Innovative Strategies For Tax Controversies, Business Structuring And Estate Planning
Watch out for the 100% penalty Certain tax violations carry more severe consequences than others. One notable example is failing to pay federal income and employment taxes that have been withheld from employees’ paychecks. In such cases, the IRS can impose the trust...
IRS Tax Tip 2022-50: Filing season security tip: Know the facts about how the IRS contacts taxpayers The IRS has reminded taxpayers how it will and, perhaps more importantly, will not contact taxpayers. When the IRS needs to contact a taxpayer, usually it first...
STEER CLEAR OF THE TRUST FUND RECOVERY PENALTY If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld...
SMALL BUSINESSES: STAY CLEAR OF A SEVERE PAYROLL TAX PENALTY One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to...
HOW TO AVOID GETTING HIT WITH PAYROLL TAX PENALTIES For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables...
The Tax Court has ruled that a corporate officer should be held liable for the trust fund recovery penalty. It didn’t buy her contention that she had made a reasonable effort to pay the delinquent employment taxes. Background on trust fund recovery penalty.Code Sec....
