IRS Collection & Penalty

Digital tax levy meets resistance. As the economic fallout from Covid is felt across the world, leaders of multiple countries are looking for ways to fund economic bailout, infrastructure, and financial aid programs, to citizens all over the globe... Read More

Marriage penalty for some. President Joe Biden is proposing higher taxes on the top 1% to help pay for the $1.8 trillion American Families Plan. But the "marriage penalty" may hit couples earning more than $500,000. Financial experts say tax pl... Read More

Trust fund penalty is penalty not tax. In our ongoing coverage of pertinent Tax Court cases, we cover David J. Chadwick v. Commissioner of Internal Revenue. The Tax Court has determined that a Trust Fund Recovery Penalty is a "Penalty" not a "Tax"... Read More

Do you have to pay tax penalty ? What's the harm in filing your taxes late ? It depends on whether you owe Uncle Sam or Uncle Sam owes you. If the IRS owes you a refund you face no repercussions aside from losing the opportunity to invest or spend... Read More

IRS waives major 2018 penalty. The Internal Revenue Service announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated IRS tax payments fell short of their total tax liabili... Read More

Tax moves to avoid penalties. With the end of 2018 fast approaching, end of year investing and tax moves can pay dividends in the new year. One of those  is for people aged 70 and a half or older: do not forget to take your required minimum distri... Read More

New IRS levy law change. The IRS has passed new guidelines for the new IRS levy law change. Individuals and businesses have more time now to file an administrative claim or to bring a civil action for a levy or asset seizure that was outside legal... Read More

Harvey victims, penalty abatement. The Internal Revenue Service has decided to offer tax help and penalty abatement help, to victims of Hurricane Harvey, as long as they were in the designated FEMA disaster zone. As the most powerful rainstorm to ... Read More