Navigating the intricate tax landscape can be challenging, and even the most diligent taxpayers may find themselves facing penalties from the Internal Revenue Service (IRS). These penalties can range from late payment fees to accuracy-related fines, adding financial strain and stress to individuals and businesses alike. Fortunately, the IRS offers penalty relief options for taxpayers…
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Tax Consultant Blog
Knowledge is power. Stay on top of the latest tax laws, strategies, and tips from the tax professionals at Robert Hall & Associates. Wondering what the difference between Enrolled Agents and CPAs are? How about any tax deductions you might be missing? Find the answers to these questions and more here!
Dos and Don’ts When Requesting IRS Penalty Abatement
Navigating the complexities of tax obligations can be challenging, and facing penalties from the Internal Revenue Service (IRS) only adds to the stress. Fortunately, the IRS offers penalty abatement programs that provide relief to eligible taxpayers who have incurred penalties for the first time or can demonstrate reasonable cause for their non-compliance. However, successfully requesting…
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IRS Penalty Relief: What You Should Know
Navigating the intricate landscape of tax obligations can be a daunting task for many individuals and businesses. Despite best efforts, taxpayers may find themselves facing penalties from the Internal Revenue Service (IRS) due to various reasons such as late filing, underpayment of taxes, or inaccuracies in tax returns. Fortunately, the IRS offers penalty relief programs…
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How to Use IRS First-Time Penalty Abatement Waiver: Tips and Tricks
Introduction: Dealing with tax penalties can be a daunting task for any taxpayer, but the Internal Revenue Service (IRS) offers a valuable tool known as the First-Time Penalty Abatement (FTA) waiver to provide relief for eligible individuals and businesses. The FTA waiver allows taxpayers to request the removal of certain penalties for the first time,…
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Filing Taxes Online: A Guide to Your Options
Dealing with tax penalties can be a daunting task for any taxpayer, but the Internal Revenue Service (IRS) offers a valuable tool known as the First-Time Penalty Abatement (FTA) waiver to provide relief for eligible individuals and businesses. The FTA waiver allows taxpayers to request the removal of certain penalties for the first time, offering…
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Top 10 Taxpayer Disputes with the IRS: What to Expect
Tax season can be a stressful time for many individuals and businesses, especially when faced with disputes or discrepancies in their tax filings. The Internal Revenue Service (IRS) is responsible for enforcing tax laws and regulations, but disagreements between taxpayers and the IRS are not uncommon. In this article, we’ll explore the top 10 taxpayer…
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First-Time Penalty Abatement Relief: Qualifying IRS Returns
Dealing with tax penalties can be a stressful experience for taxpayers, especially if it’s their first time encountering such consequences. Fortunately, the Internal Revenue Service (IRS) offers a relief program known as First-Time Penalty Abatement (FTA), which provides eligible taxpayers with an opportunity to request the removal of certain penalties from their tax accounts. In…
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Will the IRS Accept More Offers in Compromise Post-COVID?
The COVID-19 pandemic has brought unprecedented challenges to individuals and businesses worldwide, with many facing financial hardships and uncertainties. In response to the economic fallout, the Internal Revenue Service (IRS) implemented various relief measures, including expanded eligibility for Offers in Compromise (OIC), to assist taxpayers struggling to meet their tax obligations. As the world gradually…
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Understanding IRS Levy on Self-Employed Individuals
Self-employment offers freedom and flexibility, but it also comes with unique tax responsibilities. Unlike traditional employees, self-employed individuals are responsible for managing their taxes, including income tax, self-employment tax, and any other applicable taxes. However, if self-employed individuals fail to meet their tax obligations, they may face IRS levies, which can have serious financial consequences….
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How Long Does It Take to Get into an IRS Collection Agreement?
For taxpayers facing difficulties in meeting their tax obligations, negotiating a collection agreement with the Internal Revenue Service (IRS) can provide much-needed relief. However, understanding the timeline involved in entering into such agreements is crucial for effective financial planning. From initial contact with the IRS to the finalization of a collection agreement, various factors can…
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