Insights

Starting a new business is an exciting venture filled with endless possibilities. However, as any seasoned entrepreneur can attest, the excitement often comes with a fair share of challenges—one of the most critical being understanding tax obligations.

Falling behind on your taxes is not uncommon, but it can lead to serious legal consequences. Most people tend to stress out over any issue with the IRS, and understandably so.

We get it. Life happens, and sometimes, things like filing taxes can fall by the wayside. It's not an uncommon scenario, but if you find yourself in a position where you haven't filed your taxes for a decade, it's crucial to understand what this means and how you can rectify the situation.

Dealing with tax collection issues can be extremely stressful. It's not something to ignore or push aside, but it's also probably something you'd rather not think about. We understand, but the IRS will be a little less forgiving.

Paying income taxes is an expected obligation for every individual living and working in the United States. However, some taxpayers fail to report certain income, underreport their taxes, report excessive expenses, or make math errors in their taxes.

Probably the scariest piece of mail you can receive is one that has the return address of the Internal Revenue Service (IRS). While some of these letters may be informational only, most likely a letter from the IRS will require some kind of response, perhaps even a payment or a payment arrangement.

The worst mistake anyone can make when it comes to tax collection is to ignore it. The worst part of the issue is not the audit or the original tax amount itself.

Filing and paying taxes can be momentarily painful. Taxpayers who fail to file taxes are, subject to harsh civil penalties. However, the Internal Revenue Service (IRS) can make mistakes due to human errors.