What are the Penalties for Late Payment of Payroll Taxes?

Categories: IRS

I’m often asked by business owners what will happen if they are late paying payroll taxes to the Internal Revenue Service (IRS). Employers should be collecting payroll taxes for every employee (with the exception of independent contractors). They are typically calculated as a percentage of the salaries that employers pay their staff, and they generally…

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Is the IRS Keeping my Refund?

Categories: IRS

One of the best feelings is filing your taxes and realizing you’re entitled to a refund. The thought of money coming into your pockets is an exciting thing. However, there are a few circumstances in which the IRS may keep your refund, especially if you owe them money in back taxes. Let’s look at the…

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Do You Have to Pay Taxes on Profit from Selling a House?

Categories: IRS

I’m often asked by homeowners about potential taxes they may owe when they sell their house. Many individuals wonder if they make a profit, do they owe part of that profit to the Internal Revenue Service in the form of capital gains taxes. The answer, as always when it comes to taxes and law, is…

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Understanding IRS International Compliance: The Streamline Program

Categories: IRS

Understanding the IRS international compliance problems can be daunting. Some people are born in another country, have family members in another country, somebody passes away. Now they have a bank account or a piece of property that’s in their name. There are certain requirements when you file your tax return, you need to disclose these…

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Will the Government Think I’m Guilty if I Hire a Tax Attorney?

Categories: IRS

One of the most common questions I get when someone reaches out to me for help is will the government agent, or agency, think I’m guilty because I hired a tax attorney? Will they think I’m hiding something or trying to run away from the government? I always answer the same way. Most government agencies…

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How Do I Avoid an IRS Audit in 2021?

Categories: IRS

Loading bar 2021

No business owner or individual wants to deal with an IRS tax audit. As the year comes to a close, it’s a good time to review your financial records as you prepare to close out 2020 and file taxes early next year. Here are five things you can do to protect your business and possibly…

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Should I Make Estimated Tax Payments?

Categories: IRS

Making 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 have their taxes withheld in paychecks….

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5 Red Flags That May Trigger an IRS Audit

Categories: IRS

A red flag with a clear blu sky at the back.

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…

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