The year 2020 has been unlike any before it, especially with the COVID-19 issues that have thrown the world into chaos. For many people in the United States, paying taxes during 2020 has become a hardship because of the thousands of jobs lost and hours cut.

Taxes can be overwhelming, complicated, and hard to decipher. Understanding your taxes sometimes seems impossible. You may have known that you owed taxes to the IRS, or you may have been shocked to discover that there was a problem.

It’s not unusual to be anxious and overwhelmed when you discover you have a problem with your taxes. The IRS takes tax matters seriously, and you could face extraordinary fines or even criminal charges if you haven’t paid your taxes correctly. Fortunately, there are many steps you can take to resolve your tax problems and become free from the IRS.

Tax season has a tendency to sneak up on all of us. Even though we’re aware that there’s a deadline, many of us put off the dreaded tax day until the last minute. What happens if you run out of time? Can you file taxes late?

Paying your taxes is unavoidable, and being responsible for paying a bill you can’t afford can be nerve-wracking. The IRS has reported a 50% drop in liens filed by the IRS since 2010, there are still a number of debt cases open as we crawl our way through 2020.

If you haven’t been able to pay your taxes by this year’s deadline (July 15th), then you might be wondering about what back taxes penalties may apply to you. Geaux Tax Resolution of Lafayette, LA has all the information you need. We’ll explain what the penalties are and show you the best ways to minimize them without getting into more trouble with the IRS.

If you’ve received a letter from the IRS stating that you owe back taxes, and fear is rattling your spine, don’t worry. Naturally, the first question many people ask is “Can you go to jail for back taxes?” We’re going to put your fears at ease and show you actual tax code so you can understand what is really at risk.

Although the tax filing deadline has been extended due to the ongoing pandemic in the United States, you’ll still be expected to have your affairs in order by July 15th of this year. Otherwise, you could find yourself dealing with tax debt. So, what is tax debt, and how can you avoid it? And what should you do if you do find yourself deep in the hole with the IRS?

It’s important to know that the IRS has options for taxpayers who can’t pay their tax liability in full. Understanding the necessary steps to take if you find yourself in this situation is essential to avoiding stress and financial repercussions that may result from unsettled tax debt. If paying your tax liability will create financial hardship for you, filling out an offer in compromise pre-qualifier may help.

If you feel you have been blindsided by a penalty from the IRS and you are unable to pay based on circumstances beyond your control, you may qualify for IRS one-time forgiveness. Despite the agency’s reputation, the IRS often works with taxpayers in disadvantageous circumstances to alleviate undue tax burdens. There are three primary types of relief offered by the IRS: reasonable cause, administrative wavier and first-time penalty abatement, and statutory exception.