QUESTION: I filed my 2006 taxes last week, but the amount of taxes that I owed are simply more than I can afford to pay right now. This is the first time that I have owed the IRS any money. What can I do since I don’t have enough money to pay the taxes now?…
Monthly Archives: April 2007
Did Your Income Tax Return Not Make it to the IRS On Time because of Turbo Tax?
Don’t worry. If you tried filing your returns with Intuit software including Turbo Tax, Proseries, Turbo Tax Freedom, or Lacerte, the IRS is extending the filing deadline until midnight on April 19, 2007. Apparently, everyone in the United States trying to e-file their returns at the same time is not so good for the Intuit…
Will I be Liable for Tax Penalties if My Tax Preparer Fraudulently Prepared my Return?
Recently, the Justice Department and the IRS went after several Jackson Hewitt Tax Service franchises for fraud for cheating the U.S. Government out of around $70 million. Apparently, most of the claims revolved around the tax preparers making false Earned Income Tax Credit claims which provided taxpayers a credit between $412 and $4,536. Eventually, the…
The (Tax) Time is Now!
You’re down to the last 7 hours before taxes are officially due. If you don’t have time to get the return prepared and mailed then you need to file an extension. See my previous post about saving yourself unnecessary penalties and the recent post about the IRS mailbox rule. All you have to do is…
Does Everyone Qualify for an Offer in Compromise?
I am often asked by my potential clients whether they will qualify for an offer in compromise. They hear advertisements on television and the radio about settling their tax debt for “pennies on the dollar.” While it may be possible for some people to settle their tax liabilities for pennies on the dollar, that is…
IRS Taxes Due Tomorrow: Need an Extension?
This a friendly reminder that the filing deadline for your 2006 taxes is April 17, 2007 at 11:59 pm…that’s Tomorrow! Just in case you need more time to file your return and you want to file an extension to file – you should keep in mind that is only an extension to file, not to…