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. When Your Boss is Evading Taxes

    Most of the private companies in the U.S. are formed as pass-through entities. This means that the income received goes to the owners, and this income is taxed as personal income tax. Depending on where you live, these income tax rates can get as high as over 50 percent. With that said, these high taxes cause some business owners to do all that they can to reduce the amount they need to pay to the…Read More

  3. Getting Ready for Tax Season – Part Two

    Tax season is just around the corner, so it’s time to start thinking about what you’ll need to ensure that this tax return time is smooth and easy. In our last blog post, we mentioned three of the top ways to prepare for the upcoming tax returns. For example, make sure to include your Social Security numbers when you file. Include your income tax forms, and make sure to keep track of all of yo…Read More

  4. Getting Ready for Tax Season – Part One

    Tax season is almost here! Are you ready? Many people forget about it until it’s too late and spend their days scrambling to collect all the necessary paperwork. However, you don’t need to be frazzled and frustrated with a little bit of planning ahead! The key to successful tax reporting (and avoiding audits!) is to have everything at your fingertips. By preparing ahead of time, you’ll be re…Read More

  5. Calculating and Paying Taxes for New Business Owners

    If you’ve recently opened a business, then congratulations! We are excited for you to begin this new chapter of your life. However, chances are you’ve just begun to give serious thought to your taxes and how that whole process will work. What are estimated taxes? Who has to pay them, and how do you pay them? Today, we are going to share some information from the IRS Estimated Tax Guide to help…Read More

  6. What Documents Should You Keep for Taxes?

    Most people collect quite a few financial documents during a year, so it’s no surprise that some end up being tossed, others end up stuffed in a drawer, and few actually make it to the filing cabinet. However, if you are trying you couple your tax filing with some spring cleaning, be careful! While many people think that they are done with their taxes from the previous year and they can toss it …Read More

  7. Losing Your Passport for Unpaid Taxes?

    Most Americans have a general understanding of what can happen when it comes to neglecting to pay or file taxes. There are late fees, fines, and possibly even wage garnishment to be concerned about. In more serious cases, there can even be prison time. However, now losing your passport is added to the possible list of taxes punishments! Those citizens who are seriously delinquent in their tax debt…Read More

  8. Top Tax Law Questions

    Tax season can certainly bring some stress, and we understand why. While some people know that they will be receiving a return, for others, this may be far from the case. If you are stressing about tax season, read on to see if we can answer some of the most commonly asked questions about tax law. Here are some of the top questions people like you are trying to find answers for. Who doesn’t file…Read More

  9. Common Myths About Tax Audits – Part Two

    Hello, and welcome back! In our last blog post, we began discussing some of the top reasons why people fear audits from the IRS and common myths folk have about what the IRS does to people who need an audit. Today, we are going to continue discussing these myths. Read on to learn more, and contact Tax Law Offices today for IRS tax attorney assistance if you find yourself facing an audit. Myth: Tho…Read More

  10. Consequences of Misclassifying 1099 Employees

    With freelance work becoming more and more popular each year, we have begun to see an influx of issues with businesses misclassifying their employees as contractors in order to save on their taxes. The cost of doing this can be massive, with some companies owing millions depending on how severe the situation was. And, of course, many companies have begun to face class action lawsuits as a result. …Read More