Posts Tagged ‘delinquent taxes’

What is the responsibility of non-owners for the Trust Fund penalty?

  • October 9th, 2019
  • David Greene
  • Comments Off on What is the responsibility of non-owners for the Trust Fund penalty?

The IRS can pursue any employee of a company if they determine that the person is a “Responsible Party” for the Trust Fund penalty. The trust fund portion of the payroll taxes is all of the federal taxes that are…

I owed more than $3,000 additional tax on my return this year and didn’t have the money to pay. How can I prevent that from happening next year?

  • September 25th, 2019
  • David Greene
  • Comments Off on I owed more than $3,000 additional tax on my return this year and didn’t have the money to pay. How can I prevent that from happening next year?

This is a good question, but I wish you had asked that question closer to April 15.  If you owe more than $1,000 in additional tax on April 15, then, according to the IRS rules, you must make Estimated Tax…

Hints to help new businesses stay out of tax trouble.

  • September 4th, 2019
  • David Greene
  • Comments Off on Hints to help new businesses stay out of tax trouble.

There are many hints or suggestions I can give a new businessman, but I do not have that much room.  I will give you five very important hints to keep you straight with the IRS.  First, form your business as…

Can the IRS seize property in a non-liable taxpayer’s name?

  • August 15th, 2019
  • David Greene
  • Comments Off on Can the IRS seize property in a non-liable taxpayer’s name?

Yes they can for two reasons.  First the Statute of Frauds states that when one transfers property after he has notice of a potential lawsuit or debt, the Court can reverse the transfer as being done to avoid the debt. …

Is there any remedy if the IRS threatens to seize a taxpayer’s home?

  • July 11th, 2019
  • David Greene
  • Comments Off on Is there any remedy if the IRS threatens to seize a taxpayer’s home?

The IRS may foreclose on and seize a taxpayer’s home when settlement negotiations break down.  However, there may still be hope.  The situation usually is that an Offer In Compromise has been denied and the taxpayer feels that he owes…

Alternatives to the Seizure of your Home for Delinquent Taxes.

  • July 9th, 2019
  • David Greene
  • Comments Off on Alternatives to the Seizure of your Home for Delinquent Taxes.

There are several collection alternatives to seizure that are available to taxpayers.  In fact, seizure of your home or other property is the last avenue the IRS will pursue.  I am not discussing levies on wages or bank accounts here….

Can IRS disputes be mediated – Part 2

  • June 11th, 2019
  • David Greene
  • Comments Off on Can IRS disputes be mediated – Part 2

We addressed this question last week.  I said that the IRS will mediate a great many cases, such as a disputed Offer in Compromise, Trust Fund Recovery cases and most appeals disputes.  However, one cannot use mediation in Collection Due…

How does the IRS determine who owes the Trust Fund Penalty?

  • June 6th, 2019
  • David Greene
  • Comments Off on How does the IRS determine who owes the Trust Fund Penalty?

The Trust Fund Penalty (TFP) is not really a penalty but is instead a portion of the payroll taxes a company is required to collect from employees and pay to the IRS.  The employer withholds federal, social security and Medicare…

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