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Tax and Tax Information - Delinquent Taxes

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Tax and Tax Information * Delinquent Taxes

Delinquent Taxes - What Happens if I Don't Pay the IRS?   
Neil Lemons

Depending on how much time has past, an individual will see hundreds; even of thousands of dollars owed in back taxes that were not originally assessed when first receiving a letter from IRS. Similar to a credit card company, penalties and interest can and will be applied.


Delinquent Income Tax Return Defined -
A delinquent income tax return is defined, in the eyes of the IRS and federal government as:

Article to continue below----------------------------------------------

NY Governor Rejects Reimposing Stock Transfer Tax (Reuters Via Yahoo! News)
New York state should not reimpose a stock transfer tax as this would make Wall Street firms move to other cities such as New Jersey's Newark, or other states like Connecticut, Governor David Paterson...

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Income tax return having a US mail postmark after April 15th, if an extension was not granted. If an extension was applied for and granted, a delinquent income tax return is defined as an income tax return with a US mail postmark after the due date of that extension.


Does the IRS Keep my Return Money if I am Late? -
After three years, yes. There is a statute of limitations, or certain period of time allowed, by the federal government applied to receiving income tax refund money for a given year. That is three years from the due date of the tax return, not January 1st.

Article to continue below----------------------------------------------

No Blowing Smoke: Group Discusses SC Cigarette Tax (AP Via Yahoo! Finance)
Doctors and an anti-smoking group discuss efforts to raise South Carolina's 7-cent-a-pack cigarette tax that is the lowest in the nation.
NY Governor Rejects Reimposing Stock Transfer Tax (Reuters Via Yahoo! News)
New York state should not reimpose a stock transfer tax as this would make Wall Street firms move to other cities such as New Jersey's Newark, or other states like Connecticut, Governor David Paterson...

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Just think, you could have money owed to you that you could apply toward your IRS tax debt if you have not filed.


Tax Return Stature of Limitations Example -
For example this is 2007, if your unextended delinquent income tax return for 2003 is fixed this year, you must do so before April 15th, 2007 to receive any refund from the IRS.


After that date, the government legally does not have to pay any refund owed even if it is thousands of dollars. If you mail or the return after the third anniversary date, the IRS will keep your refund check.


Delinquent Tax Penalties & Interest -
If you owe tax from the year's income, you could possibly be subjected to several penalties on the amount due. The failure to file penalty assesses a 5% charge on the amount due each, up to a maximum amount of 25%.


The failure-to-pay penalty equals one-half of 1% of the amount owed per month, maxing out at 25% as well. You will be charged interest on an unpaid balance at the prevailing rate (varies month-to-month).


You may be subjected to a penalty for not paying sufficient estimated taxes. There are several other penalties that may also apply.


If you have not filed and have not heard from the IRS, it is only a matter of time, even if you have not heard from them in years. They will contact you and find a way to collect.


How the IRS will Settle Delinquent Taxes by Force -
If none of these previously mentioned options above are arranged, some of the enforced collections measures the IRS can use, but are not limited to:


- Wage attachments
- Bank Account Levies
- Seizures of property
- Referrals to a private collection agency
- License or permit revocations
- Corporate responsible person assessments


Do not let the IRS scare you into signing an agreement that demands high dollar tax payments that you can not afford. Let a tax professional with years experience working with the IRS help you.


Neil Lemons represents Allied Tax Solutions, a 30 year leader in IRS tax help & tax relief solutions. For more information or a free consultation visit http://www.alliedtaxsolutions.com.

What Other Authors say about Taxes

Fraudulent Tax Shelters - KMPG Goes Down Hard by Richard A. Chapo

In the largest criminal tax case ever filed, KMPG has copped a plea to using fraudulent tax shelters to bilk the government out of 2.5 billion dollars. KMPG has agreed to pay a fine of $456 million dollars,...

SEP IRAs: A Path to More Retirement Income? by Robert D. Cavanaugh, CLU

A SEP IRA is a plan that may allow you to put away more tax deductible dollars for retirement. For employers, SEPs are a simple way to establish a retirement plan for employees without many of the restrictions...

About That Tax Rebate Check... by Carl LaFresnaye

You're getting a tax rebate check! Lucky you! I'm sure you're already planning how to spend it – who wouldn't? There are plenty of ways to spend it – and a lot of things you can do in the meantime, while...

What Is An Inheritance Tax And When Is It Applied? by Gray Rollins

When an individual passes, on the federal government imposes an estate tax. This estate tax only applies to estate properties that are over one million fifty thousand dollars. The federal government is...

Finding Free Printable Tax Forms by Carl LaFresnaye

If an individual decides to do his own taxes, there are many different avenues where he can find free printable tax forms for his use. There are websites that provide these forms to individuals at no...

Reduce Your Taxes by Martin Lukac

When it comes to taxes, we all want to reduce the amount we have to pay in. There are three basic ways to minimize your taxes: reduce your income, increase your deductions and take advantage of tax credits.Your...

New for 2006, the Roth 401k Plan by Alan D Campbell

One of the new tax strategies available in 2006 is the Roth 401k. A taxpayer may place up to $15,000 ($20,000 if age 50 or older) in a Roth 401k instead of a regular 401k plan in 2006. The 401k plan needs...

