Payroll Tax Debt: How Long Before the IRS Tracks You Down?

As a business owner, you face a myriad of deadlines and scheduling conflicts. With so much going on, it’s shockingly easy to not file Form 941 or deposit payroll taxes on time. The sooner you make amends, the better; in addition to immediate fines, you risk swift action from the IRS. Deposit Deadlines Form 941 […]

IRS Back Payroll Tax Collection — Why So Aggressive?

Failure to pay employment taxes could lead to hefty fines, liens, business closure, or even jail time. The IRS will stop at little to collect owed taxes. But why is the IRS so harsh? Read on to find out: A Common Misconception: The IRS Aims to Profit Off Penalties Slapped with hefty fines and interest, […]

Do You Qualify for an Offer in Compromise?

What is the Internal Revenue Service’s Offer In Compromise (OIC) program, and what does it take to qualify for this relief? This IRS program allows someone who owes federal taxes to pay less than the full amount that’s due, provided that certain conditions are met. The Offer in Compromise program reviews the best interests of […]

IRS Form 941 Mistakes: What Happens If You Mess Up?

You attempted, in good faith, to complete Form 941 — but you later discovered errors. Thankfully, the IRS allows you to fix your mistakes with a special form. Read on to learn more: Common Form 941 Mistakes Worried that you’ve made a mistake with Form 941? You’re certainly not alone; the following errors are especially […]

IRS Form 941: The Basics That Business Owners Need to Know

As a business owner, you’re responsible for withholding and reporting on payroll taxes. In most cases, reporting occurs on a quarterly basis. At the center of this stressful ordeal: IRS Form 941. Confused about the form and how to file? Read on to get a basic grasp of this critical document. What Is Form 941? […]

Preparing for an IRS Audit When Your Records Are a Mess

Nothing may make your heart pound and your head throb like the notice of an IRS audit. Even if you know the precise location of every form, receipt, and file folder, an audit can have negative financial implications that affect you for years to come. But what if your tax records are in less than […]

Fees, Interest Charges, and Penalties the IRS Can Hit You With

If you are audited and the IRS determines you underpaid or failed to file at all, the IRS doesn’t just hit you with a bill for that amount. They penalize you, by charging interest for the amount you didn’t pay—starting from the day it was due—and they assess user fees for evaluating your debt and […]

What’s the IRS Fresh Start Program?

The IRS Fresh Start program helps taxpayers reduce tax debt and set up manageable payment plans. The program allows qualifying small business owners and individuals to receive penalty relief, negotiate installment agreements and sometimes reduce overall liability. Under the Fresh Start program, the IRS has increased the minimum amount taxpayers must owe before the IRS […]

Delinquent on Your IRS Debt? You Could Lose Your Passport Now!

On January 1, 2018, the IRS started implementing a new law that affects taxpayers’ passports: Section 7345 of the Internal Revenue Code allows the State Department to withdraw or refuse to issue a passport for individuals with seriously delinquent taxes. If you’re behind on your payments, here’s what you need to know. Seriously Delinquent Tax […]

IRS Audit Risk Is Decreasing, But What If You’re in the Unlucky Few?

This time of year, most Americans are gathering income statements and preparing to file their returns. The good news for both businesses and individuals is that the risk of being audited is low and continues to drop. Last year, the number of people and organizations the IRS audited dropped again—to just over one million. However, […]