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Monthly Archives: May 2018

Can the IRS put me in jail?

Yes, but never for owing taxes. The IRS can criminally prosecute you and possibly put you in jail if you voluntarily and deliberately violate a known legal duty in order to avoid paying taxes. That would be tax fraud (sometimes … Continue reading

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Unlimited above-the-line charitable deduction proposed

New legislation called the “Charitable Giving Tax Deduction Act,” was recently introduced by Rep. Chris Smith (R-NJ) and Rep. Henry Cuellar (D-TX). The bipartisan bill could make tax deductions for charity available to everybody, instead of just those who itemize. … Continue reading

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Did you know that the IRS generally has 10 years to collect taxes?

It is called the Collection Statute Expiration Date (CSED). That is the expiration of time period established by law that the IRS has to collect a given tax. Once a CSED expires the IRS will write it off. Assume that … Continue reading

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Did you know that the IRS has a first time automatic penalty abatement?

If you qualify, you can receive administrative relief from penalties for failing to file a tax return, pay on time, and/or to deposit taxes – no questions asked. The most common IRS penalties are for failing to file (on time), … Continue reading

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Trust fund recovery penalty revisited

If an employer fails to properly pay its payroll taxes, the IRS can seek to collect a trust fund penalty equal to 100% of the unpaid taxes from any person who is considered a “responsible person,” (One who is responsible … Continue reading

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