As an employer, you are required to pay employment taxes to the IRS for each of your employees. Failure to do this can result in penalties from the IRS. Find out what taxes you should be paying to the IRS, what penalties can result from unpaid taxes, and how an attorney can help.
If you’re having tax problems
Category: Payroll Taxes
Failing to file your tax returns and paying the IRS what you owe can result in tax evasion. This is considered a serious crime and come with severe consequences. Take a closer look at what is considered tax evasion, what penalties the IRS can assess to offenders, and why you need a tax attorney to… Read more »
The Trust Fund Recovery Penalty (TFRP) is a severe tax penalty assessed against individuals who fail to comply with certain payroll tax obligations. You may have several defenses and appeal options if the IRS assesses the TFRP, so contact a tax attorney for assistance.
A tax audit is a time to prepare and not to panic. Many companies are requested to supply documents to support deductions, and if your company keeps good records, a tax audit can be a simple inconvenience. The important thing is to prepare for your date with the tax auditor. He or she can… Read more »
Independent contractors and self-employed taxpayers may not have to worry about wage garnishments, but that doesn’t mean they entirely free from IRS collection actions. The IRS has many other collection powers at its disposal, so you’re better off resolving your tax problems through negotiation or a settlement.
If you are an employer or employee who has fallen behind on payroll taxes and are now facing a hefty bill from the Internal Revenue Service, ignoring it will not make it go away. When it comes to unpaid payroll taxes, the IRS often comes down much harder on taxpayers than they do with unpaid… Read more »
What are Trust Fund Taxes? Trust fund taxes include the Social Security, Medicare, and federal income tax a business withholds from its employees’ wages. These amounts are held in trust by the business until they are transferred to the IRS.