Receiving a notice from the IRS can be a nerve-racking experience. It's never good news when you see that infamous letterhead in your mailbox. For non-filers, it's even scarier because it can come with a penalty. The IRS penalty can be steep, making it essential for you to understand how it works. What is an IRS penalty, and how does it work?When you owe the IRS money, you need to pay it back with interest. If you neglect to do so, the IRS adds a penalty for non-payment, which supplements the interest. The penalty is a percentage of the tax you owe and will continue to accrue until your debt is paid in full. The percentage can vary, depending on how long your debt has remained unpaid and how much you owe. Additionally, there's a separate penalty for not filing your tax returns on time. ... 07/05/2023

The thought of being penalized by the IRS is enough to make any taxpayer feel anxious. We all know when it comes to taxes, it’s always best to stay on the right side of the law. But if you're one of the many non-filers in Mount Laurel, NJ, it’s important to understand how the IRS penalty works. Non-filers can face steep penalties and even criminal charges if they don't file their taxes. As a taxpayer, the first thing to understand is that the IRS penalty for not filing taxes is separate from the penalty for not paying taxes. If you don't file your taxes, you will be subject to a failure-to-file penalty. This penalty is 5% of the unpaid taxes for each month that your return is late, up to a maximum of 25%. That means, if you owe the IRS $5,000 and you don’t file your tax return for five ... 07/03/2023

Are you a business owner, from Mount Laurel, NJ, and behind in filing your payroll taxes? If the answer is yes, then it's essential to understand the consequences of this delay. The IRS takes payroll tax obligations very seriously, and failure to file and pay your payroll taxes on time can attract severe penalties and fines that can put your business at risk. 1. What is payroll tax?Payroll tax refers to the taxes that employers deduct from their employees' salaries or wages. It includes the Federal Insurance Contribution Act (FICA) tax, which covers Social Security and Medicare taxes, and federal and state income tax withholding. Employers must deduct and pay these taxes on behalf of their employees.2. Consequences of not paying payroll taxes on timeIf you don't file and pay your payrol... 06/28/2023

The mere thought of owing money to the IRS can send shivers down the spine of many Americans. Unfortunately, if you haven't been able to pay your taxes in full, the chances are that you could owe the IRS thousands of dollars that you simply cannot afford to pay back in one lump sum. Rather than risk facing steep penalties for late payment, negotiating an IRS payment plan in Mount Laurel, NJ, is key. If you're a non-filer worried about negotiating with the IRS, don't fret. 1. Contact the IRSOne of the most significant mistakes taxpayers make is ignoring the IRS collection letters and calls. The most important thing to do is to communicate with the IRS and let them know your financial situation. Contact an IRS representative to formally request an installment agreement. The IRS has differ... 06/26/2023

If you've received a collection notice from the IRS in Mount Laurel, NJ, you're not alone. Millions of Americans owe back taxes, and the IRS is known for its aggressive collection tactics. But don't panic just yet. With the right strategy, you can resolve your tax debt and avoid serious consequences like wage garnishments and bank levies.  1. Open your IRS letters. Read the notice carefullyThe first thing you need to do is open your IRS letters and read the notice carefully. It will tell you why you owe the IRS money, how much you owe, and what actions the IRS may take if you don't pay. Make sure the information is accurate and complete. If there are any mistakes, contact the IRS immediately to correct them.2. Don't ignore the IRS noticeIgnoring an IRS collection notice will only make t... 06/21/2023

Filing taxes is not an activity that brings joy to most people, but it is an essential task that we must do. With the tax season upon us, it is crucial to avoid common tax mistakes that could affect our financial situation. Failure to avoid these errors could lead to serious repercussions such as tax audits, penalties, and even criminal charges.1. Failing to include all sources of incomeOne of the biggest mistakes taxpayers make when filing their taxes is failing to report all their sources of income. Income from freelance work, rental properties, or interest on savings accounts may go unreported. It is essential to ensure that all earned income, including freelance work, is recorded on the tax return. Failure to do so will result in an tax audit or penalties.2. Ignoring deductions and ... 06/19/2023

