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 [...]
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 [...]
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 [...]
