Small Business - Corporate Transparency Act - New Reporting Requirement Millions of small businesses are formed within the United States each year as corporations, limited liability companies, or other corporate structures. These businesses play an essential and legitimate economic role. Small businesses are a backbone of the U.S. economy, accounting for a large share of [...]
Don’t Get Zapped $591 Per Day!! Avoid $591 per day Penalty - Corporate Transparency Act Are you an owner of a limited liability company (LLC) or a corporation or a limited liability partnership? If not, you can skip this article. However, if you do have an ownership interest, you should keep reading. You must take [...]
This is a blurb from the Experian web site as of 2/27/2024 How a Tax Lien Can Affect Your Chances of Getting New Credit Tax liens may not appear on your credit report, but they're public records, so they can still affect your ability to get approved for credit. That's because a tax lien indicates [...]
Normally you wouldn’t think the IRS would have anything to do with your passport, since your passport is issued by the State Department. So what is the connection between IRS and your passport? On December 4, 2015, former President Obama signed legislation into law giving IRS more leverage in the collection of seriously delinquent [...]
If you owe Virginia back taxes, watch your mail for a letter about the Tax Amnesty Program 2017. Earlier this year the Virginia General Assembly enacted provisions approving a tax amnesty program. The Virginia Department of Taxation just started sending letters to persons eligible to participate in this limited time program. The Program runs from September [...]
The Trust Fund portion of payroll taxes is the money that the employer withholds from the employee's paycheck for federal income tax withholding and the employee's share of FICA and Medicare (also referred to as the social security tax) tax payment. The Trust Fund portion does not include the employer's matching portion of the FICA [...]
The Offer In Compromise (OIC) program is an option for those taxpayers who are unable to pay their tax account in a lump sum or through an installment agreement and have exhausted their search for other payment arrangements. The IRS may accept an OIC to settle unpaid tax accounts for less than the full amount [...]
To encourage prompt payment of withheld employment taxes and collected excise taxes, Congress passed a law that provides for the Trust Fund Recovery Penalty (These taxes are called Trust Fund taxes because the employer actually holds the employee's withheld taxes or the collected excise taxes in trust until the employer makes a federal tax deposit [...]
If you have received a lien or levy notice, you are in the right place to ease the stress that such a notice can bring. LEVY NOTICES You need help with a levy notice if you received a document that says, "FINAL NOTICE OF INTENT TO LEVY AND NOTICE OF YOUR RIGHT TO A HEARING." [...]
You haven't filed tax returns for one or more tax periods, correct? Fortunately, with some additional information from you, I can help guide you from here. Your Concerns But, before I get to my questions, here are some you might have: Will I go to jail for not filing returns? Will I go to jail [...]
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Eight Facts on Late Filing and Late Payment Penalties for Form 1040 federal tax returns Download Our May 2013 Newsletter PDF
Late filing Virginia returns due to Hurricane Sandy? Request waiver of late-filing penalty due to Hurricane Sandy. See the Tax Bulletin 12-7.
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