Dealing with the IRS can feel intimidating and overwhelming. One of the latest challenges you may have faced is trying to navigate the differences between an installment agreement and a payment plan. Although both options can help you manage tax liabilities over time, they are fundamentally different in their terms and implications. But don't worry; we've got you covered! In this blog post, we'll explain the differences between an IRS installment agreement and a payment plan, and what you need to know to make the best decision for your financial situation in Mount Laurel, NJ.1. What is an IRS Installment Agreement?An installment agreement is an official agreement between the IRS and a taxpayer that allows the taxpayer to pay off their tax debts in monthly payments over time. This option... 06/12/2023

Have you ever received a notice of an IRS audit? If so, you know that it can be a daunting experience. The thought of facing the IRS can be scary, but fear not. With proper preparation and some expert guidance, you can get through the audit process with ease. Do: Seek Professional HelpOne of the most important steps you can take if you are facing an IRS audit is to seek professional help. Having a knowledgeable tax professional on your side can help you navigate the process with ease. They can assist you in preparing for the audit, guide you through the questioning process and even represent you in front of the IRS. Make sure to look for a good tax professional and not just any tax preparer. A good tax professional will have experience in managing IRS audits and other tax issues and can... 06/07/2023

Most people can agree paying back taxes to the IRS isn't always an easy task. There are instances where you may find yourself owing a significant amount of money to the IRS that you can’t pay upfront. This situation can lead to high levels of stress and anxiety, but there’s no need to worry too much. The IRS offers payment plans that allow you to pay your debt in installments. The IRS main goal is to find an agreement that best suits your financial situation. 1. Assess your financial situationBefore jumping into any payment plan negotiations, it’s essential to assess your financial situation. This will help you determine what type of payment plan you can afford without facing additional financial difficulties. Take into consideration some monthly expenses like rent/mortgage payments, ut... 06/05/2023

Taxes can be incredibly intimidating and complicated for most taxpayers. It can be extremely frustrating and exhausting to deal with unending tax-related issues, especially when one finds themselves in a situation where they can’t afford to pay their back taxes in Mount Laurel, NJ. The IRS allows taxpayers to offer a solution by providing an Offer in Compromise (OIC) program. However, one of the OIC possibilities is known to taxpayers as the Effective Tax Administration (ETA) OIC, and it can be scarier than you can ever imagine.ETA OIC is one of the OIC programs offered by the IRS to help taxpayers settle their back tax debts for reduced amounts. An ETA OIC in Mount Laurel, NJ, is for taxpayers who owe taxes they cannot afford to pay, but their specific circumstances indicate that it wo... 05/31/2023

For any taxpayer facing IRS debt in Mount Laurel, NJ, the process of an IRS offer in compromise can seem like an insurmountable challenge. Many are misinformed about the process, which can cause added anxiety and fear of the unknown. It's important to understand the steps involved in the process of an IRS offer in compromise to properly prepare. A guide to help you understand the steps involved in an IRS offer in compromise in Mount Laurel, NJ.Step 1: Determine EligibilityBefore beginning the process of an IRS offer in compromise in Mount Laurel, NJ, it's vital to determine eligibility. You must be current with all necessary filings and payments, and the IRS must have determined that you are unable to pay your tax debt in full. Additionally, if you are an open bankruptcy case or have an... 05/29/2023

Are you struggling with tax debt that just keeps piling up? If you owe the IRS money that you can't afford to pay back, it could feel like you're drowning in a sea of financial obligations. But don't give up hope just yet. There is a way to get some relief from your tax debt burden through an offer in compromise. This article will provide you with everything you need to know about qualifying for an IRS offer in Mount Laurel, NJ. 1) Meet IRS Eligibility Requirements To qualify for an IRS offer in compromise, you must meet the IRS's eligibility requirements. Your tax debts must be accurately determined, and you must not be in an open bankruptcy proceeding. Additionally, you must have filed your prior tax returns. If you haven't filed, then you must file before your Offer is accepted. 2) V... 05/24/2023

Are you tired of dodging the IRS? Dealing with tax debts can send chills down the spine of any taxpayer. To gain some relief and a fresh start, taxpayers can seek an offer in compromise with the help of experienced professionals from OnPoint Resolution. For taxpayers in Mount Laurel, NJ, getting an offer in compromise can seem like an uphill battle, but it doesn't have to be. The different types of IRS offer in compromise available to taxpayers, so you fully understand your options when seeking relief from tax debts.1. Doubt as to LiabilityDoubt as to liability occurs when you have a legitimate dispute over the tax liability in question. In this case, the IRS will analyze the data submitted by the taxpayer to verify the accuracy of the tax debt. Through legal representation, taxpayers c... 05/22/2023

