Many businesses get into IRS tax debt because of payroll taxes. Using this money for other debts or to keep your business running can lead to tax penalties, interest, or eventually IRS collection actions. Get Into Tax Compliance If you have payroll tax debt, your...
Year: 2019
PENALTIES FOR FAILING TO FILE PAYROLL TAX RETURNS
If you have employees, you may be required to file Form 941, Employer’s Quarterly Federal Tax Return. If you fail to file this return, you could face several tax penalties. Failure to File And Failure to Pay The penalty for a failure to file Form 941 (if required) is...
THE RISKS OF FAILING TO DISCLOSE YOUR FOREIGN BANK ACCOUNTS
If you’ve been putting off disclosing your offshore accounts, you should understand the risks of your inaction. You should consider these risks alongside the costs of disclosing your foreign accounts so you can make an informed decision about what to do. IRS Initiates...
HOW LONG DO YOU HAVE TO MAKE AN OFFSHORE DISCLOSURE?
There is no time limit on your ability to make a voluntary disclosure of your offshore accounts. But you could become ineligible to make a disclosure at any time if the IRS begins examining your return or initiates a criminal investigation. General Disclosure Period...
TAX PROBLEMS FOR NONRESIDENT ALIENS
The IRS determines residency for tax purposes based on its own rules. Your residency for immigration purposes is not necessarily the same as your residency for tax purposes. If you are a non-resident alien, you should make sure you understand your tax filing...
GEORGIA INNOCENT SPOUSE RELIEF
It’s possible to request innocent spouse relief from a Georgia state tax debt. However, you must meet the following requirements to qualify: The liability must have been caused by unreported or underreported income on a joint return You must not have known or had...
GEORGIA OFFERS IN COMPROMISE
The Georgia Offer in Compromise (OIC) program has many similarities to the IRS OIC program. If you have accumulated Georgia state tax debt and don’t have the ability to pay in full, you should determine your eligibility for a Georgia OIC. Georgia OIC Eligibility...
DOES IRS TAX DEBT EVER EXPIRE?
The statute of limitations on the collection of IRS tax debt is generally ten years. After the Collection Statute Expiration Date (CSED) passes, the IRS can no longer enforce the tax debt. The ten-year period begins once the tax is assessed. Tax assessment can occur...
TAX TIPS FOR UBER DRIVERS
People who drive for Uber, Lyft, or other rideshare companies can run into tax problems if they aren’t familiar with certain tax laws. Rideshare drivers are generally treated as independent contractors, which means they are responsible for the following things:...
TAX ISSUES FOR CONSTRUCTION WORKERS
Like most taxpayers, construction workers were impacted by changes made under the Tax Cuts and Jobs Act (TCJA). A failure to account for these changes could lead to unexpected tax bills, penalties, and tax debt that continues to accumulate. Worker Classification...