Accounting and Tax
IRS Penalty Abatement: How to Request Relief From IRS Penalties
IRS penalty abatement can remove or reduce certain IRS penalties when you qualify for administrative relief, reasonable cause, or another exception under tax law. Starting in 2026, some compliant taxpayers […]
Accounting and Tax
IRS Collection Statute Expiration Date: When Tax Debt Expires
The IRS collection statute expiration date is generally the last date the Internal Revenue Service can legally collect an assessed federal tax debt. Under Internal Revenue Code §6502, the IRS […]
Accounting and Tax
IRS Penalties and Interest: How They Work and Ways to Reduce Them
IRS penalties and interest can make an unpaid federal tax bill grow even after the original filing deadline passes. The IRS may charge penalties when you file late, pay late, […]
Accounting and Tax
IRS Collection Appeals: CDP Hearings, CAP, and Your Appeal Rights
IRS collection appeals let taxpayers challenge certain collection actions before the Internal Revenue Service moves further. The two main routes are a Collection Due Process hearing, or CDP, and the […]
Accounting and Tax
Currently Not Collectible Status: What It Means and How to Qualify
Currently not collectible status is an IRS hardship designation that temporarily pauses most collection activity when you cannot pay your tax debt without struggling to meet reasonable basic living expenses. […]
Accounting and Tax
Offer in Compromise: How the IRS Settlement Program Works
An offer in compromise is an IRS agreement that may let you settle federal tax debt for less than the full amount you owe when the Internal Revenue Service determines […]
Accounting and Tax
5329 Tax Form: Early Withdrawals and IRA Penalties Explained
The 5329 tax form helps taxpayers report additional taxes related to retirement accounts and other tax-favored accounts. Common filing situations include an early distribution from an IRA, excess contributions, or […]
Accounting and Tax
IRS Installment Agreement: Payment Plan Options, Eligibility & How to Apply
An IRS installment agreement lets you pay federal tax debt over time when you cannot pay the full amount at once. The Internal Revenue Service offers short-term and long-term payment […]
Accounting and Tax
IRS Tax Levy: What It Is, How It Works, and How to Stop One
An IRS tax levy is a legal seizure the Internal Revenue Service can use to collect unpaid tax debt. A levy can take money from bank accounts, garnish wages, reach […]
Accounting and Tax
IRS Collection Notices: What They Mean and How to Respond
IRS collection notices are formal letters the Internal Revenue Service sends when a federal tax balance remains unpaid or collection action needs your attention. The notice tells you which tax […]