15 January, 2023 | Tax Penalties
The Trust Fund Recovery Penalty is the penalty you incur as an employer responsible party, if you withhold income tax, Medicare, and Social Security taxes from your employees’ wages, but don’t send the money to New York State or the IRS. The penalty is basically these unpaid monies imposed against you perso... CONTINUE READING
15 October, 2022 | Tax Penalties Tax Relief
NYS and IRS Penalty Reduction Penalty relief can be successfully sought by negotiating penalty reduction with the IRS, and NYS Department of Taxation and Finance. In order to achieve penalty relief from either agency it may require being able to prove reasonable cause. Penalty reduction is important since the amount of overall tax debt attributable to penalties can be close to 50% of the total tax bill owed before penalties are added in. If this is your first time with a tax pen... CONTINUE READING
7 October, 2022 | Tax Penalties
Internal Revenue Service (IRS) is a government agency that deals with the collection of taxes and regulates tax law in the United States of America. They are responsible for every type of tax operations. They operate under the Department of Treasury which is also a government agency. As a taxpayer of the United States of America, it is your obligation to pay your annual taxes to the IRS by filing your returns on time. We know it is a headache for most taxpayers, but as a true citize... CONTINUE READING
4 May, 2022 | Tax Compliance Tax Debt Tax Fraud Tax Penalties
The short answer to the question of whether you can go to jail for not paying taxes is “yes.” Whether a person would actually go to jail for not paying their taxes depends upon all the details of their individual tax circumstances. Sometimes people make errors on their tax returns or are negligent in filing, but they are not intentionally trying to avoid paying taxes. It is a long-standing policy of the Internal Revenue Service (IRS) not to pursue prosecution of individuals who fail to fi... CONTINUE READING
FBAR Penalties: What to Expect If You Don't Report Foreign Bank Accounts Nothing’s quite as alarming as finding out you’re in violation of a law that you didn’t know existed. If you have foreign bank or financial accounts, you may be required to file an FBAR every year. Failing to do...
