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Obamacare Tax Penalties

Obamacare Tax Penalties

Phased & Confused: What are the ObamaCare Tax Penalties? Over the last several months, a lot has been said about the state of healthcare in this country. Let’s be honest, very little of it has been positive. Words like: “broken,” “unstable,” and “confusing on a good day” come immediately to mind. Did we mention that this describes a supposed “affordable” solution? As the 2014 tax season looms, it is eclipsed by an even bigger shadow. This is the first year […]

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Tax Problem consultation

Tax Problem consultation

What is the Number One most frustrating question I get asked in a consultation? By: Michelle D. Wynn, Esq. As an attorney here at IRSMedic: Parent & Parent LLP, I have had thousands of consultations, in person and over the phone, with prospective clients over the years. Many of these people have not hired us to help them with their tax liability. (don’t worry — it’s OK. I am kept pretty busy helping those people who do hire us). When […]

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IRS settlement options

  Eight IRS settlement options that could save your skin I think we’ll have to be honest here. Tax settlement companies have a pretty bad rap. The reason? Perhaps they don’t know exactly what they are doing, perhaps they are ethically challenged, and perhaps they prey on people emotions with fear-based marketing instead of empowering taxpayers with real information. Well, in this article we will go over Eight IRS settlement options you have to negotiate your IRS tax debt based […]

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IRS trust fund recovery penalty

Common Questions answered about the IRS Trust Fund Recovery Penalty The IRS Trust Fund Recovery Penalty has nothing to do with a trust funds for opulent lifestyles. No, unfortunately, it is a tax assessed against those who said they were going to send money to the IRS on behalf of others but never did.  In this article, we will answer some of the most common questions we are asked about the IRS Trust Fund Recovery Penalty. What is the IRS […]

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Federal payroll tax late payment penalties

Does the IRS charge  interests rates higher than a loan shark for late federal payroll tax deposits? For employers suffering a cash flow problem and not able to make federal payroll deposits on time, many may wonder “am I better off trying to borrow money from a loan shark?” The answer to this question – legalities of aside — vary, as I shall explain.

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IRS Audits and Penalties

What are IRS audit penalties? By: David G. Parent, Esq. In my audit work our immediate concern is assembling the documentation needed to place our client in the best possible light for either an audit defense or an audit appeal. A secondary, but also important concern is working with the client in developing a narrative as to why the penalties should be abated or not imposed at all. Our goal is to reduce a taxpayer’s total tax liability. Reducing a […]

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Just because the IRS says you can abate interest…

Can you abate tax interest? Here’s the facts: An IRS agent told a taxpayer, an executor of an estate, that the estate could  abate (or reduce)  interest on back-due tax debts because of long delays in receiving money to pay the IRS from a Croatian probate court. Finally, after several years, the estate received the money and paid off the tax debt. The estate then went to abate the interest. The IRS refused. The estate filed a petition in tax […]

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