Penalty for Late Filing 1120s: Costs, Rules, and Relief
A Clairemont business owner discovers the missed Form 1120-S deadline while reviewing the books in mid-March. The bookkeeper left, a key employee departed with access to the records, and nobody confirmed that the S corporation return had been filed. The owner expects a routine catch-up filing, but the IRS measures the penalty for late filing […]
IRS Levy Notice: What You Must Do Within 30 Days
You open the envelope after a long day and see the words Notice of Intent to Levy. Your first thought is usually that the IRS is about to empty your bank account or take your next paycheck. Don't panic, but don't put the letter aside either. An IRS levy notice is serious because it signals […]
First Time Penalty Abatement: Your 2026 Guide
You've opened an IRS notice, and the number looks worse than the mistake that caused it. Maybe you filed late after a difficult year, paid the tax shortly afterward, and assumed the matter was finished. Then the penalties arrived. For many taxpayers, first time penalty abatement can remove qualifying penalties, but only if the account […]