Atlanta CPA…IRS Statute of Limitations on Collection of Unpaid/Back/Assessed IRS Taxes
The IRS/Tax Representation Series
Providing Atlanta IRS Representation Solutions for Decades
A Financial Survivability Series: Taxpayers who do not file and pay their tax by the returns due date will be assessed a penalty. Penalties come in both as an assessment for failure to file and failure to pay. If you cannot pay all the taxes owed, you should still file your tax return and pursue payment options with the IRS. Penalties for filing late is five percent of the unpaid taxes for each month of part of a month that a return is late and will not exceed twenty-five percent of the taxpayer’s unpaid taxes. The failure-to-pay penalty is ½ of one percent of your unpaid taxes for each month or part of a month after the due date that the taxes are not paid. The IRS will consider penalty abatement for taxpayers who can show and prove reasonable cause.
The IRS has a Statute of Limitations to collect unpaid taxes is ten years from the date of the original return or the date of the assessment of the tax by the Internal Revenue Service. Please note that this statute does not start until either the return is filed or the tax year is assessed by the IRS, thus if you have not yet filed for tax years beyond ten years from today and the IRS has not yet assessed the tax year monies, the 10 Year Statute of Collections has not even started yet and the monies are still current, due and payable.
Evaluating the options to deal with open taxes and to address with the IRS any open monies due. These articles will do much to enlighten and enable you to satisfactorily address any open tax issue monies. Working with a seasoned and qualified CPA who is well versed in tax matters should always be your best and first choice.
Understanding How Audits are Selected
Knowing how audits are selected is the first step to discovering how to overcome the emotional and financial distress that normally occurs as part of the audit process. Lifting this veil will help keep you on an even keel in learning how to deal with the IRS audit. Visit http://www.hiscpa.com/irs-selection.html
What to do When the IRS Notice Arrives
Rather than beginning the process in fear, discover how you can better prepare yourself so that you are not surprised at the audit process and its ultimate results. By seeing through to the other side you can best ready yourself to close your audit with no adjustments and no additional monies due. See http://www.hiscpa.com/irs-audit.html
Fixing Atlanta IRS Tax Issues
Don’t fight the IRS but work with them to resolve your tax problems. Discover a myriad of legal ways the IRS is eager and willing to work with you to resolve any unpaid debts, penalties, and interest. To learn more http://www.hiscpa.com/working-with-the-irs.html
Paying Your Taxes – Withholding & Extensions for Metro Atlanta Taxpayers
Paying your taxes made easy. This section will enable you to quickly grasp the general guidelines of tax law requiring that you pay taxes as you earn money. As well, extensions and their uses and limitations are disclosed and discovered. Visit http://www.hiscpa.com/paying-taxes.html
John Dillard is a Christian Speaker/Author and Duluth/Alpharetta CPA. To see how he takes Christ along with him to work visit http://www.hiscpa.com/