When a business withholds payroll taxes from employees’ wages, it is legally required to remit those funds to the IRS. These taxes include income tax withholding, Social Security tax, and Medicare tax, which are referred to as “trust fund taxes” because the employer holds them in trust before depositing them with the government. If a [...]
Receiving a notice from the IRS can be an intimidating experience, especially if you have unfiled tax returns. Many people fear that they could be arrested or even sent to jail for failing to file their taxes. While the IRS does have the authority to impose criminal charges in some cases, imprisonment for tax-related offenses [...]
Receiving a Form 668-W from the IRS indicates that a wage levy is being imposed to collect outstanding tax debts. This form notifies employers to withhold a portion of an employee's wages, including salary, commissions, and bonuses, to satisfy the tax liability. Understanding the responsibilities and steps for both employers and employees is crucial in [...]
If you've been asked by the IRS to complete Form 433-F, Form 433-A, or Form 433-B, it's essential to understand their purposes and how they impact your tax situation. These forms, collectively known as Collection Information Statements, help the IRS assess your financial status to determine appropriate payment arrangements for outstanding tax debts. Understanding Forms [...]
Penalty Abatement is a tool that the taxpayer can use to challenge the IRS assessment of penalties when applicable. In many situations, it is possible to have penalties waived by the IRS. Penalty abatement cases need to contain “Reasonable Cause” elements, showing that something happened that caused the taxpayer to either not file and or [...]
What Can Be Done to Stop the IRS from Levying My Bank Accounts, Garnishing My Wages, or Seizing my Assets? David's Take It is top priority for us to make sure that we manage any type of enforcement action for our clients. We are very proactive in our communications with the service and always trying [...]
Dealing with the Internal Revenue Service (IRS) can be difficult enough under normal circumstances. It is even more intimidating when you owe several thousand dollars (or more) of unpaid taxes and penalties that you cannot afford to pay. Since most taxpayers don’t have the appropriate knowledge to negotiate a reasonable repayment plan, they end up [...]
David's Take Approximately 20% of these cases are actually being approved and accepted and people are settling their tax problems. Now, what this needs to tell you is that a lot of these companies that are promising these big reductions in these tax cases, they are not able to bring that service to fruition. They [...]
