As an attorney who makes his living resolving tax liabilities, the majority of my clients are businesses that have accrued 941 employment tax liability. There are numerous reasons as to why a business accrues a 941 tax liability. These reasons range from mere lack of funds resulting from both internal and external issues to simply …
One of the most frustrating situations my clients confront is the IRS’s addition of large amounts of tax or Civil Penalties to tax periods that ended a long time ago. There can be several reasons for additions to tax or Civil Penalties, but the most common ones I encounter are reporting and reconciliation deficiencies across …
Starting a new business comes with an enormous amount of responsibilities. One of the most commonly overlooked, though, is the responsibility to learn how, when, and why to report different types of taxes the business may be obligated to pay and file. Payroll taxes, also known as employer withholding taxes or 941 taxes, are among …
