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Will bankruptcy get rid of IRS tax debt?

Many people ask us whether or not you can use bankruptcy to resolve back tax debt with the IRS. The answer is... yes! Let's take a look at the different types of bankruptcies available to taxpayers, along with some of the advantages and disadvantages of each.

Why did an IRS Revenue Officer show up at my business? At my home?

There are fewer Revenue Officers collecting in the field then there were ten years ago because the IRS Field Collections' budget has been slashed. This means that if your case was assigned to a Revenue Officer, the IRS believes that your tax delinquency is one of the most severe.

For better or worse: Tips on breaking the news of a tax problem to your spouse

There are two very common fact patterns we come across: A business owner that has run up a large tax problem. Someone with foreign accounts and assets who hasn't been reporting them correctly. They too, have a large tax problem. In both cases we often find that they have not been forthcoming about the true nature of the issue with their significant others. In this article I am going to discuss three steps to take to break the news of an IRS problem to a spouse.

Answers to common IRS W-4 Form questions

In support of the argument that there is nothing simple about the IRS, in this article I examine the seemingly ‘simple’ IRS W-4 Form, an Employee's Withholding Allowance Certificate. This is the form an employee fills out to indicate his tax situation to the employer so that the employer knows the “correct” amount of tax to withhold from an employee's paycheck. But like anything involving the IRS, things can get complicated and in a hurry.

Estimated Tax Payments: The importance of being current

I want to take some time and go over the importance of "being current." Maybe you heard an IRS revenue officer or other IRS or state collections employee say to you "you need to be current." Well, what does it mean to be current with your IRS estimated tax payments? And why is it critically important?

Can you file a Offer In Compromise on Payroll Taxes?

If a business you own or run fails to make timely payroll deposits according to schedule, it can be quite easy to find yourself with huge payroll tax penalties and debt with the IRS, which can feel impossible to resolve. If your ...

Can you be liable for someone else's unpaid tax bill?

Let's suppose there is someone who has a business. He has several employees. While the business owner makes sure there is enough money in the payroll account to pay the employees net pay, he doesn't actually make the deposits for the employees' withholdings...

Payroll Trust Fund Assessment

Payroll withholdings are the taxes and benefits paid by the employee. To help ensure that taxpayers properly remit payroll taxes to the IRS, they impose a penalty on any person who is responsible for paying payroll taxes and willfully fails to do so.

Payroll tax debt negotiations

You had a great idea, a business that was thriving. Then out of nowhere, circumstances arose that made you miss a payroll tax payment. All of a sudden you found yourself playing ‘catch up’ with the IRS while still trying...

What every business needs to know about payroll taxes

Understanding withholding and payroll taxes - Payroll withholdings are the taxes and benefits paid by the employee (trust fund taxes) and include: 1) Employee portion of Social Security tax - 6.2 percent...

Self-employment tax pitfalls

It's true that if you're self-employed, you don't have a boss constantly looming over your shoulder, but you will be dealing with a whole different set of rules. And these taxation rules, which can be difficult to understand, hold some serious consequences if not followed properly.

How to Negotiate with the IRS: Collections

In Part III of our three - part series on "How to negotiate with the IRS," I discuss some tips and philosophies behind getting the best results from the IRS collections staff, whether you're dealing with an IRS Revenue Officer or an IRS ACS employee. ANTHONY PARENT: Hey one suggestion ...

When you're looking to pay a chunk of an even bigger bill

Somehow you got to the point where you got behind on your federal income taxes. Or, maybe your federal payroll deposits tripped you up this time. The point is, you got behind, and you're not alone. So how can you solve the problem? Your # 1 goal should be to reduce your IRS bill; this way you can pay...

New government "help" for back payroll taxes

I am extremely skeptical of the IRS. And you better believe that I have every right to be! I've seen the IRS cause some truly horrible problems under the guise of "helping." They've trapped a whole lot of good people ...

An IRS Offer in Compromise Victory

I want to tell you a story about the long road to victory. It's not an easy one, but it's important. This particular story had us playing our part, but it's more about the role of our client, "Victor." Victor came to us in 2012. He was sad, depressed, and his wife was working tirelessly to ...

IRS Fresh Start Program Business and Payroll Taxes

When thinking about the IRS, many people only consider things from an individual standpoint. However, that's not always the case. Businesses can also fail to pay their taxes and have to sort out their liabilities with the IRS. Whether it's a C-Corp (Form 1120) having failed to pay their income and payroll taxes or...

Who is liable for unpaid IRS payroll taxes?

And before you say "the business" think again. The law regarding who becomes liable for unpaid payroll taxes makes a bit of sense, but only after you understand the entire landscape. Read this article to learn more. People without taste buds and/or common sense are responsible for the ...

Payroll Tax Webinar

IRS Payroll Tax Settlement Webinar, Recorded 1 - 9 - 2015. In this webinar, we go over some of the basics of IRS payroll tax problems, and then get into advanced negotiation techniques such as an Offer in Compromise for a running business.

What is the IRS collection process?

Whether you have just learned that you owe money to the IRS, or have had a lingering tax problem for many years, in this article we will explain the three phases of the IRS collection process.

Undeposited IRS payroll taxes due to embezzlement: What Can You Do?

Finding out that someone you trusted has embezzled from you - - - there's really not much more of an awful feeling. You ask yourself "why did they feel like they were entitled to steal from you when you were so nice to them." Well, here's the thing. It happens. It happens a lot. And many ...

IRS Payroll Tax Problems? This too, will pass

If you have ever run a business, and if you ever ran a little bit short in the cash flow department, you likely know the temptation of paying your employees their net pay, but shorting the government its "fair share" in the form of 941 payroll taxes.  It is sort of like a guaranteed loan -- with a 100% ...

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

The word "willful" has a special meaning when the IRS uses it, especially in the case of owing IRS Back Payroll Taxes. They usually mean you are evading your taxes on purpose, but it can even mean that if evasion wasn’t really your first ...

Your Small Business: Do You Know Your Numbers?

The Tax season is over; most of our business client returns have been filed or are on extension. Based on our experiences in working with clients we ask this simple question: Do you know where your small business stands? Tax problems seldom sneak up on those who are vigilant about ...

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 IRS Civil Penalty or 6672 penalties). And, as you know, the amount the IRS ...

Eight IRS settlement options that might actually help

In this article we will go over Eight IRS settlement options you have to negotiate your IRS tax debt based upon what you can pay, and based upon if the IRS assessed your tax correctly. Option #1: Audit reconsideration...

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