The IRS imposes severe penalties for not filing taxes timely, with failure-to-file penalties reaching 5% of unpaid taxes per month, capped at 25% of the total tax owed, plus additional failure-to-pay penalties …
It’s important to understand that the tax lien itself arises when you have unpaid taxes after receiving a demand for payment from the IRS. The Notice of Federal Tax Lien is simply the public …
Form 3520 is an IRS form U.S. taxpayers (including Maryland residents) use to report transactions with foreign trusts and large foreign gifts/bequests (generally over $100,000), filed separately from your 1040 by the …
FBAR late-filing penalties depend on intent and are inflation-adjusted. Non-willful violations can incur up to $16,536 per FBAR, with possible waivers for reasonable cause. Willful violations may result in the greater of $165,353 per violation or 50% of the account’s highest balance, plus potential criminal fines …
Opening an IRS Final Notice of Intent to Levy can feel overwhelming. This notice is the IRS’s last warning before it can legally seize assets, freeze bank accounts, or garnish wages. You …
Discovering you’ve missed filing required Foreign Bank Account Reports (AKA FBARs and FinCEN Form 114) can be alarming for any U.S. person with overseas financial accounts. If you’re wondering “Can I file …
Receiving an LT11 (or a Letter 1058) Final Notice of Intent to Levy from the IRS can be overwhelming, especially when it arrives unexpectedly. This notice is a critical warning that the …
To file an appeal with the IRS, respond to the letter you received—usually within 30 days—using the correct form and including a written statement of what you disagree with and why. For …
When you owe the IRS more money than you can realistically pay, you’re not necessarily stuck with that debt forever. An Offer in Compromise (OIC) allows you to settle your tax debt with the IRS …
That official-looking envelope from the IRS containing a Statutory Notice of Deficiency means you’re facing one of the most urgent deadlines in tax law—you have exactly 90 days to challenge the IRS’s proposed assessment before it …
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