How Do Tax Penalties Work?

“A penalty is a cowardly way to score.” –Pele Cowardly or not, the Internal Revenue Service and state Taxing Authorities assess penalties against taxpayers who do not meet their tax obligations. Penalties are very costly, and are meant to be… read full article

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Successful Offer – Pennies on the Dollar? – Colorado Springs, CO

While working to resolve her own tax debt issues, one Colorado Springs tax payer discovered the truth about many tax resolutions firm’s claims that they can settle any tax debt for “pennies on the dollar.” While such promises sound great,… read full article

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Michigan Legislation Creates New OIC Program

If you owe taxes in the State of Michigan, you may be interested in a new Offer in Compromise program that enacted legislation on June 21, 2014.  While the program is not mandated to begin until January 1, 2015, it… read full article

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You Have Unpaid Sales Tax. Now What?

If you are a business required to collect sales tax on goods or services from your customers, you are also then required to report and pay sales tax to the department of revenue or state comptroller’s office in your state…. read full article

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Claiming Your Child as a Dependant

With regard to Federal income tax, claiming your child as a dependant seems like a no-brainer, and in most instances it is. However, what happens if you divorce? What if you adopted a child? Fostered a child? Took care of… read full article

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Tax Debt Settlement End Years of Struggle – Steamboat Springs, CO

A taxpayer in Steamboat Springs, Colorado was recently overjoyed to learn that her long struggle with the IRS to resolve her tax debt is finally over, thanks to the help of the 20/20 Tax Resolution team. As is so often… read full article

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What is the Taxpayer Advocates Office?

The Office of the Taxpayer Advocate, more commonly referred to, as the Taxpayer Advocate Service is an autonomous organization within the Internal Revenue Service.  The office was originally created under the Taxpayer Bill of Rights, an act of the United… read full article

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How to File for an Extension

If you find that April 15th is quickly approaching and you have not started preparing your tax return, you can get yourself some more time by filing an extension. The good news is that there is no penalty for filing… read full article

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What is a Penalty Abatement and What Can be Abated?

What is a penalty? For starters, it’s important to understand what a penalty is. A penalty is essentially a fee assessed to a taxpayer to punish the taxpayer for failing to meet certain requirements in its tax obligations. The most… read full article

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What You Should Know: Social Security Taxes

The number of individuals reaching the Social Security age in the United States continues to climb and many of those retiring are looking to enjoy some well deserved time off. So, at this stage in your life, how can you… read full article

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