IRS Penalties and Interest Explained: Why Tax Debt Grows and How to Stop It

IRS Penalties and Interest Explained: Why Tax Debt Grows and How to Stop It

Episode Summary: In this episode, Attorney Brian Loughrin explains why delaying action on IRS tax debt can quickly turn a manageable balance into a major financial problem. He breaks down how penalties and interest start accumulating, the difference between business and personal tax penalties, and what taxpayers can do to reduce or stop the damage before it’s too late.

Key Timestamps:

00:00 – Why waiting to act on IRS debt costs more than people think. 02:00 – When penalties and interest begin and how they compound. 04:00 – Differences in penalties for business owners versus individuals. 06:00 – Why payroll tax penalties grow faster and hit harder. 08:00 – When and how penalties can be reduced or removed. 09:00 – Ignoring IRS notices and failing to update your address. 11:00 – How taxpayers can slow penalties and interest even if they can’t pay in full. 13:00 – Why acting early and getting professional help saves time and money.

About the Show: The IRS Debt and Audit Podcast helps individuals and small business owners understand and resolve serious IRS tax issues. Each episode offers real solutions, expert advice, and clear guidance on how to protect yourself from growing IRS debt and penalties.

Tämä jakso on lisätty Podme-palveluun avoimen RSS-syötteen kautta eikä se ole Podmen omaa tuotantoa. Siksi jakso saattaa sisältää mainontaa.

Jaksot(33)

IRS Asset Seizure: What Property Is Most at Risk

IRS Asset Seizure: What Property Is Most at Risk

Episode Summary: In this episode of the IRS Debt and Audit Podcast, host LeAnn Lyon sits down with seasoned tax attorney Brian Loughrin to discuss the intricacies of IRS asset seizure. Brian, founder ...

16 Syys 15min

What People Get Wrong About Settling IRS Debt (Video)

What People Get Wrong About Settling IRS Debt (Video)

Episode Summary:  In this episode of the IRS Debt and Audit Podcast, host Sean O'Connor teams up with seasoned tax attorney Brian Loughrin to tackle common misconceptions about settling IRS debt. Bria...

9 Syys 16min

IRS Criminal Investigation Division: How Cases Escalate to Criminal (Video)

IRS Criminal Investigation Division: How Cases Escalate to Criminal (Video)

Episode Summary:  In this episode of the IRS Debt and Audit Podcast, host Sean O'Connor and seasoned tax attorney Brian Loughrin delve into the complexities of tax cases that escalate from civil matte...

2 Syys 16min

Currently Not Collectible Status: When the IRS Pauses Collection (Video)

Currently Not Collectible Status: When the IRS Pauses Collection (Video)

Episode Summary:  In this episode of the IRS Debt and Audit Podcast, host Sean O'Connor sits down with seasoned tax attorney Brian Loughrin to explore the intricacies of the IRS's currently not collec...

26 Elo 15min

IRS Bank Levy Release: How Accounts Get Frozen and Unfrozen (Video)

IRS Bank Levy Release: How Accounts Get Frozen and Unfrozen (Video)

Episode Summary:  In this episode of the IRS Debt and Audit Podcast, host Sean O'Connor joins seasoned tax attorney Brian Loughrin to delve into the complex world of IRS bank levies. Brian, with over ...

19 Elo 17min

IRS Substitute for Return (SFR): What Happens When the IRS Files for You (Video)

IRS Substitute for Return (SFR): What Happens When the IRS Files for You (Video)

Episode Summary:  In this episode of the IRS Debt and Audit Podcast, host Sean O'Connor is joined by seasoned tax attorney Brian Loughrin to discuss the intricacies of Substitute for Returns (SFRs) fi...

12 Elo 16min

What Happens When You Owe Over $100,000 to the IRS (Video)

What Happens When You Owe Over $100,000 to the IRS (Video)

Episode Summary: In this episode of the IRS Debt and Audit Podcast, host Sean O'Connor sits down with seasoned tax attorney Brian Loughrin to discuss the complexities of handling large IRS tax debts, ...

5 Elo 17min

Using Multiple Bank Accounts: When It Raises IRS Questions (Video)

Using Multiple Bank Accounts: When It Raises IRS Questions (Video)

Episode Summary: In this episode of the IRS Debt and Audit Podcast, host LeAnn Lyon engages with seasoned tax attorney Brian Loughrin to explore the complexities of managing multiple bank accounts and...

29 Heinä 13min

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