As dogged as the IRS can be when it comes to collecting taxes owed by individuals and business owners across the country, even they understand that sometimes circumstances can prohibit someone from meeting the April tax filing deadline. In such situations, it is possible to apply for an extension … [Read more...] about Running behind? Don’t forget to ask the IRS for a tax extension.
The Internal Revenue Service (IRS) has a number of tools to help in collection of taxes. One of the more commonly used is the threat of fines, but a new tool provided by Congress is getting criticized not just by those who could be impacted, but by tax professionals as well. The IRS' new, … [Read more...] about Congress extends the abilities of the IRS to collect taxes
This year is finally coming to a close, and 2017 is right around the corner. This means, for many people, setting out the inevitable New Year's resolutions. They could be fairly standard, involving personal goals like working out more, losing weight, eating better or putting steps in place to secure … [Read more...] about As the New Year dawns, resolve to become tax compliant in 2017
As a small business owner, you know you are required to withhold payroll taxes from your employees' pay checks, hold onto the taxes and pay them to the government. But what happens when you have an unexpected business expense, and no money to cover it? You might consider "borrowing" the money from … [Read more...] about What happens if you use payroll taxes for other business expenses?
If you owe taxes to the IRS and are overwhelmed by the amount, chances are, you've considered using the services of a tax relief company. These companies often advertise that they can slash your tax bill, using phrases like "pennies on the dollar" and offering free consultations. While there are … [Read more...] about Are tax relief companies worth it or is the risk too great?
Recently, the IRS was brought before a congressional subcommittee where they discussed the standards for seizing the assets of small businesses. After the hearing, the IRS changed its policies. Why did congress feel they must investigate this policy? More than 700 small businesses had their … [Read more...] about Getting back seized assets from IRS: It happened!