Failure to File Penalty
The failure to file penalty is a charge by the IRS when you don't submit your tax return on time. Understanding this penalty can help you stay compliant and avoid extra costs.
Failure to Pay Penalty
The failure to pay penalty is a fee the IRS charges when you don't pay your taxes on time. Understanding this penalty can help you avoid unnecessary costs.
Form 1099-C: Cancellation of Debt
Form 1099-C reports when a lender forgives a debt you owe. This forgiveness can be considered taxable income by the IRS.
Form 433-A: Collection Information Statement for Wage Earners and Self-Employed Individuals
Form 433-A is an IRS form used to collect detailed financial information from individuals who owe taxes. It helps the IRS determine your ability to pay back your tax debt.
Form 843: Claim for Refund and Request for Abatement
Form 843 is used to request a refund or abatement of certain taxes, penalties, or interest. It's essential for taxpayers who believe they've overpaid or were unfairly penalized.
IRS Form 656: Offer in Compromise
IRS Form 656, also known as the Offer in Compromise (OIC), is a way for eligible taxpayers to potentially resolve their tax debt with the IRS for a lower amount than they originally owed. It's a tool for taxpayers who are experiencing severe financial hardship.
IRS Fresh Start Program
The IRS Fresh Start program is a set of initiatives designed to help taxpayers resolve tax debts and avoid serious financial consequences. It offers various options for people who owe back taxes and are struggling to pay.
IRS Letter 668(W): Notice of Levy on Wages, Salary, and Other Income
An IRS Letter 668(W) is a formal notice that the IRS is taking a portion of your wages or other income to pay off back taxes. It's a serious letter that needs immediate attention.
IRS Notice CP14: Balance Due
The IRS Notice CP14 informs you that you owe money to the IRS. Understanding this notice and responding promptly is crucial to avoid further penalties.
IRS Notice CP501: Reminder Notice of Balance Due
An IRS Notice CP501 is a reminder that you owe taxes to the IRS. It's important to understand this notice and take appropriate action to avoid further penalties.