The general civil tax fraud penalty is 75% of the underpayment of tax attributable to fraud. So if your return understated your IRS tax liability…
How to Know If You Are Required to File a Tax Return
Every year, taxpayers who are required to file tax returns fail to file. Sometimes, this leads to tax problems because the IRS will eventually catch…
Penalties for Criminal Tax Fraud
The major difference between criminal and civil tax fraud penalties is that criminal tax fraud can send you to prison. IRS criminal investigations are not…
What is a Notice of Deficiency?
IRS tax issues typically go through two major phases—assessment and collection. The Notice of Deficiency is the last notice you’ll get in the assessment phase….
What is a Collection Information Statement?
A collection information statement (CIS) is an IRS form used to provide information about your financial situation. You may need to fill out a CIS…