Category Archives: IRS
Many Taxpayers Receive Erroneous Balance Due Notices
Recently, the IRS announced that thousands of taxpayers have mistakenly received CP14 Balance Due notices, indicating that they owe an additional payment to the IRS. Additionally, taxpayers who paid their 2023 taxes electronically also reported that their accounts continue to say “pending” despite the fact that the agency received and processed their payments through… Read More »
Business Tax Payment Plans
Individual taxpayers who are unable to pay the taxes they owe to the IRS are often eligible for payment plans that allow them to pay those debts off over time, with fewer penalties. Many, however, are unaware that such options also exist for businesses, which can also qualify for long-term payment plans. Installment Agreements… Read More »
Reporting Payroll Taxes
All employers must pay a payroll tax, either on their own after purchasing IRS-approved software, or with the help of a tax professional. Failing to fulfill this obligation can have significant repercussions, including the accrual of fines and fees, making it especially important for business owners to have a thorough grasp of their tax-related… Read More »
IRS Offshore Voluntary Disclosure Program to be Terminated
The IRS recently notified taxpayers with undisclosed offshore accounts that they only have until September 28th to take advantage of the agency’s Offshore Voluntary Disclosure Program (OVDP). Initially launched in 2009, this program is estimated to have helped nearly 56,000 taxpayers comply with U.S. tax law by assisting them when it comes to paying… Read More »