Here is the video to : What To Do When You Receive IRS Notice in Mount Laurel, NJ. https://youtu.be/W2Xt3LjjZ28 Schedule your consultation today!Fanta KabaOnPoint Resolution LLC309 Fellowship Road, suite 200Mount Laurel, NJ 08054Tel. 973.840.7350Fax. 347.344.6942onpoint@onpointresolution.comwww.onpointresolution.com  05/20/2023

The letters arrive in the mail unannounced, a source of anxiety and stress for taxpayers everywhere. The IRS is coming, and if you're not prepared, it could cost you dearly. That's why it's essential to understand the different types of IRS offers available to you in Mount Laurel, NJ, to ensure you can handle any tax problems that may arise.The first type of IRS offer is the offer in compromise. It's an agreement between the taxpayer and the IRS to settle tax debt for less than what is owed. To be eligible, you must show that you can't pay the full amount owed because of financial hardship or extenuating circumstances. You'll need to provide detailed financial information, and the IRS will review your offer. If accepted, you can pay the agreed-upon amount in a lump sum or installment pa... 05/17/2023

Taxpayers from the Mount Laurel area might not realize what kind of impact IRS Tax Liens can have on their credit score. When taxpayers fail to pay their taxes on time, the IRS may file a tax lien against their property to secure the tax debt. But how can something as small as a tax lien start a Credit crisis? Keep reading to find out what impact a tax lien can have on your credit score.Whether a tax lien has been filed against a taxpayer’s property or not, failing to pay proper taxes disrupts a taxpayer’s obligation to pay their debts, revealing concerns over their entire credit history - which includes missed or late payments, defaults, and collection actions. The IRS is notorious for taking negative actions against delinquent taxpayers, and a tax lien filing will almost immediately h... 05/15/2023

Here is the video for :Are You at Risk of an IRS Levy?Schedule your appointment with Fanta today!Fanta KabaOnPoint Resolution LLC309 Fellowship Road, suite 200Mount Laurel, NJ 08054Tel. 973.840.7350Fax. 347.344.6942onpoint@onpointresolution.comwww.onpointresolution.com  05/11/2023

Receiving a notice from the IRS is never a good feeling, especially when it concerns a tax lien on your property. Not only does a tax lien affect your credit score, it also gives the IRS the ability to seize your property if you don't pay your taxes. The good news is that there are ways to remove a statutory IRS tax lien, and this blog post is here to guide you through the process.Understand the Process:Before you attempt to remove a statutory IRS tax lien, it's important to understand the process. The process involves several steps, including filing a request with the IRS to discharge the lien, providing financial documents to prove that the lien is causing undue hardship, and negotiating a payment plan to pay off the outstanding debt. It's important to note that the process may take s... 05/10/2023

As a taxpayer in Mount Laurel, NJ, it is absolutely necessary to stay current on your tax payments to the Internal Revenue Service (IRS). Failure to meet your tax obligations can result in a number of consequences. One of the most severe consequences is the imposition of a statutory IRS tax lien. This article will explore what a statutory IRS tax lien is, its impact on your finances, your credit score, and your future loans. A statutory IRS tax lien is a legal claim against your property when you fail to pay your taxes. A tax lien essentially serves as collateral for the IRS until you pay your taxes in full. The lien can be placed on any property that you own, including your home, your car, or any investment property that you may have. Even if you attempt to sell your property, the lien... 05/08/2023

Tax season can be a daunting time for taxpayers, not only because of the many rules and regulations they have to adhere to but also due to the risk of incurring penalties. These penalties can add up to a big burden to taxpayers, especially those who are filing their taxes for the first time. Fortunately, the IRS provides the First-Time Penalty Abatement (FTA) to individuals who meet certain criteria. Read on to learn everything you need to know about the FTA.What is the First-Time Penalty Abatement?The FTA is a relief program provided by the IRS to taxpayers who have been penalized for failure to file taxes or failure to pay taxes on time. The program offers the opportunity for first-time offenders to have all or part of their penalties waived. However, it's important to note that this ... 04/24/2023