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“I’ve been getting aggressive collection notices from the IRS recently. I think can pay the tax due but would like these ridiculous penalties and interest charges waived. Does the IRS waive penalties? What can I do to get these removed from my account?”
There are several different ways the IRS removes or reduces penalties. One option is called First Time Penalty Abatement (” FTA”). This is generally requested verbally over the phone, but you must have a “clean record” for the previous 3 years prior to the year your...
“I’m currently separated from my spouse, who owns his own business, and we are in the midst of getting a divorce. I have always filed jointly with my husband and now the IRS is sending me notices stating I owe $87,000. I have no idea how they are coming up with this amount as my spouse always took care of paying the IRS what was owed.”
You may be able to avoid this liability entirely under the IRS’s Innocent Spouse Relief rules. Under federal law if an income tax return is signed by both husband and wife, both spouses are 100% responsible for the taxes owed. However, the law permits...
“I own a small business and did not file or pay payroll taxes for the last few quarters. I may owe about $100,000 in 941 taxes. How much trouble am I in?
Owing 941 payroll taxes is very different from owing personal 1040 income taxes. Not only can the IRS padlock the doors to your business, but they can also come after you personally, levy your bank accounts, confiscate your receivables, and seize your income and real...