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Archive for the ‘IRS Tax Penalties’ Category

Question: Unable to pay back payroll taxes.?

My husband and I own a small business that owes 60K in back taxes. We have been on an installment plan paying $1000 over the 12 months. Business is bad, our income from the business is literally ZERO.
We are unable to pay anymore, and received a notice of intent to levy in the mail.
What do we do now? The IRS has placed a Trust Fund Penalty of 27K on us personally. So we received a notice of intent to levy on us personally as well. We can afford to pay the 27K by taking out equity in our house.
Thanks.

Answer: You did not indicate whether or not you still have employees. If so, the IRS is going to require you be up to date on all Federal Tax Deposits. If you are, then they will try to work with you. I gather you have stopped paying the $1000 per month payment. If the business cannot pay their portion of the taxes, the IRS can shut the business down and seize its assets. As far as the TFRP assessed to you personally you will need to pay what you can from the equity in your home to pay down the TFRP amount as much as you can and complete a Collection Information Statement and request an Installment Agreement for the rest. If the business is still open, you will be expected to make some kind of payment. You should complete the business Coll Info Stmt as well. You will probably need an Enrolled Agent to help you negotiate the best resolution possible. Visit one of the source websites for more information.

Former TierOne employees await 401(k) plan termination

Fallout from the failure of TierOne Bank and the bankruptcy of its holding company continues to impose hardship on former employees.

can the irs go after me personally if my business owes back payroll taxes

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Question: Forgot to Amended Tax Returns?

What happens if the IRS catches your return before you have a chance to file an Amendment for receiving a late 1099R? Is there criminal charges or any permanent damage? What is the late penalty?

Answer: that is what happens when one files before receiving all their tax information.
If the 1099R is for 2008 then you can file Form 1040X
If you are filing to claim an additional refund, wait until you have received your original refund (you may cash that check). To avoid penalty and interest, if you owe additional tax for a current year amended return, file Form 1040X and pay the tax by April 15 of the current year. If the due date falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day. The Form 1040X Instructions list the addresses for the service centers.
visit IRS WEBSITE WWW.IRS.GOV for more information on filing an amended return.
good luck, relax not damage done.

Ex-F&S Oil owner filed false tax returns

HARTFORD — The former owner of F&S Oil, which abruptly went out of business in March 2008, pleaded guilty Wednesday to one count of intentionally filing a false tax return.

Alex Jones Tv {Sunday Edition} 1/8:Pelosi “Buy a $15000 Policy or Go to Jail”

Question: Massachusetts tax is a pain!!!?

OK i just filed my taxes and found out i will be paying penalties for not having health insurance…so am ending up owing the IRS…but i appealed for a waiver and i need the best excuse to win the decision.I dont need health insurance,well not now.thingking of moving a new state with less tax issues.!!!Help

Answer: They dont call it Taxachusetts for nothin’.

WORK PRODUCT PROTECTS INTANGIBLE CONTENT

The first and obvious argument of the Government was that the Deloitte memorandum as a threshold matter could not be protected work product because Federal Rule of Civil Procedure 26(b)(3) requires that work product must be created by a party or party representative.

Recovery: Estimated Tax Penalty Waiver — April 2010 (ASL, Captions & Voice Over)

Question: Tax issues and penalty abatement.?

I owe the IRS a fair amount of money on back taxes. I am paying on them but recently asked for an abatement on the penalties. It was denied. I am going to appeal. Any suggestions for what might get my appeal approved?

Answer: A really good reason for being behind. Such as, “I was in a coma” or “I was stranded on a deserted island”.

Anything short of a life or death excuse will probably be denied.

Someone I know tried “I’m just really bad with paperwork”. I am sure the IRS got a laugh out of that one.

Why Wesley Snipes got caught. Celebrity or not, non-filers can run but they cannot hide from the IRS.

Boston – NATICK, MASSACHUSETTS…

31. IRS Penalty Abatement

Question: School project on understating your taxable income help.?

I am doing a project on 6 physicians that understated their taxable income by $50,000.-$75,000. I am trying to find the actual tax law that states what will happen to you for doing this. i.e.- penalties,fines, prison time, criminal violation and etc. I have to write 2 papers for and against these physicians being sent to prison and really need this information to put in my paper but am having a hard time finding the correct code/law on the IRS website. If you can help it would be greatly appreciated. Thanks!

Answer: Since the whole purpose of the tax process is to collect the correct amount of tax, instead of looking for understatement, look at the penalties for tax evasion.

http://taxrelief.lifetips.com/cat/64951/irs-tax-penalties/index.html

Conrad Black, Free on Bail, Faces Demands on His Fortune From IRS, SEC

Conrad Black , set to be formally freed on bail today, may be sent back to prison if he can’t persuade an appeals court that a U.S. Supreme Court ruling requires that his fraud and other convictions be set aside.

Tax Tips & Information : Penalties for Not Filing Income Tax