On this blog you can find information on variable Annuities, as well as captive insurance, 419 plans, 412i plans, IRS problems and much more. If you need an Expert Witness in any of these fields, do not hesitate to get in touch with Lance Wallach. He has never lost a case.
Lance Wallach Add to circles 71 followers|73,803 views Help with Common IRS Problems There are many problems you can run into with the IRS. The following is an overview and helpful information on some of these confusing issues.
The penalizes millions of taxpayers each year. They have so many penalties that it's hard to understand which penalty they are hitting you with.
The most common penalties are Failure to File and Failure to Pay. Both of these penalties can substantially increase the amount you owe the IRS in a very short period of time.
To make matters worse the IRS charges you interest on penalties. Many tax-payers often find out about IRS problems many years after they have occurred. This causes the amount owed the IRS to be substantially greater due to penalties and the accumulated interest on those penalties.
Some IRS penalties can be as high as 75%-100% of the original taxes owed. Often taxpayers can afford to pay the taxes owed, however, the extra penalties make it impossible to pay off the entire balance.
The original goal of the IRS imposing penalties was to punish taxpayers in order to keep them in line. Unfortunately, the penalties have turned into additional sources of income for the IRS. So they are happy to add whatever penalties they can and to pile interest on top of those penalties. Your loss is their gain.
Under certain circumstances the IRS does abate, or forgive, penalties. Therefor
Lance Wallach
ReplyDeleteAdd to circles
71 followers|73,803 views
Help with Common IRS Problems
There are many problems you can run into with the IRS. The following is an overview and helpful information on some of these confusing issues.
· IRS Penalties
· Unfiled Tax Returns
· IRS Liens
· IRS Audits
· Payroll Tax Problems
· IRS Levies
· IRS Seizures
· Wage Garnishments
IRS Penalties
The penalizes millions of taxpayers each year. They have so many penalties that it's hard to understand which penalty they are hitting you with.
The most common penalties are Failure to File and Failure to Pay. Both of these penalties can substantially increase the amount you owe the IRS in a very short period of time.
To make matters worse the IRS charges you interest on penalties. Many tax-payers often find out about IRS problems many years after they have occurred. This causes the amount owed the IRS to be substantially greater due to penalties and the accumulated interest on those penalties.
Some IRS penalties can be as high as 75%-100% of the original taxes owed. Often taxpayers can afford to pay the taxes owed, however, the extra penalties make it impossible to pay off the entire balance.
The original goal of the IRS imposing penalties was to punish taxpayers in order to keep them in line. Unfortunately, the penalties have turned into additional sources of income for the IRS. So they are happy to add whatever penalties they can and to pile interest on top of those penalties. Your loss is their gain.
Under certain circumstances the IRS does abate, or forgive, penalties. Therefor