Posts Tagged ‘Penalty’

How to get an IRS lien released

  • January 19th, 2018
  • David Greene
  • Comments Off on How to get an IRS lien released

Once the IRS records a lien against you it is very difficult to get it removed. However, as part of the Fresh Start Program, they have recently made several collection procedure changes designed to help taxpayers.  One is that they…

How many different ways can the IRS try to collect taxes I owe?

  • December 12th, 2017
  • David Greene
  • Comments Off on How many different ways can the IRS try to collect taxes I owe?

This is a good question, but one that cannot be answered in a short space.  I will just discuss the primary methods. When one does not pay her taxes, she will first receive a friendly letter stating that she has…

How is a tax levy different from a lien?

  • March 28th, 2017
  • David Greene
  • Comments Off on How is a tax levy different from a lien?

This week I want to discuss how a levy differs from a lien.  While a lien is simply recorded at the courthouse and is therefore a “passive” collection action (nothing happens until the taxpayer sells property), a levy is an…

How can you protest taxes you believe you do not owe?

  • January 31st, 2017
  • David Greene
  • Comments Off on How can you protest taxes you believe you do not owe?

Many times you can protest the assessment of taxes by the IRS  The timing of the protest is important.  We have discussed appeals in the past and you certainly might be able to appeal the notice of additional tax.  I…

Is there any relief from taxes for a late rollover (Part 2)?

  • November 16th, 2016
  • David Greene
  • Comments Off on Is there any relief from taxes for a late rollover (Part 2)?

In my earlier blog I answered that there are new procedures that can be used to get relief if certain criteria are met.  They are: (1) An error was made by the financial institution, (2) The distribution check was misplaced…

Is there any relief from taxes for a late IRA or 401K rollover?

  • November 1st, 2016
  • David Greene
  • Comments Off on Is there any relief from taxes for a late IRA or 401K rollover?

The general rule is that if you take a distribution, it must be rolled over into another qualified plan within 60 days to avoid taxation and the 10% penalty. There has always been a “hardship” waiver for certain events causing…

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