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How Long Can the IRS Wait Before Imposing Tax Assessments?

March 12th, 2018

Posted By

Joseph R. Viola

When taxpayers discover errors in their tax returns, or they learn they were supposed to file FBAR reports, the problem they uncover can sometimes span years. The larger these foreign financial accounts are, the quicker the unpaid taxes, penalties, a… Read More

Categories: IRS Audits, IRS Debt Collection, Tax / IRS Penalties

Private IRS Debt Collectors Tear Up Rules

Private IRS Debt Collectors May Have Broken Federal Law

July 25th, 2017

Posted By

Joseph R. Viola

In April 2017, the IRS began using private debt collectors to pursue unpaid back taxes. But after only two months, it appears at least one of the contractors may have broken federal law to get the job done. 2015 Law Allows for Private IRS Debt Collec… Read More

Categories: IRS Debt Collection

Tax FAQ & Info

Can I use a "hardship" exception to avoid tax and penalties on a withdrawal from my 401(k)?

It may depend on the wording of your 401(k) plan, which may or may not permit hardship distributions and may limit the categories of hardship that qualify. The IRS, in addition, has its own criteria for determining "hardship." For a distribution from a 401(k) plan to be "on account of hardship," there must be an immediate and heavy financial need and the amount distributed must be limited to th…

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How Long Can the IRS Wait Before Imposing Tax Assessments?

Private IRS Debt Collectors May Have Broken Federal Law

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