It’s an old story that the IRS combats everyday: When a business struggles and cash flow is tight, when there is not enough money to pay both rent and employment taxes, the IRS takes a...
Read PostCategory: Employment taxes, Trust fund recovery penalty
If you owe the IRS and have a refund on your tax return, the IRS will keep the refund and apply it to your unpaid taxes. The problem is not repaying the debt – you...
Read PostCategory: Divorce and the IRS, Innocent spouse, IRS Financial Statements, Unfiled returns
In today’s difficult economic environment, expect more businesses to resort to using payroll tax money to stay afloat and a corresponding increase in IRS enforcement measures. With bank lending tight, employee tax withholding is a...
Read PostCategory: Employment taxes, Trust fund recovery penalty
The IRS takes the decision to use employee tax withholdings to pay business operating expenses rather than the IRS quite seriously. The owners and managers of the business who make these decisions will find the...
Read PostCategory: Employment taxes, Statute of limitations on collections, Trust fund recovery penalty
Entrepreneurs justifiably take great pride in their business. But this pride often gets in the way of a clear understanding of the risk of continuing to operate into a storm of IRS trouble. The IRS...
Read PostCategory: Employment taxes, IRS Collection Problems, Trust fund recovery penalty, Unfiled returns
This week, the New York Times reported that the cost of a 30-pound sack of rice has doubled, and a 15-pound bag of flour has almost tripled for restaurants. An article yesterday in The Cincinnati Enquirer...
Read PostCategory: Employment taxes, IRS Collection Problems, Trust fund recovery penalty