Posts Tagged ‘payroll taxes’

What are the most common mistakes made on a tax return?

  • April 20th, 2021
  • David Greene
  • Comments Off on What are the most common mistakes made on a tax return?

Here are the most common mistakes the IRS sees from self-prepared returns: (1) Math errors – be sure to check your math twice; (2) Misspelled name or changed name not updated (be sure the name on the return matches the…

HAVE YOU MADE YOUR NEW YEAR RESOLUTIONS?

  • January 13th, 2021
  • David Greene
  • Comments Off on HAVE YOU MADE YOUR NEW YEAR RESOLUTIONS?

Well, Christmas is over and we have rung in the New Year.  During this past week many people made New Year resolutions.  Did you make any?  Most of these deal with either working on a healthier and better body or…

Will Social Security payroll taxes deferred in 2020 have to be repaid?

  • October 6th, 2020
  • David Greene
  • Comments Off on Will Social Security payroll taxes deferred in 2020 have to be repaid?

This new memo from our president concerning deferring certain payroll taxes, which was issued in August 2020, is still being implemented, so the answer is not clear.  However, at this time, the taxes deferred in 2020 will have to be…

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…

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…

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…

When a payroll company fails to pay taxes for its customer is the customer company responsible for payment?

  • May 3rd, 2019
  • David Greene
  • Comments Off on When a payroll company fails to pay taxes for its customer is the customer company responsible for payment?

Thank you for your question.  If you deposit your payments into the payroll company’s account to be paid by them then, yes, they are responsible for interest and penalties you will have to pay, but the IRS looks to you…

Can one designate voluntary payments from the sale of corporate assets to pay the trust fund portion of delinquent taxes?

  • February 14th, 2019
  • David Greene
  • Comments Off on Can one designate voluntary payments from the sale of corporate assets to pay the trust fund portion of delinquent taxes?

Thank you for your question.  The answer is, yes you can designate to which taxes the money you pay to the IRS will be applied as long as it is a “voluntary” payment and not one paid due to forced…

Should one retain a professional to represent her in an audit?

  • January 16th, 2019
  • David Greene
  • Comments Off on Should one retain a professional to represent her in an audit?

The answer is definitely “Yes.”  The primary thing that needs to be addressed in an audit is to supply the revenue officer with a complete set of documents and information that he requests, but not extraneous information.  The professional representative…

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