Forbes: IRS Interest Can Be Crippling. Here’s How To Stop It

Forbes: IRS Interest Can Be Crippling. Here’s How To Stop It

In a recent Forbes article, IRS Interest Can Be Crippling. Here’s How To Stop It, Guinevere Moore, Managing Partner of Moore Tax Law Group, examines how daily compounding interest can significantly increase a taxpayer’s outstanding IRS liability and the strategies available to help minimize those costs.

The article explores the important distinction between making a tax payment and placing funds with the IRS as a deposit under Internal Revenue Code Section 6603. While both can stop interest from accruing on the amount remitted, they carry different implications for recovering funds, refund rights, and preserving a taxpayer’s ability to challenge an IRS determination in Tax Court.

For taxpayers facing an IRS examination or disputing a proposed tax liability, understanding these options early can make a significant financial difference. Careful planning and guidance from an experienced tax attorney can help taxpayers navigate the process and protect their legal rights.

Read the full article in Forbes: IRS Interest Can Be Crippling. Here’s How to Stop It