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IRS Notices and Bills, Penalties, and Interest Charges! Generally, interest accrues on any unpaid tax from the due date of the return until the date of payment in full. The interest rate is determined quarterly and is the federal short-term rate plus 3 percent. Interest compounds daily. Visit Newsroom Search for the current quarterly interest rate on underpayments. In addition, if you file a return but don't pay all tax owed on time, you'll generally have to pay a late payment penalty. The failure-to-pay penalty is one-half of one percent for each month, or part of a month, up to a maximum of 25%, of the amount of tax that remains unpaid from the due date of the return until the tax is paid in full. The one-half of one percent rate increases to one percent if the tax remains unpaid 10 days after the IRS issues a notice of intent to levy property. If you file your return by its due date and request an installment #irslawyer

CEO of Proffitt & Associates (@lproffitt_ea) Instagram Profile Photo
lproffitt_ea

CEO of Proffitt & Associates

My two go to books. If you're an Enrolled Agent or CPA looking to better understand tax negotiation, These are two great books which explains how to negotiate IRS offers. #irslawyer

Tax Fraud Blotter: Car trouble Just enough false income; fraud from inside a sex-offender program; payroll perp; and other highlights of recent tax cases. Charlotte, N.C.: Preparer Shawanda Elmore, who owned and operated C and W Tax Professionals, has pleaded guilty to aiding and assisting in the preparation of a false return. According to court information, from 2011 through 2017 Elmore inflated clients’ refunds with false education credits, false itemized deductions and phony businesses expenses. She caused a tax loss to the IRS of more than $500,000. Elmore faces a maximum of three years in prison, as well as supervised release, restitution, and monetary penalties. #irslawyer .

Tied up in Tax Debt...? 10 Ways to Settle Your IRS Tax Debt • Installment Agreement: ... • Partial payment installment agreement: ... • Offer in Compromise: ... • Not currently collectible: ... • Lower Your Debt With Credit Card Debt Settlement: ... • File bankruptcy: ... • Release Wage Garnishments. ... • Stop the IRS from Levying Your Bank Account. More items... https://lnkd.in/gjZ8yhz #irslawyer

UNCLE SAM SAYS: “Hey Taxpayers Show me the Money!” Feds Collect Record Individual Income Taxes Through August; Still Run $898B Deficit - The federal government collected a record $1,521,589,000,000 in individual income taxes through the first eleven months of fiscal 2018 (October 2017 through August 2018), according to the Monthly Treasury Statement released today. However, the federal government also ran a deficit of $898,112,000,000 for those eleven months, according to the statement. #irslawyer

The IRS held $988 million in unclaimed tax refunds.... In March 2015, the IRS waited for taxpayers to claim more than $760 million from the 2011 tax season. This money supposedly belonged to 918,600 taxpayers who didn’t file taxes even though they were eligible for a tax refund. Money that was unclaimed before the deadline became property of the U.S. Treasury Department and can no longer be collected. IRS Says - “Thank you American Taxpayers.... We love you!” 😘 Skiddlee beebop a we rock a scoobie doo And guess what, America: we love you Cause ya rock and ya roll with so much soul You could rock 'til you're a hundred and one years old. It go: Hotel, motel, whatcha gonna do today (say what) lawyer

Over 300,000 Americans to be denied a passport because of unpaid taxes At least 362,000 Americans with overdue tax debts will be denied new or renewed passports if they don’t settle these debts, the Internal Revenue Service says. Recently IRS officials have provided new details on the enforcement of a law Congress passed in late 2015. It requires the IRS and State Department to deny passports or revoke them for taxpayers who have more than $51,000 of overdue tax debt. Enforcement began in February. An IRS spokesman says the 362,000 people are current tax debtors who are affected by the law. The IRS is sending their names in batches to the State Department, a process the tax agency aims to finish by year’s end. A State Department spokesman confirmed that it has already denied passports to some debtors. IRS Division Commissioner Mary Beth Murphy said in late June that for now U.S. authorities are denying passports rather than revoking them. So, many tax debtors with current passports should be able to travel abroad, but they won’t be able to renew their passports; those without passports will be denied them if they apply. The new enforcement is having an effect: Murphy said that one tax debtor paid $1 million to avoid passport denial. As of late June, 220 people had handed over $11.5 million to pay their debts in full, and 1,400 others had signed installment agreements, according to an IRS spokesman. #irslawyer

Tillmanllc (@tillmanllc) Instagram Profile Photo
tillmanllc

Tillmanllc

Happy Friday!!! Three consultations booked today!! Thank you to anyone that has referred my services to others. I truly appreciate you. It's a great feeling to love what you do and to help others. If you're having problems with the IRS or State for tax debt, let me fight for you!!!! #irslawyer

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