1. What Does IRS Consider in Assessing the Trust Fund Penalty?

    When taxes are taken out of an employee’s paycheck, they should be immediately paid over to the IRS and state tax departments. Those paycheck withholdings are collectively referred to as the “trust fund” taxes.    One of IRS’s greatest priorities is the collection of paycheck withholdings that were never paid to the government. In doing so, IRS will determine whether someone within t…Read More

  2. The Best Way to Remove IRS Tax Liens

    HOW DOES A FEDERAL TAX LIEN AFFECT ME?   A federal tax lien is an instrument used by the IRS. The Illinois Department of Revenue and other state tax departments have similar liens.    This federal IRS tax lien is not just a document. Instead, it is a claim of IRS’s financial interest in all assets that the lien attached. The tax lien actually attaches to all the assets of the person w…Read More

  3. Tax Resolution for Business: 3 Secrets About the IRS Offer in Compromise

    Offer in Compromise is an opportunity offered by the IRS to help anyone who is behind on taxes — individuals or businesses —to get caught up. While it may sound like an ideal way to handle back taxes, penalties, and interest while also getting square with the IRS, it is not as straightforward as that. Ideally, Offer in Compromise is a way to help individuals and businesses reach solvency witho…Read More

  4. Tax Resolution for Business: Planning the Offer in Compromise (OIC)

    An Offer in Compromise is a good way to potentially reduce how much you or your business owe to the IRS in taxes, interest, and fees. Of course, it is not as simple as simply shooting off a quick application and watching your tax woes disappear. The Offer in Compromise is a good option to find tax resolution if you qualify, but the process is a bit more in-depth than an online application. Here’…Read More

  5. Tax Resolution for Business: Satisfying the IRS Trust Fund Penalty

    The IRS has measures in place to get paid, just like any other business. In order to ensure that businesses appropriately withhold — and pay — their employees’ income, Social Security, and Medicare taxes, there are, of course, penalties. Any business that willfully fails to pay the required payroll taxes is going to be subject to the trust fund recovery penalty (TRFP). This is what you need …Read More

  6. Handling IRS Audits – IRS Information Document Request (Form 4564)

    As a Certified Public Accountant, you may represent your clients in an IRS tax audit, and you need to know how to handle the IRS Information Document Request (IDR). It’s important to know that there are several different types of IDRs also known as Form 4564. More specifically, each IDR Form 4564 can be different per client due to the IRS requesting specific information per your clients’ tax s…Read More

  7. Handling IRS Audits – Unreasonable IRS Agents

    Dealing with an IRS Revenue Officer can be overwhelmingly intimidating — especially if one stops by your home or business for the first time unannounced. You may feel like your heart is racing. You’re confused. Frankly, it doesn’t make sense as to why the officer is at your door. As far as you’re concerned, you paid what you owed. Now, the anxiety you may be feeling due to this encounter i…Read More

  8. Handling IRS Audits – Mistakes On Return By Your CPA

    It’s common to assume that when you hire a Certified Public Accountant (CPA) that your taxes are going to be error free. In a large majority of cases, your taxes will be safe in the hands of a CPA. But what happens when you are notified of an error or you discover an error that costs you hundreds or thousands? In this article, Jeffrey Anton Collins, your tax consultant, will be sharing how to ha…Read More

  9. Handling IRS Audits – Employee vs Contractor Issues

    It is your responsibility as an employer to classify your workers, whether they’re an employee or independent contractor. These classifications determine how much you need to withhold as an employer. If you classify an individual as an employee, but you do not withhold and pay your proper employee taxes, the IRS will keep you on the hook for unpaid taxes. Did you know that the IRS assessed 5.9 m…Read More

  10. IRS Secrets About Criminal Tax Investigations

    How the IRS treats criminal tax investigations may seem like a secret. In fact, how they go about their process is public knowledge, which you can find on their website under How Criminal Investigations Are Initiated. For your benefit, we wanted to go through the IRS information and give you some insight on how it works, revealing the “secret” that is the IRS. In this post, we’ll cover crimi…Read More