Update! Virginia Tax Amnesty

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 [...]

What is the “Trust Fund” portion of payroll taxes?

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 [...]

What is an Offer in Compromise?

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 [...]

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