The taxpayer may be subject to several different penalties. Failure to File If a taxpayer fails to file on the date the return should have been filed (determined with regard to any extension of time for filing) the taxpayer will be subject to a failure to file penalty unless it…
Two events must occur before the IRS may begin collections activity: • First, the tax must be assessed and due. The tax may be shown on a tax return showing a balance due, an audit closing agreement, an audit deficiency that was not contested, an SFR substitute for return filed…
Tax Return Preparation For your tax returns, you want a professional tax firm EA or CPA firm you know you can rely on their tax expertise. Our tax professionals will make sure your federal and state income tax returns, business tax returns and trust and estate tax returns are prepared…
Do you owe 941 employment and payroll back taxes? The answer is: Yes the IRS take a lien out on property for payroll taxes. Under IRC §6321, the federal government can encumber property with a general tax lien. Generally, this lien can be used to encumber any property that the…
About 1.1% of taxpayers are selected for a tax audit each year. The IRS examines tax returns to verify that the tax reported is correct. Some of those people are selected randomly, others have items on their returns which raise a red flag and trigger the audit. Whichever category you…
Generally, the statute of limitation for collection expires 10 years after the date the tax was assessed (for tax assessed after November 5, 1990). For tax assessed before November 5, 1990, the statute of limitation for collection is six years. This period may be extended by an agreement between the…
The IRS may seize all property and rights to property (except for exempt property), whether the property is real or personal, tangible or intangible, belonging to any taxpayer who neglects or refuses to pay back taxes, or any property on which there is a tax lien for payment of any…
If you are contacted by the IRS, they usually send you a notice to call, or pay an unpaid tax amount. Most taxpayers are confused as to what the notice is for, or what does it really mean. This article will clarify the most common notices received by taxpayers needing…
Did you buy a new home in Los Angeles, Whittier, Norwalk, Santa Fe Springs, Downey, Pico Rivera, Montebello, Hacienda Heights, La Habra Heights, West Covina, La Habra, Brea, Fullerton, Yorba Linda, Cerritos, La Mirada, Lakewood, Anaheim, Santa Ana, Long Beach, Compton, Torrance, Los Angeles, Pasadena, Beverly Hills, Santa Monica and…
Do you owe the IRS unpaid back taxes? Have they sent you many letters but you did not respond? There are still options. CDP – Collection due process. If the time to respond to an IRS collection notice has passed, you, the taxpayer, or your power of attorney / representative,…