My 58 year old wife has a 401k from an employer she left service from in 2005. Do the normal 20% +10% tax penalties apply for withdrawals in this situation, or are they relaxed? I should note, this is for a medical emergency. thanks a lot. God bless. post script thank you all for your [...]

If we owe back property taxes for 2007 will our refund from the IRS be taken this year to help pay for the back taxes? Any info would be appreciated!!! Thank you.

I just filed my tax files today…4/15/2009, and i owe about 5. i dont have the money now and i was trying to set up a payment plan but the irs phone lines were having difficulties… if i pay later how much would i owe of penalties?

I worked for two different companies and contributed to their 401-k plans. In the first one I contributed about 00. I just saw in my last statement from my current employer I have contributed ,250. I am over 50 and wanted to contribute the max of ,500. Even though I stopped my contributions when I [...]

Can someone garnish my taxes, other than the IRS??? I have a bank hold on my account, I owe some company and they placed a hold on my account, so if I do my income taxes, will they be able to take that money?? Someone please help answer this ??? They have left me completely [...]

A friend of us tried to tell my boyfriend, the IRS would only be able to charge him fees and penalties for the past three years he didn’t file. I think he is wrong and when I found out about it I told my boyfriend he should contact the IRS and not ignore the problem. [...]

If a person makes x dollars, and has the same amount in legitimate deductions, and x > standard deduction+personal exemption, and the person does not file a tax return, I assume the IRS will request a statement showing the deductions. But, assuming all the deductions are legitimate, are there any failure to file penalties (or [...]

Hello there, This is the first I have ever really had to think about taxes and never exactly expected to make over 0 with one company doing surveys online. I am within 0 of breaking over the tax limit and I believe I will get a 1099 form if/when I do. I will probably just [...]

I am doing a favor for a non-profit company. I am working on filing their tax return which I found out was due May 15th. There is a penalty for late filing. I heard that there was a form I could fill out asking the IRS to waive the penalty. If so, what form is [...]

When you get audited by the IRS and there are certain things on your return that you are not aware that your tax preparer entered without your knowledge or consent. Are there any penalties for the person that prepared your taxes? Accounting Sites Business tips » Blog Archive » What to Consider When Starting a [...]