No one sets out filing their personal or business taxes thinking that they will face an audit. Even if you are cautious and only write off what you can, you may still find yourself subjected to an audit one day. Dealing with the Internal Revenue Service (IRS) can be daunting. As a consumer, you are […]
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Common IRS Tax Penalties
There are a wide variety of IRS tax penalties available for different situations that arise. If you forget to file your tax return, there’s a tax penalty for that. If you can’t pay the tax due, there’s a tax penalty for that. If the tax return you file isn’t correct, there’s a tax penalty for […]
IRS Tax Liens
IRS tax liens can be broken down into two categories: (1) unfiled liens and (2) filed liens. Federal Tax Lien: A Comprehensive Guide for Businesses A Comprehensive Guide to Understanding Federal Tax Liens In the world of taxes, numerous terms and concepts can confuse the average taxpayer. One such term is a federal tax lien. […]
Nine Things to Know About the House’s Tax Plan
House Republicans recently passed a bill that would significantly change the tax code. Here are some of the major changes: 1. Tax Relief for the Middle Class…Maybe. The bill doubles the standard deduction, to $12,200 from $6,350 for single filers, and to $24,400 from $12,700 for married couples. Sounds great, right? But the bill eliminates […]
IRS Interest Rate Stays at Four Percent
Tax Attorney Serving the State of New Jersey Including Bergen County The Internal Revenue Service recently announced the interest rate for the fourth quarter of 2017 for underpayments will remain at 4%. The IRS interest rate changes every quarter. The IRS interest rate is based on federal short-term rate plus 3 percentage points. In the […]
