How Does The IRS Calculate Penalties And Interests?

1. Interest The interest rate was just raised to 8% for the 4th quarter of 2023 for all balances with the IRS so we start at 8%. You can check the following link for more information: 2. Failure to File Penalty Is assessed when a tax return is not filed timely. This penalty accrues at […]

What are IRS levies on bank accounts?

Bank levies are legal orders to banks/financial Institutions to remit any funds in the accounts to the IRS/State tax agency that issued the levy. How did my accounts get levied? Tax agencies use a taxpayers ITIN (usually a Social Security Number or Employer Identification Number of a business) to go after accounts opened with that […]

Can a tax attorney negotiate with the IRS?

Yes, an Attorney can negotiate with the IRS – but so can any taxpayer. The real question is what an Attorney can negotiate that a normal taxpayer cannot. An experienced Tax Attorney can spot ways to save time and money that a normal taxpayer would not know about. Some examples where it is worth it […]

Recaudaciones de impuestos y gravámenes

¿Sabe lo que sucede cuando tiene una deuda tributaria con el IRS pero no la paga en su totalidad? Si no, entonces no estás solo. Muchas personas no entienden el proceso cuando no pagan su deuda tributaria. Veremos el proceso de cobro que sigue el IRS. Paso uno: recibe una factura El primer paso en […]

Tax Collections and Liens

Do you know what happens when you owe the IRS a tax debt but don’t pay in full? If not, then you aren’t alone. Many people don’t understand the process when they don’t pay their tax debt. We’ll look at the collection process the IRS follows. Step One: You Get a Bill The first step […]