BHT&D Certified Public Accountants Blog

What Is the Statute of Limitations on Unpaid Taxes?

Posted by Joe Turnes on Wed, Oct 16, 2019 @ 12:00 PM

If you have unpaid taxes that you haven't yet been making payments toward, it might make you fearful that the IRS will come a-knocking one day to collect on what you owe. Tax debt can quickly snowball from interest, penalties, late fees, and the amount of the taxes due.

However, a lot of the scaremongering surrounding the IRS is largely sensationalized in media and daily conversation. Agents won't come bursting through your door just because you have tax debt. Instead, they must follow due process in accordance with the Internal Revenue Service Restructuring and Reform Act of 1998 (RRA). This means that you will always receive written notice concerning your balance due as well as collection actions and any requests for payment plans or settling your account.

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Tags: Business Tax, Tax Return, State Income Tax, IRS Tax Return Audit, Individual Tax, Tax Liability

What Steps Can I Take to Avoid Having My Tax Return Audited?

Posted by Daniel Crawford on Tue, Mar 25, 2014 @ 10:20 AM

The Merriam-Webster Dictionary defines an audit as a complete and careful examination of the financial records of a business or person. US tax payers and tax preparers commonly define it as a headache.

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Tags: Small Business Accounting, Tax Return, IRS Tax Return Audit