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PPP Loan IRS Penalties: Can Form 843 Help Reduce Interest and Penalties? This article is for informational purposes only and does not constitute legal or tax advice. Every taxpayer's situation is unique. If you've recently received an IRS notice about PPP loan IRS penalties...
If you owe money to the IRS, one of the biggest mistakes you can make is assuming that collection activity moves slowly. For years, taxpayers often had months- or even years- to address unresolved tax debt before facing serious enforcement action. While delays still occur in...
When John and Mary (names changed for privacy) called our office, they were facing every taxpayer's nightmare: the IRS had frozen their CitiBank account through a bank levy, placing $262,317 at risk. Unless the levy was released within the IRS's mandatory 21-day holding...
What Is IRS Form 668 and How Do You Stop an IRS Levy? If you just opened the mail and saw IRS Form 668, you’re probably asking, “What is this and how do I make it stop?” In plain terms, Form 668 is the IRS’s tool to collect a tax debt directly from your wages, bank account, or...
If you owe back taxes or have had tax problems hanging over your head for a while, you’ve probably found yourself wondering: how long can the IRS actually chase me for money? Is there a time limit, or can they come after me forever? How long can the IRS collect taxes from me?...
Do you owe taxes because of the Employee Retention Credit? You’re not alone—and you’re not at fault. Thousands of businesses across the country are being hit with unexpected IRS audits, massive back-tax bills, and penalties after claiming the ERC—often through third-party...
If you’ve received IRS Letter LT-11, it’s natural to feel a wave of panic. No one likes getting mail from the IRS, especially when it’s a Final Notice of Intent to Levy. That phrase alone is enough to send anyone’s stress levels through the roof. But before you assume the...
Learn about the IRS Collection Statute of Limitations for unpaid taxes and discover key factors that can pause or extend the statute. Get helpful insights and expert guidance.
Yes. he IRS, tasked with collecting taxes and enforcing tax laws, has turned to private debt collectors to assist with certain tax debts. This move has stirred debate, with some questioning the IRS's intentions. Let's dive deeper into the two main reasons the IRS cites for...
If someone hasn't filed their taxes, they need to know that it's crucial to file as soon as possible to minimize penalties and interest. Delaying further can result in failure-to-file and failure-to-pay penalties, along with accruing interest on unpaid taxes. If they cannot pay...