Employers are required to withhold Social Security, Medicare, and income taxes from wages paid to employees. The withholdings are credited to the employee’s Social Security, Medicare, and income tax accounts. If these taxes are not paid over to the IRS and the IRS is not able to secure payment from the employer or the business……
Category: Tax Law
About Filing Tax Returns Late
Statistics show thаt you are likely tо mіѕѕ a tax return fіlіng deadline аt some роіnt іn your lіfе. It happens. Life happens: wоrk, vасаtіоn, family circumstances, and even financial problems. These events can make it very easy to miss a tax filing deadline. When it happens tо уоu, here is what you need to……
What You Should Know About the IRS Settlement Program
If you owe the IRS you may be surprised to find out that the IRS may settle the debt for less than the amount owed. One way to do this is through the IRS offer in compromise program. Here is what you need to know about the offer in compromise if you owe back taxes……
IRS Disputes: IRS Appeals (Explained)
If you have an IRS dispute brewing and you have not been able to resolve the matter with the IRS, you are probably going to have to ask the IRS Office of Appeals to consider the case. The IRS Office of Appeals is the administrative forum for resolving tax disputes. It provides taxpayers with an……
About the IRS’s Whistleblower Program
The IRS has the ability to pay you for information leading to the recovery of unpaid taxes. The payouts from the IRS’s “whistleblower” program can be significant. The payout can be up to 30 percent of the tax, penalties, and interest the IRS collects. There are a number of rules that have to be considered……
Common IRS Collection Notices and What they Mean
Did you receive an IRS Collection Notice in the mail? If so, you either (1) opened it immediately as you had to know what the problem was or (2) refused to open it as you were hoping that the problem would go away on its own. Once you finally read the IRS Collection Notice, you……
Electing Small Tax Case Treatment in U.S. Tax Court
Taxpayers often handle cases in the U.S. Tax Court by themselves. This is typically the first time the taxpayer has been involved in a court case and the taxpayers are not familiar with the rules or how a court case is handled. Luckily, the U.S. Tax Court provides instructions on how to go about doing……
Can I Transfer Assets to Another Person If I Owe the IRS?
Taxpayers often ask us whether they can transfer property to another person if they have an unpaid tax debt or they expect to have a tax debt they cannot pay. There are a number of rules that have to be considered in answering this question. The answer varies based on whether the IRS has a……
Can the IRS Contact Third Parties Without My Permission?
The IRS gathers quite a bit of information about taxpayers. This includes those who have unpaid tax debts and those who the IRS suspects may owe additional taxes. The IRS has the ability to contact third parties in gathering this information. There are rules that must be followed in doing so. When do the Rules……