen If You Screw Up Your IRS 941 Taxes

The IRS can sometimes be surprisingly forgiving of those who fail to file or pay taxes on time, particularly if they actively make arrangements for extensions or installment plans. This mercy does not always extend to those who struggle with unpaid or incorrect payroll taxes. The following are among the harshest repercussions you’ll face if […]

More True-Life 941 IRS Horror Stories

Our collection of IRS horror stories may have resonated with you, especially if you’ve been audited. Unfortunately, we only scratched the surface. Now, we’re back with several additional cautionary tales, this time outlining the perils of IRS Form 941: Publishing Company Payroll Taxes The IRS can be surprisingly forgiving when individual employees fail to file […]

You Owe the IRS a 1040 Balance But Don’t Have the Money to Pay It: Now What?

Form 1040 is one of the most common documents you’ll see as tax season approaches. This form allows you to report both your annual income and deductions so you can determine how much you owe. While many people expect to receive an annual refund upon filing Form 1040, many pay in. What if you owe […]

Do You Owe the IRS a 1040 Balance? Avoid These Mistakes

In a perfect world, every tax return would result in a refund, or, at a minimum, a balance of zero. Life isn’t perfect, however, and many people find themselves paying the IRS every April. Paying your balance doesn’t have to be a nightmare, but it can be if you make these rookie mistakes: Ignoring the […]

How to Deal When An IRS Audit Arrives During a Personal or Family Crisis

The IRS has a way of initiating audits at the worst possible times — during family emergencies, for example. Unfortunately, procrastination is never an option when the IRS comes calling. It may seem impossible to work through both personal crises and audit nightmares, but you can and will make it through the storm if you […]

How to Deal When You’re Audited By the IRS — And Your Records Are a Complete Mess

Paperwork nightmares strike the best of us. Unfortunately, those messy or missing records can prove a real liability when the IRS comes calling. If your records are in shambles, you may struggle to prove to the IRS that any deductions you made or credits you took advantage of are valid. All hope is not lost, […]

3 Celebrities Who Have Been Audited By the IRS

From ordinary individuals to the rich and famous, IRS audits strike virtually every type of person. As you struggle with IRS issues, you can at least take solace in knowing that the following celebrities have been in your shoes: Gisele Bündchen Bündchen blames Forbes for an audit she suffered, claiming that her position atop a […]

End of the Government Shutdown: What’s Next for the IRS and for Taxpayers? (Part 2)

While the federal government has been temporarily reopened after the longest shutdown in history, the IRS faces a serious backlog, and taxpayers face a confusing season with a whole new set of tax laws. Having previously discussed the obstacles facing the agency—including the threat of another shutdown in coming weeks—what can taxpayers expect, and how […]