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Tag: penalty

Penalties for Not Turning Trust Fund Taxes Over to the IRS

trust fund tax penalties

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 »

When Seeking Penalty Abatement, What Qualifies as Reasonable Cause?

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.

Penalties You Can Face for Unpaid Payroll Taxes

unpaid payroll taxes

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.

What Penalties You May Face for Criminal Tax Evasion

criminal tax evasion and penalties

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 »

What’s Considered Reasonable Cause for Penalty Abatement?

Penalty abatement

The IRS may grant penalty relief for reasonable cause based on all the facts and circumstances of your situation. This broad category of penalty relief can cover many different types of accidents or unexpected circumstances.