Filed Taxes Late? IRS Penalties, Refund Delays & Solutions | Nick Nemeth Blog - video Dailymotion

Patrick Waletr

Filed taxes late? Learn what it means, how the IRS handles late tax filing, possible penalties, interest, refund delays, and the steps you can take to fix it quickly. https://www.myirsteam.com/blog/filed-taxes-late-what-it-means-and-how-to-fix-it

Transcript

00:00Hello, Jamie Flores with the Law Offices of Nick NamUs.

00:03I'm going over another notice today.

00:05Today it is the CP523, okay?

00:08This is a notice that the IRS is intending

00:11to terminate your installment agreement.

00:13So you've already owed balances,

00:15you set up an installment agreement,

00:16and now something has happened

00:18to where they're going to terminate

00:19the installment agreement.

00:21Usually it is you filed another return

00:24owing another balance owed,

00:25or you have not filed a tax return, okay?

00:28So either of those are the two main reasons

00:30why we see installment agreements default.

00:35The first page of this notice,

00:36it tells you that you may file

00:38a collection appeals program, CAP,

00:40a CAP appeal within 30 days of the date of this letter.

00:43It tells you how much you owe,

00:45the additional penalties and interest,

00:48and what you need to pay

00:51in order for your installment agreement

00:52to not be terminated, okay?

00:54So what is past due immediately

00:56and what the current balance is.

00:59The next page goes over the notice of intent to levy,

01:03that they intend to cancel

01:05your installment agreement for you,

01:07and that they can levy you.

01:09So what you need to do immediately,

01:11it goes over that information.

01:12Call them, set up a new installment agreement,

01:14or render your payment

01:17to keep this installment agreement active.

01:19If you can't pay, it gives you options,

01:22or if you disagree, it also gives you options.

01:25So maybe if there's a mistake on something,

01:27you can respond to this notice

01:29and get somebody to look at it,

01:31but don't not do anything,

01:33because then it will default,

01:35and then they can levy you.

01:37It also gives you the information about that levy,

01:39that they have authorizations to levy you,

01:41as long as they've previously given you notice

01:43for a final notice intent to levy.

01:45It talks about your payment options,

01:47that you can go online and set up a new installment agreement.

01:50It also discusses the passport revocation or denial,

01:53which is in another notice,

01:55but they've been adding that on to a lot of notices.

01:58If you owe more than $62,000,

02:00the IRS can revoke your passport.

02:03This is just additional information

02:04that you can contact Taxpayer Advocate Service

02:07if you need help,

02:08as well as low-income taxpayer clinics in your area.

02:11You can go to their website and find those.

02:14The next page talks about the penalties,

02:15as well as the interest that is accrued on the account.

02:19And additionally, the next page,

02:20it breaks down all of the periods

02:22and the interest that is accrued for that account.

02:24So again, STP 523 is the intent

02:28to terminate your installment agreement.

Filed Taxes Late? IRS Penalties, Refund Delays & Solutions | Nick Nemeth Blog

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