Employment taxes

Unpaid employment tax liabilities results in the highest level of IRS enforcement.  The IRS usually assigns its most experienced Revenue Officers to investigate employment tax cases, including pursuing the individuals in the business personally for not paying their employees taxes. If your business owes employment taxes to the IRS, what does this mean to you and […]

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When you make a payment to the IRS, it will be automatically applied to your account in a manner that is in the IRS’s best interest. But what is best for the IRS in handling your payment can be different from what is best for you. In some situations, it is in your best interest […]

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The trust fund recovery penalty can cause financial havoc for anyone involved in a business that did not pay over its employee withholdings to the IRS.  Internal Revenue Code Section 6672 allows the IRS to investigate those in the business who were part of the decision not to pay the IRS and hold them personally […]

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IRS trust fund recovery penalty investigations are a sure source of unease.  Trust fund investigations can place personal liability on you for not paying your employees’ withholding taxes to the IRS. Adding to the dilemma is an IRS request during the trust fund investigation for a personal financial statement (Form 433A) detailing your assets, income and living expenses. If the IRS makes a request […]

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IRS levies on those who are self-employed are serious, but it may not always be as bad as it seems.  If you are self-employed, and if your right to a payment is dependent on the performance of future services – meaning the “job” has not yet been completed – an IRS levy reaches nothing. Your […]

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It can be tempting to use payroll tax withholdings as a source of operating capital for your business, especially in troubled times.  But this is dangerous – the IRS can penalize anyone in your business who took part in this decision with personal liabilty for the unpaid taxes. This is known as the trust fund recovery penalty.  The amount of […]

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