State Of California Income Tax Forms – Information To Know About Them by Carl LaFresnaye

If you live in the state of California, chances are you have to file your state taxes forms every year. Very few people don't have to file – those who have no income or are too young are among them. If...

Preparing Ahead For A Pleasant Tax Day by Carl LaFresnaye

How did you spend your last tax day? In line at a post office at almost midnight, dropping off your taxes? Dreading going on an extension again – knowing if you owe and don't pay it on time, there will...

Should You Form a Nevada LLC? by Simon Maher

The short answer is yes...if your business is located in Nevada. Otherwise, your best bet is to form your business entity in the state where your business operates.There many myths about forming Nevada...

Tax Invoice by Max Plata

A tax invoice is a legal document that offers a look at what the GST is for a transaction. Read on to learn about your obligations for issuing, holding, and supplying the different types of tax invoices.You...

How to Use an Early Retirement Plan to Secure Your Future by Scott Taylor

<p>In fact many of these people had no intention of retiring and used these generous packages to move into second careers. They did not retire at all until much later, in their sixties. Nowadays,...


Who are the CPA Moms?      Your Tax Professional Forever!!!!

“CPA Moms - Tax Moms - EA Moms" are trade names given to Accounting and Tax Professionals who chose to work in an “relaxed” environment. Some "Moms" work from home, other work from personal offices. Not all are Moms, there are some Dads. We call them Mr. Tax Moms. CPA Dads or Enrolled Agents Dads.
Each Mom is independent. Once a client starts working with a Mom, the client will keep the same “Mom” year after year regardless of where the client moves or relocates. Being in a “relaxed” environment has many advantages. Lower overhead, faster response time, more availability, etc.
To be a member a CPA Mom, Tax Moms, or an Erolled Moms the Tax Professional must ALWAYS be in good standing with their state licensing agency, experienced, and must demonstrate a high level of ethics, professionalism and proficiency.
Tax Net Inc, the parent company for all CPA Moms, Tax Moms and Enrolled Moms, developed the marketing and on-line systems to help qualified Tax Professionals who "choose" work from their “relaxed” environment and offer better service at a lower price to the consumer.
Since the “Moms” do taxes and accounting of all complexities, there is always a Mom available for every level of work. Since each Mom has a private 800 number, you are just a phone call away, regardless of where you live.
For reliability and dependability of Tax Net, Inc, the parent company of the “Moms” organization click on the Better Business Bureau (BBB) icon.

To Join CPA Moms

Click for accredited member's reliablility report.

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Index of Articles about Taxes

What Other Authors say about Taxes

Fraudulent Tax Shelters - KMPG Goes Down Hard by Richard A. Chapo

In the largest criminal tax case ever filed, KMPG has copped a plea to using fraudulent tax shelters to bilk the government out of 2.5 billion dollars. KMPG has agreed to pay a fine of $456 million dollars,...

SEP IRAs: A Path to More Retirement Income? by Robert D. Cavanaugh, CLU

A SEP IRA is a plan that may allow you to put away more tax deductible dollars for retirement. For employers, SEPs are a simple way to establish a retirement plan for employees without many of the restrictions...

About That Tax Rebate Check... by Carl LaFresnaye

You're getting a tax rebate check! Lucky you! I'm sure you're already planning how to spend it – who wouldn't? There are plenty of ways to spend it – and a lot of things you can do in the meantime, while...

What Is An Inheritance Tax And When Is It Applied? by Gray Rollins

When an individual passes, on the federal government imposes an estate tax. This estate tax only applies to estate properties that are over one million fifty thousand dollars. The federal government is...

Finding Free Printable Tax Forms by Carl LaFresnaye

If an individual decides to do his own taxes, there are many different avenues where he can find free printable tax forms for his use. There are websites that provide these forms to individuals at no...

Reduce Your Taxes by Martin Lukac

When it comes to taxes, we all want to reduce the amount we have to pay in. There are three basic ways to minimize your taxes: reduce your income, increase your deductions and take advantage of tax credits.Your...

New for 2006, the Roth 401k Plan by Alan D Campbell

One of the new tax strategies available in 2006 is the Roth 401k. A taxpayer may place up to $15,000 ($20,000 if age 50 or older) in a Roth 401k instead of a regular 401k plan in 2006. The 401k plan needs...

State Of California Income Tax Forms – Information To Know About Them by Carl LaFresnaye

If you live in the state of California, chances are you have to file your state taxes forms every year. Very few people don't have to file – those who have no income or are too young are among them. If...

Preparing Ahead For A Pleasant Tax Day by Carl LaFresnaye

How did you spend your last tax day? In line at a post office at almost midnight, dropping off your taxes? Dreading going on an extension again – knowing if you owe and don't pay it on time, there will...

Should You Form a Nevada LLC? by Simon Maher

The short answer is yes...if your business is located in Nevada. Otherwise, your best bet is to form your business entity in the state where your business operates.There many myths about forming Nevada...

Tax Invoice by Max Plata

A tax invoice is a legal document that offers a look at what the GST is for a transaction. Read on to learn about your obligations for issuing, holding, and supplying the different types of tax invoices.You...

How to Use an Early Retirement Plan to Secure Your Future by Scott Taylor

<p>In fact many of these people had no intention of retiring and used these generous packages to move into second careers. They did not retire at all until much later, in their sixties. Nowadays,...