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Owe The IRS Back Payroll Taxes? Don’t Be Found Willful

Owe The IRS Back Payroll Taxes? Don’t Be Found Willful

Owe The IRS Back Payroll Taxes? Don’t Be Found Willful The word ‘willful’ has a special meaning when the IRS uses it. They usually mean you are evading your taxes on purpose, but it can even mean that if evasion wasn’t really your first purpose, you should have known better. This is where many people can be caught off guard, especially those who are found responsible for willfully failing to pay back payroll taxes.   Let’s say, for instance, that […]

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How is your small business doing?

It’s July.  Do you know where you company is? By David G. Parent, Esq. The Tax season is over; most of our business clients returns have been filed or or on extension. Based on our experiences in working with clients we ask this simple question: Do you know where your company is? Tax problems seldom sneak up on those who are vigilant about controlling their affairs. By this we mean:

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IRS Offer in Compromise on Trust Fund Recovery Penalty

Can you file an Offer in Compromise on a IRS trust fund recovery penalty? If you have been assessed a trust fund recovery penalty by the IRS for unpaid employment taxes, you certainly must feel up against it. The IRS is aggressive on assessing and collecting trust fund taxes (also known as the the IRS Civil Penalty or 6672 penalties). And, as you know, the amount the IRS is seeking to extract from you can get sky high, very quickly. […]

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IRS settlement options

  Eight IRS settlement options that could save your skin I think we’ll have to be honest here. Tax settlement companies have a pretty bad rap. The reason? Perhaps they don’t know exactly what they are doing, perhaps they are ethically challenged, and perhaps they prey on people emotions with fear-based marketing instead of empowering taxpayers with real information. Well, in this article we will go over Eight IRS settlement options you have to negotiate your IRS tax debt based […]

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Doctors and tax problems

What to do if your medical practice can’t keep up with tax payments. In an article today on CNNMoney,  Doctors driven to bankruptcy , Parija Kavilanz, writes: As many doctors struggle to keep their practices financially sound, some are buckling under money woes and being pushed into bankruptcy. It’s a trend that’s accelerated in recent years, industry experts say, with potentially serious consequences for doctors and patients. Some physicians are still able to keep practicing after bankruptcy, but for others, […]

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Offer in Compromise for Payroll Taxes

6 Advantages to filings an Offer in Compromise for back IRS payroll taxes. Very few tax professionals and business owners realize, that just like a personal IRS tax debt, back payroll taxes can be negotiated down using the IRS Offer in Compromise program.  This article will discuss the six advantages of using an Offer in Compromise to settle back payroll tax debt, along with giving some warnings and caveats for those whether or not an Offer in Compromise would be […]

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Owe the IRS back payroll taxes?

What to do right now if you owe the IRS back payroll taxes A payroll tax problem is the most serious type of tax you can owe the IRS. The IRS monitors all employers to see when you are late with  payroll deposits. I don’t mean to twist the knife, but if you have back payroll taxes, you will be assigned a Revenue Officer. He or she  will come to your place of business and will be very aggressive about […]

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IRS trust fund recovery penalty

Common Questions answered about the IRS Trust Fund Recovery Penalty The IRS Trust Fund Recovery Penalty has nothing to do with a trust funds for opulent lifestyles. No, unfortunately, it is a tax assessed against those who said they were going to send money to the IRS on behalf of others but never did.  In this article, we will answer some of the most common questions we are asked about the IRS Trust Fund Recovery Penalty. What is the IRS […]

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Federal payroll tax late payment penalties

Does the IRS charge  interests rates higher than a loan shark for late federal payroll tax deposits? For employers suffering a cash flow problem and not able to make federal payroll deposits on time, many may wonder “am I better off trying to borrow money from a loan shark?” The answer to this question – legalities of aside — vary, as I shall explain.

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What is IRS Form 4180?

Surviving the IRS Form 4180 interview   Unfortunately, this is not the type of “trust fund” that your rich uncle would make you the beneficiary of. That would be nice, but today we have other things to discuss. Namely the trust fund interview form the IRS uses, known as Form 4180.    First what is the “Trust Fund” we speak about? The “trust fund”  is a type of tax. Namely a type of tax that makes up most of the […]

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