Past-due (delinquent) taxes create a stressful situation for taxpayers who fall behind or file late. Liens, wage garnishment, and fines only increase anxiety for those behind on their taxes. To make matters worse, there is a question of an even bigger punishment for delinquent taxes: Can you go to jail for falling behind on taxes?
If you’re having tax problems
Your business faces several tax bills each month. Failure to file either payroll or sales tax with the IRS can cost your business more than expected.
Are you late filing or paying your taxes? Are you concerned about penalties? Has the IRS contacted you about late taxes? If you answered yes to any of these questions, you are not alone. Late filing or payment of taxes typically causes severe penalties from the IRS. However, certain circumstances can cause the IRS to… Read more »
Taxpayers who have foreign accounts or interests that exceed $10,000 at any point during the year must submit a Foreign Ban Account Report (FBAR) through the Financial Crimes Enforcement Network (FinCEN) website. This notifies he U.S. Treasury Department of the accounts.
Failure to submit payroll taxes to the IRS can result in penalties against you and your business. If you have a valid reason as to why the taxes were not paid, the federal agency may consider waiving or reducing your penalties. With the guidance of your tax attorney, you can try to get your penalties… Read more »
When you pay your employees, you are not paying them all of the money they earned. Instead, you are responsible for withholding part of their income for taxes. These can include income taxes and FICA (Social Security and Medicare). Your employees trust that this money – referred to as trust fund taxes – goes to… Read more »
If you are facing penalties from the IRS for paying or filing your taxes late, you have some options to get those assessments removed. Reasonable cause is one method to getting penalty abatement. Learn more about reasonable cause and how to qualify for it.
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.
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 »
Knowingly not filing your taxes, providing false information, and other tax crimes can have serious consequences for taxpayers. While some penalties may come in the form of fines, some punishments can be as severe as prison time. Take a look at five tax crimes and their penalties and learn why you need a tax attorney… Read more »