Why Does the IRS Care So Much About Payroll Taxes?

Payroll taxes are taxes paid on the wages and salaries of a business’s employees. The Internal Revenue Service (IRS) applies harsh penalties to employers who attempt to shirk payroll tax obligations, from fines or outright business closure to a criminal investigation and prison time for tax evasion. Why does the IRS care so much about […]

Do You Need to File an FBAR?

Tax season beckons. Like too many Americans, you’re worried and confused. Do you need to file an FBAR in addition to your standard state and federal income taxes? Let’s clear this up, so you can relax and avoid trouble. According to the IRS, the United States “persons” are obligated to file an FBAR if: You […]

4 Mistakes Small Business Owners Make When They Owe the IRS

If you’ve just found out your small business owes substantial taxes to the Internal Revenue Service (IRS), it’s time to start planning for how to handle your tax liability immediately. Failing to do so could lead to even greater penalties and interest as well as the IRS putting a lien on your assets, seizing cash […]

Can Filing an FBAR Trigger an Audit?

You’re planning to file an FBAR (Reports of Foreign Bank and Financial Accounts). Will this action automatically get you audited by the IRS? Short answer: no. However, not filing an FBAR may increase the risk of an audit. Here’s what you need to know. What Actually Triggers IRS Action? The possibility of an IRS audit […]

Has the IRS Filed A Tax Lien Against Your Business?

As a business owner, you can be held personally responsible for your company’s failure to file Form 941 or properly collect payroll taxes. A common consequence: IRS tax liens. These can attach to both business and personal assets. Read on to learn more about the lien process and how it might impact your business — […]

Do You Have Large Unexpected IRS Tax Debt?

Getting a large, unexpected tax bill from the Internal Revenue Service (IRS) is alarming for anyone, but when your small business is already at risk, it’s especially anxiety-inducing. After all, not squaring up with the IRS can mean dire consequences for your business—including frozen assets, seized bank accounts and even shutting down for good. If […]

Yikes! Here’s What Can Happen If You Don’t Handle Your Business Payroll Taxes Correctly

Employment taxes cause far too many headaches. Unfortunately, the consequences of filing or depositing incorrectly are far worse than the filing process itself. Expect the following outcomes if your business makes payroll tax mistakes. Never-Ending Struggles With Tax Debt If you file late or incorrectly, you may face steep penalties. Interest typically accrues on these […]

A QuickStart Guide to Your Questions About the 941 Employment Tax

In most instances, if you pay employees, you’re responsible for withholding federal income and other payroll taxes and reporting them to the Internal Revenue Service (IRS) on Form 941, Employer’s Quarterly Federal Tax Return. So long as you follow IRS guidelines on how and when to file, the process doesn’t have to be confusing or […]

Everything You Wanted to Know About Estimated Tax Payments to the IRS

The IRS expects certain individuals to pay federal income taxes proceed throughout the year, as opposed to one lump sum at the end of the taxable year. These interim payments are called “estimated taxes,” and the IRS offers guidance as to how to calculate and pay installments. Who Pays Estimated Taxes? In addition to self-employed […]

FBAR Audit—What Criminal Charges Could You Face?

In criminal cases, penalties often depend sensitively on questions of intent. Did you willfully commit a crime… or just make an error or omission? In the context of FBAR (Reports of Foreign Bank and Financial Accounts) auditing, authorities want to know whether you intentionally opted not to share information about your foreign accounts and assets. […]