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United States v. Sertich: Key Back Payroll Taxes Takeaways For Business Owners

Although little known among average Americans, United States v. Sertich holds great significance for business owners who withhold payroll taxes. Read on to learn more about the case — and how it impacts your business. Case Background In 2015, plastic surgeon and medical business owner Anthony P. Sertich Jr. were indicted for his failure to […]

How Does the IRS Assess Penalties On 941 Back Taxes Owed?

As a business owner, you may be required to withhold federal taxes from employees and file IRS Form 941 on a quarterly basis. With Form 941, you report on the number of employees who currently work for your business, the total wages paid to those employees, and the amount of taxes withheld. What happens if […]

[Emotionally] Surviving an IRS Audit: Tips From the Trenches

A dreaded audit has come your way, and naturally, you’re freaking out. Panic is normal but will do you little good as you attempt to restore order to your life. Follow these suggestions to minimize the emotional burden of this ordeal: Determine Your Options Sometimes, the bulk of your IRS-induced anxiety involves a pure lack […]

Crash Course: The Difference Between an IRS Lien and IRS Levy Explained

The IRS threatens a variety of consequences for nonpayment of taxes. While penalties and interest may be the first course of action, liens and levies are distinct possibilities for large balances not paid over a long period of time. While these repercussions hold many similarities, they’re quite different in practice, as highlighted below. Levies Versus […]

How Business Cash Flow Problems Cause IRS Problems

Cash flow struggles lie at the heart of operations for many small and midsize businesses. These problems don’t just make it tough to pull a profit; they can lead to a variety of IRS concerns, as discussed below: Issues with Estimated Taxes The IRS deals with irregular business income, in part, by arranging for quarterly […]

IRS Form 941-X: Your Tool For Fixing IRS Form 941

Let’s face it: IRS Form 941 is downright confusing. Filed quarterly to report on withheld income and FICA taxes, this document outlines what, exactly, has been withheld from employee pay. Unfortunately, opportunities for errors are abundant, even among the most conscientious, detail-oriented employers. As an employer eager to avoid problems with the IRS, the prospect […]

How to Choose the Right IRS Enrolled Agent

Tax issues can quickly turn your life upside down. When the IRS comes knocking, it’s never wise to answer alone. An IRS enrolled agent can spell the difference between a devastating, anxiety-inducing ordeal and a manageable tax issue. Choosing to work with an IRS enrolled agent is the easy part; selecting one can be trickier. […]

What NOT to Do If You Owe the IRS

According to a spokesperson for the IRS, 8.2 million Americans owe back taxes. Some take active measures to deal with the situation, but others assume they can hide out and avoid the IRS indefinitely. That’s not a wise approach for dealing with tax debt. The following are among the greatest mistakes you can make if […]

How Long Does the IRS Have to Pursue a Balance That You Owe?

If you owe a balance to the IRS, you may be tempted to hold off on paying until collection on that balance is no longer possible. Unfortunately, if that’s your plan, you are in for a long wait. During that time, you risk interest payments, liens, levies, and a whole host of other devastating consequences. […]