Any taxpayer operating a small or medium business should know how the IRS treats back taxes and how much the IRS can take from business assets. RELATED: What Happens If You Don’t File Your Taxes For 5 Years Or More? In this article: What Are IRS Back Taxes? How Does a Taxpayer Incur Back Taxes? How Do Payroll Taxes Affect Businesses? How Much Should a … [Read more...]
Search Results for: IRS levy
7 IRS Code 6662 Accuracy-Related Penalties
Anybody can make mistakes, especially with something as complex as taxes, but the IRS code still levies penalties on inaccurate tax returns. This makes it important to be aware of common inaccuracies and how to avoid them. RELATED: What Is A Levy On A Bank Account And How Does It Work? In this article: IRS Negligence Penalty Penalty for Negligence or Intentional … [Read more...]
Business Vs Hobby: How The IRS Qualifies Hobby Income As A Business
Hobby income can affect the amount paid to the IRS. Taxpayers should know whether the IRS thinks income should be classified as a business or a hobby. RELATED: What Are The Penalties Employers Will Face Under Employee Misclassification? In this article: Why Should a Taxpayer Care About How the IRS Sees Their Hobbies? What Is the Hobby or Business Test for the … [Read more...]
IRS CP2000 Notices | Income Underreporting At A Glance
A taxpayer need not panic should he or she receive a CP2000 Notice about income underreporting, as long as they know how to handle the process properly. RELATED: 9 Types Of IRS Letters And Notices And What They Mean In this article: What Is the IRS CP2000 Notice For? What Does the CP2000 Contain? Who Typically Receives a CP2000 Notice? How Does the IRS Find … [Read more...]
What Is A Levy On A Bank Account And How Does It Work?
If you've often wondered, "What is a levy on a bank account?" (and are worried about how it could affect you), here are all the facts you need to know. RELATED: What Is A Tax Levy? | Everything You Need To Know In this article: What Is a Levy on Bank Accounts? How Does the Bank Levy Process Work? Are There Exceptions to These Rules? How Does the IRS Track a … [Read more...]
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