IRS

It’s no secret that the IRS doesn’t have quite a much capacity as it once did to conduct tax audits. We wrote about one aspect of that in our March 22 post on businesses taxes. But what are the odds of a tax audit? Here are three things to know, in the form of a […]

In the first part of this post, we began discussing a powerful hammer in the IRS’s enforcement toolkit for payroll taxes. This hammer is the trust fund recovery penalty (TFRP). Last week, we discussed what it is and how the IRS can use it to go after individuals who willfully fail to collect or pay […]

Uncle Sam is very serious about collecting income and employment taxes that are supposed to be withheld by businesses. To be sure, the IRS is serious about collecting other taxes too. But with employment taxes, the agency has an additional and potentially powerful tool: the trust fund recovery penalty (TFRP). In this two-part post, we […]

You owe taxes but you don’t have the money to pay them. What to do? At this point, three days before the filing deadline, you’ve got two immediate challenges for this year’s taxes. One is avoiding the failure-to-file penalty. The other is avoiding the failure-to-pay penalty. And you may also have tax debt from previous […]

If you can’t pay your taxes, you still have options. You can set up an online payment plan, if you owe less than $50,000 (or $25,000 for businesses) and are current on your tax-filing obligations. You could apply to pay in monthly installments, through an installment agreement. And if you can get the IRS to […]

In the classic story of “Romeo and Juliet” there is a well-known and often repeated line, “What’s in a name?” In the tax world, a name can mean the difference of thousands of dollars. It is important for business owners, employers, employees and independent contractors to understand the distinction between titles and to plan for […]

In our last post, we discussed the procedural requirements that the Internal Revenue Service follows before filing a Notice of Federal Tax Lien. Although a federal tax lien against one’s property may seem like a drastic action, it is important to understand that there are other, sometimes more immediate actions the IRS may employ in […]

If penalties and interest weren’t enough to intimidate taxpayers who are accused of unpaid taxes, the IRS also can file a federal tax lien against one’s property. Since a tax lien can affect an individual’s credit score, it is important to understand how this collection tactic may arise. As a law firm that focuses on […]

Our tax law website contains a wealth of materials that can help shed light on the myriad administrative processes of the Internal Revenue Service, not to mention the often confusing application of federal tax laws. For example, we offer an article on the IRS’ Offer In Compromise program, sometimes referred to as part of the […]

What does the tax year hold for small businesses? Startups and small businesses are often touted as the backbone of an improving economy. Yet are there corresponding tax breaks offered to small business entrepreneurs? New federal legislation might offer some benefits to small and mid-sized businesses with assets subject to a depreciation schedule. Section 179 […]