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Categories: Federal Trust Recovery Penalty
What is the Federal Trust Fund Recovery Penalty and Will You Be Hit With It? If you’re a business owner and you have not heard of the Federal Trust Recovery Penalty, you may want to start paying attention. If you are a responsible for withholding, accounting for, depositing or paying specified taxes including employment taxes...
Categories: IRS
Should I Make Estimated Tax Payments? One question I hear often is whether a taxpayer needs to pay the Internal Revenue Service (IRS) estimated tax payments throughout the year. Estimated tax payments—also known as quarterly tax payments—are typically made for the current tax year by individuals, including sole proprietors, partners and businesses that do not...
Categories: IRS
Red Flags That May Trigger an IRS Audit The word “audit” is sure to strike fear in most individual taxpayers and business owners. After all, nobody wants to receive a letter from the Internal Revenue Service (IRS) stating their tax returns and financial matters are being investigated. While you can’t predict exactly when the IRS...
Categories: IRS
How IRS Will Collect Owed Money *The following article was updated in March 2024* Not much invokes fear like filing your taxes and realizing you owe the Internal Revenue Services (IRS) money. While the amount you owe can sometimes feel overwhelming, it’s important you at least make an attempt to pay it. If not, the...
Categories: IRS
The Four Types of IRS Audits *The following article was updated in March 2024* IRS audits can be a scary thing for some business owners. There are generally four different types of IRS audits: correspondence audits, office audits, field audits, and program audits. An IRS correspondence audit is exactly that; you receive a letter...
Categories: IRS
How Do I Handle an IRS Audit? *The following article was updated in March 2024* There are few things that provoke such fear in a person than receiving an audit notice from the Internal Revenue Service (IRS). While getting audited can be a scary prospect, it doesn’t mean you necessarily have to face major financial...
Categories: California Tax Law
Can the Voluntary Classification Settlement Program Help Me Avoid an IRS Audit? *The following article was updated in March 2024* If you’re a California taxpayer and business owner, chances are you’ve heard of the EDD audit. This occurs when the California Employment Development Department (EDD) launches an investigation into a business’ California state payroll tax...
Categories: IRS
I Got Hit with an IRS Audit. What Should I Do? *The following article was updated in March 2024* Have you received a notice from the Internal Revenue Service (IRS) stating that you’re being audited? You’re not alone. Many California taxpayers go through the IRS audit process at some point. The first thing to understand...
Categories: IRS
Why is the IRS Auditing Me? *The following article was updated in March 2024* Very few things spark fear in a person more than the receiving a notice from the Internal Revenue Services (IRS) that says you’re being audited. While being audited is a scary prospect, it’s actually a common practice and really just a...
Categories: IRS
Can I Settle With the IRS Because I Can’t Afford to Pay Them? *The following article was updated in March 2024* There’s not a lot scarier than owing money to the Internal Revenue Service (IRS). But the reality is most taxpayers will end up owing money to the IRS at some point in their life....
