Penalties and The IRS
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In this episode of The Tax Resolution Playbook, host Doug Sandler talks to Pete Marchiano, a CPA and Tax Resolution Specialist. They dive deep into the daunting world of IRS penalties. Pete understands that receiving a letter from the IRS can strike fear into the hearts of many, but he's here to provide guidance and expertise to help navigate through these challenging situations.
Listen to Learn:
- Facing the Fear of IRS Letters: Pete acknowledges that getting a letter from the IRS can be anxiety-inducing, but he reassures listeners that there are strategies and solutions available to resolve any issues that may arise.
- Introduction to the Tax Resolution Playbook: Pete shares insights into his newly released Tax Resolution Playbook, designed to equip individuals and businesses with the knowledge and strategies needed to tackle IRS challenges effectively.
- Penalties - The Most Popular Episode: Pete reflects on the popularity of the episode focusing on penalties, emphasizing the importance of understanding the various types of penalties the IRS can impose and how to address them.
- Types of IRS Penalties: Pete discusses the different types of penalties the IRS can impose on individuals or businesses, ranging from failure to file to accuracy-related penalties.
- Communication and Notification: Pete explains how the IRS typically communicates penalties to taxpayers and the importance of addressing them promptly to avoid further complications.
- Addressing Penalties: Pete outlines the process and timeline for addressing IRS penalties, emphasizing the need for proactive action and compliance.
- Factors Affecting Penalty Calculation: Pete delves into the factors the IRS considers when calculating the amount of penalties, including the severity of the violation and taxpayer compliance history.
- Negotiation and Relief: Pete explores whether taxpayers can negotiate with the IRS to reduce or eliminate penalties and provides insights into requesting penalty relief or abatement.
- Consequences of Non-Payment: Pete discusses the consequences of not paying IRS penalties on time, including accruing interest and potential enforcement actions.
- Requesting Penalty Relief: Pete explains how taxpayers can request penalty relief or abatement from the IRS, including eligibility criteria and necessary documentation.
Purchase Pete's book The Tax Resolution Playbook to navigate IRS challenges with confidence and peace of mind:
https://www.amazon.com/Tax-Resolution-Playbook-Offensive-Strategies/dp/1956220119
9 επεισόδια