A business owner goes to jail trying to hide income using a check cashing agency. There is a mistaken and absolutely crazy belief using a check cashing agency will enable a business to hide gross receipts from the IRS. Not true! The IRS frequently audits check-cashing...
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...
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...
