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 …
It is possible for some taxpayers to reduce or eliminate their IRS tax penalties by obtaining an abatement of penalties. This article will explore the fundamentals of IRS penalties as well as how to go about getting them removed. Taxpayers with a state tax liability may also qualify for an abatement, depending on the state. …
IRS Tax Penalties: Is it Possible to Eliminate My Tax Penalties? Read More »
Question: Will the IRS garnish my wages or Levy my wages? How can I avoid this? Answer: In order to answer this question effectively, some background and definitions with regards to IRS procedures are warranted. A levy on wages is where the IRS effectively takes a portion of ones wages and applies it to the …
Any time a taxpayer incurs a balance due to the IRS, the IRS’s first response is almost invariably to demand that the debt be fully paid, immediately. However, in many situations, the taxpayer does not have the ability to fully and immediately pay the tax debt. This inability to quickly resolve the liability can lead …
The answer to this question will depend on whether the liability is a joint liability or separate liability and whether you live in a community property state or not. If the IRS liability is a JOINT liability then YES, the IRS may levy both your and your spouse’s wages, assets, and/or accounts. When it comes …
Will The IRS Levy My Joint Bank Account With My Spouse? Read More »
In 2008 the United States, along with much of the rest of the world, witnessed a financial crisis of devastating proportions. In response, the federal government issued bailouts to the major banks after deeming them ‘too big to fail.’ Small businesses, however, were trying to get back on their feet but were being denied even …
The IRS Fresh Start Initiative – A Welcomed Relief to Taxpayers Read More »
