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 the Penalties Worse for Past-Due Payroll Taxes or Past-Due Sales Taxes?
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Tag: tax collection
How to Stop a Wage Garnishment Before it is Applied
When you owe back taxes to the IRS, the federal agency can take several measures to collect the money owed – including garnishing your wages. This means that the IRS can contact your employer and have them direct a portion of your income — whether it is hourly wages, salary, commissions, or bonuses — directly… Read more »
What Happens If You Owe Over $50,000 to the IRS?
Taxpayers who owe the IRS over $50,000 may have to deal with tax liens, tax levies, and IRS passport actions. There are many tax resolution options that can be used to protect your property and get the IRS off your back.
Owe Back Taxes? 5 Real Reasons You Need a Tax Resolution Expert NOW
Back taxes are bottomless pits. They come along when you fail to disclose all your income, don’t file your tax return, or don’t pay all your taxes. No matter how innocent you are, that first step toward back taxes can cost you much more in future. It can be a daunting task to try to… Read more »
Can You Still Face Penalties If You Get a Tax Filing Extension?
Reasons for Requesting an Extension There are two major reasons taxpayers request a six-month extension to file their tax returns: • They waited until the last minute, and now they don’t have enough time to file their return. • They can’t afford to pay their tax bill. While the IRS will give all taxpayers an… Read more »
5 Repercussions of Failing to File Tax Returns
What Happens If I Don’t File My Tax Returns? The law obligates every citizen to pay taxes to the IRS if their income satisfies a certain threshold. Only dependents are exempted from this rule. Similar to any other rule, filing tax returns is mandatory; there are no other ways about it. Failure to file tax… Read more »
What To Do If You Are Being Audited By The IRS?
If you receive a notice specifying that your tax records are being audited, you should know how to respond to it. A tax audit is a process where the IRS will examine and investigate your business or individual financial records to make sure your tax returns are filed accurately. If you establish that the initial… Read more »
When Can The IRS Seize My Assets?
REasons why the IRS might seize your assets In some ways, mortgage bankers and tax collectors are a lot alike. Many bankers like to say that they do not foreclose on loans because they want the houses; they just want the payments. Notwithstanding allegations that bankers targeted certain groups during the mortgage crisis, that’s probably… Read more »
