Tax News Blogs

Key Takeaways File the past due tax return now even without payment — the failure-to-file penalty compounds faster than failure-to-pay Prioritize refund years first — the three-year refund rule closes permanently even when no tax balance is owed E-file when available for faster processing; use certified mail with return receipt when paper filing is required […]

Key Takeaways Start with unfiled federal returns, since Texas has no state income tax for individuals Prioritize refund years first since the three-year refund rule permanently closes once the original deadline passes File every prior-year return even without full payment, because the failure-to-file penalty grows faster than failure-to-pay Choose installment agreement, Offer in Compromise, or […]

Key Takeaways File Form 843 by July 10, 2026 to claim a COVID penalty refund or abatement. Refunds apply to penalties already paid; abatements apply to penalties assessed but unpaid. Write “Protective Refund Claim Pursuant to Kwong Case” across the top of Form 843. Form 843 cannot be e-filed; mail it certified with return receipt […]

Key Takeaways Choose a short-term payment plan when the balance can be cleared within 180 days; use a long-term installment agreement otherwise Apply through the IRS Online Payment Agreement tool when all required returns are filed and compliance is current Set a monthly payment based on your worst cash-flow month — default reopens collection action […]

Missing the tax filing deadline creates one urgent question: can you fix it before the costs get worse? For anyone asking, “Can I still file my taxes?”, the answer is yes, and the IRS still accepts late returns after April 15. What changes is not your ability to file, but the financial risk tied to […]

Key Takeaways Verify the collection statute expiration date using IRS account transcripts before choosing any installment agreement or resolution path Request Currently Not Collectible status when hardship is documented, knowing IRS collection can resume when finances improve Pursue an Offer in Compromise knowing the pending period suspends the statute — even a rejected offer pushes […]

Key Takeaways File every unfiled tax return before pursuing an installment agreement, penalty abatement, or Offer in Compromise Choose an IRS installment agreement when you owe taxes but can manage the balance through monthly payments Request penalty abatement or an Offer in Compromise only after filing all returns and documenting financial hardship Act on every […]

**updated 6-19-2026 Key Takeaways IRS failure-to-file penalty is usually 5% of unpaid tax per partial month. Late-payment penalties usually add 0.5% monthly, while daily compounding interest keeps growing. Form 4868 extends filing time, but tax due can still trigger penalties and interest. Refund claims usually avoid late-filing penalties, but the three-year refund rule can erase […]

Key Takeaways IRS penalties and interest accrual continue growing on unpaid back taxes until the balance is fully resolved An Offer in Compromise is a settlement request requiring documented proof of income, assets, and ability to pay Currently Not Collectible status can suspend collection activity but requires detailed financial disclosure to qualify Ignoring an IRS […]

*updated 6-19-2026 Key Takeaways File prior-year returns for any unfiled year, but prioritize years still inside the three-year refund deadline first Choose the six-year compliance path when IRS notices have not arrived and no collection activity is active File before the IRS finalizes a Substitute for Return to preserve deductions, credits, and accurate numbers Use […]