RECENT BLOG POSTS
We are taxed on almost every type of income we receive.  Believe it or not, if you were to embezzle funds, it is taxable.  But I come bearing good news.  Below are 18 types of income that are not taxable. Life Insurance Death Benefits Vacation Rental Income (If you rent your home for 14 days or l...
03/10/2023
There are times when you acknowledge that you owe the IRS money but are unable to pay due to your financial circumstances. Your account may be placed in the status of Currently Not Collectible (CNC) if the IRS agrees that you are unable to pay both your taxes and basic living expenses.The IRS wil...
03/02/2023
Logging into the Online Payment Agreement tool is the first step in making any desired modifications. You can change your current plan's type, payment date, and amount on the first page. Then submit your modifications.You will be asked to adjust the amount of your monthly payment if it does not m...
02/27/2023
After you have been in an Installment Agreement for a while, you may find you can pay more each month or you are unable to pay as much each month as you thought you could.  When this happens, you can revise the payment plan.  After you click on the Apply/Revise button on the following page:https:...
02/23/2023
IRS installment agreement application fees refer to the fees charged by the IRS for setting up a payment plan to pay off taxes owed. The fees are determined based on the type of agreement, the amount owed, how you apply, and if you pay by Direct Debit or Check.If you are able to pay the amount yo...
02/20/2023
If you find yourself in the situation of owing the IRS and not being able to pay, the most important thing to do is, FILE YOUR TAX RETURN EVEN IF YOU CANNOT PAY THE TAXES OWED. This will eliminate the failure-to-file penalty and interest that would be charged if you do not file your tax return.If...
02/16/2023
There are two ways to request penalty relief for Reasonable Cause:   Ask for it by a phone call Apply for it with Form 843 Over the phone, the IRS agent may reduce or eliminate some penalties. To request penalty relief for reasonable cause, call the toll-free number in the upper right corner of y...
02/13/2023
Reasonable cause is determined on a case-by-case basis taking into account all of your situation's facts and circumstances.  Depending on the type of penalty you owe and the laws in the Internal Revenue Code (IRC) for each penalty, you may be eligible for relief based on reasonable cause.  If you...
02/09/2023
Under certain conditions, an administrative waiver allows for abatement of particular penalties. For both individuals and businesses, the most common administrative waiver is the First Time Abatement (FTA). The following penalties are eligible for the First Time Abatement: Failure to File Failure...
02/06/2023
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The Failure to Pay Penalty is calculated as follows if you fail to pay the tax due on your return:For each month or portion of a month that a tax remains unpaid, the Failure to Pay Penalty is 0.5 percent of the unpaid taxes. Your penalty won't exceed 25% of your unpaid taxes.The Failure to File P...
02/02/2023
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