My next question is a very common one, but one that is misunderstood by most taxpayers. Beth, from Fort Wayne, asks, "I owe the IRS for my personal taxes for 2014, but I don't have the money to pay them in full. What are my options and what is their collection process?" Find out when I come right back. Welcome to this episode of Accounting and Tax Tips: Smart Strategies for Small Business Success, with Certified Public Accountant Tino Mo. Owing the IRS can be intimidating, so you should know the basics when it comes to the collection process and your rights. When you file an income tax return with a balance due and without payment, you will receive a written notice from the IRS with the amount you owe. This initial bill kicks off the IRS collection process, which will then continue until your account is paid in full or until the IRS may no longer legally collect the tax. The first notice you receive will be a letter that explains the balance due and demands payment in full. It will include the amount of the tax, plus any penalties and interest added to your unpaid balance from the date the tax is due. If you're not able to pay the balance in full, it is in your best interest to pay as much as you can with that initial notice and to contact the IRS to request a monthly installment agreement, either by phone or with Form 9465. Any unpaid balance will continue to accrue interest that compounds daily, plus a monthly late penalty. It is in your best interest to pay your liability in full as soon as possible to minimize these additional charges. If you fail to pay your tax voluntarily, the IRS will escalate their collection efforts to...
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How long does it take to process 4549 Form: What You Should Know
IRS: You Don't Have To Answer My Question Form 4549 — Text of the Form Audits–Form 4549–The IRS Form 4549 You are required to file Form 4465 (Form 4549) on a Form 4500 or 4550 by April 18, 2018, if the IRS audits you or has taken other action against you.  What is the reason for the audit? The IRS is working to determine whether the information it has about you is complete and accurate. In many cases, when a taxpayer is delinquent and the IRS finds errors that are due to the taxpayer's error, the government takes corrective action like a debt consolidation or foreclosure of property; the IRS can't pursue collections. What should you do before submitting the Form 4549? You must make sure you have all required information in a complete and legible way, including the name, address and TIN of any person for whom information is being requested. If you're still unsure of your filing status, get your answers on the IRS Website, or call 1-800-TAXPAY. IRS Form 4549/Exempt Organization Reconsideration Application IRS Form 4549: The Form of All IRS Tax Returns Your Form 4465 must be filed on a standard Form 4465. If you're filing Form 4465 on a modified Form 4465, you also need to file Form 4549. How Much and When to File Form 4465 Form 4465 and the rest of your tax return are ready and waiting. Once you've filed Form 4465, you'll get Form 4549. Do not send Form 4465 in before it's completed. To see an example of IRS Form 4465, visit the IRS Form 4465 page. The IRS Form 4465 gives you more information about your filing status, your personal history, estate taxes, and the IRS assessment of your deficiency. The Form 4465 includes information about the time and place of the audit, the amount of your debt, your total income tax payment, and which of your taxable accounts or assets the IRS will be auditing. Form 4549 — Text of the Form You must file the IRS Form 4549 by April 18, 2018. How much do you owe, and what should you do? The amount will depend on the type of taxable return and what information the IRS has about you.
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