Category Archives: Unfiled Taxes
IRS Provides Taxpayers With COVID-19-Related Penalty Relief For Certain Tax Returns
Many taxpayers are still struggling financially from the effects of the COVID-19 pandemic. In response, the IRS recently announced a new tax relief package that should be helpful to many of these families. Under these relief measures, individuals and businesses who failed to file certain 2019 and 2020 tax returns on time will be… Read More »
What To Know About Tax Penalties
Taxpayers who can’t meet their tax obligations could end up owing a penalty to the IRS. Fortunately, taxpayers can avoid this by entering into a payment plan or installment agreement and paying their debt off over time. To learn more about how to avoid incurring hefty tax penalties, reach out to our legal team… Read More »
Do You Still Need To File Your Taxes?
The tax filing deadline for most individuals was in mid-April. Fortunately, those who were unable to meet that deadline can still file their taxes without accruing major penalties. Technically, those who requested an extension have until October to file, but are not barred from doing so earlier, which has a number of benefits. The… Read More »
Avoiding The Accrual Of Penalties And Interest On Unfiled Taxes
Although the deadline for filing taxes officially passed in mid-May, taxpayers who have not yet filed their taxes are not totally out of luck. In fact, taxpayers who are due refunds, but who missed the tax filing deadline, won’t be assessed a penalty for filing late. Regardless, taxpayers who missed the filing deadline and… Read More »
What It Means To Receive Notice Of A Dishonored Payment From The IRS
Some taxpayers who have submitted their returns and payments are surprised when they receive Letter 608C, or a Dishonored Check Penalty statement. Having a check (or electronic payment) returned can have significant repercussions for taxpayers, so if you attempted to pay your taxes, but recently received notice that the payment wasn’t honored, you should… Read More »
Eligibility For Equitable Relief
Taxpayers who don’t qualify for innocent spouse relief are not automatically out of luck. In fact, there are a few different options for those who are trying to avoid being held responsible for a spouse’s tax debt, so if you received a notice from the IRS of a tax debt for which you are… Read More »
Don’t Forget to Withhold Taxes From Your Unemployment Benefits
As COVID-19 continues to wreak havoc on our lives, millions of Americans have found themselves applying for unemployment compensation. Many, however, don’t know that unemployment benefits are actually taxable by the federal government and that those who fail to withhold and pay the proper amount could find themselves in hot water with the IRS…. Read More »
Requesting an Automatic Tax Deadline Extension
Recognizing that many taxpayers are facing unprecedented financial turmoil as a result of the COVID-19 pandemic, the IRS recently implemented an automatic filing deadline extension. Those who qualify for this extension will have until October 15, 2020 to file their 2019 tax returns. It’s important to note, however, that the extension only provides additional… Read More »
New Payment Option Available to Taxpayers Participating in Private Debt Collection Program
Taxpayers now have a new option when it comes to paying tax debt through the private debt collection program that involves using a pre-authorized direct debit card. If you owe a tax debt to the IRS and have questions about whether you qualify for repayment through the private debt collection program, you should consider… Read More »
IRS Urges Taxpayers Who Own Virtual Currency to Pay Back Taxes or File Amended Returns if Necessary
The IRS recently began sending notices to certain taxpayers with records of virtual currency transactions of the need to review their tax filings, pay back taxes, interest, and penalties, or amend their tax returns. These letters are not limited to taxpayers who failed to report virtual currency-related income at all, but are also being… Read More »
