CANDACE STEVENS's (numbercruncherllc) Blog

Reasonable cause is determined on a case-by-case basis taking into account all of your situation's facts and circumstances.  Depending on the type of penalty you owe and the laws in the Internal Revenue Code (IRC) for each penalty, you may be eligible for relief based on reasonable cause.  If you...

Under certain conditions, an administrative waiver allows for abatement of particular penalties. For both individuals and businesses, the most common administrative waiver is the First Time Abatement (FTA). The following penalties are eligible for the First Time Abatement: Failure to File Failure...

The Failure to Pay Penalty is calculated as follows if you fail to pay the tax due on your return:For each month or portion of a month that a tax remains unpaid, the Failure to Pay Penalty is 0.5 percent of the unpaid taxes. Your penalty won't exceed 25% of your unpaid taxes.The Failure to File P...

The penalty for failing to file is calculated as follows: (But first, share this post with a friend who may need to know this information.)    • For each month or portion of a month that a tax return is late, the penalty for Failure to File is 5% of the unpaid taxes. Your unpaid taxes will not be...

There are many penalties the IRS can assess.  Below are some of the penalties that pertain to individuals:     -Failure to File     -Failure to Pay     -Failure to Deposit     -Accuracy Related     -Erroneous Claim for Refund or Credit     -Dishonored Check     -Underpayment of Estimated Tax by I...

"Taxpayers have the right to expect the tax system to consider facts and circumstances that might affect their underlying liabilities, ability to pay, or ability to provide information timely. Taxpayers have the right to receive assistance from the Taxpayer Advocate Service if they are experienci...

"Taxpayers have the right to retain an authorized representative of their choice to represent them in their dealings with the IRS. Taxpayers have the right to seek assistance from a Low Income Taxpayer Clinic if they cannot afford representation."-Publication 1What this means: You can choose some...

"Taxpayers have the right to expect that any information they provide to the IRS will not be disclosed unless authorized by the taxpayer or by law. Taxpayers have the right to expect appropriate action will be taken against employees, return preparers, and others who wrongfully use or disclose ta...

"Taxpayers have the right to expect that any IRS inquiry, examination, or enforcement action will comply with the law and be no more intrusive than necessary, and will respect all due process rights, including search and seizure protections and will provide, where applicable, a collection due pro...

Taxpayers have the right to know the maximum amount of time they have to challenge the IRS’s position as well as the maximum amount of time the IRS has to audit a particular tax year or collect a tax debt. Taxpayers have the right to know when the IRS has finished an audit.What this means: When y...