Posts Tagged ‘payroll taxes’

Mistakes In Tax Return Preparation

  • February 7th, 2023
  • David Greene
  • Comments Off on Mistakes In Tax Return Preparation

There are ten mistakes that are most often made when preparing a tax return. I’ll list 5 in this blog and 5 in my next one. The first five are: (1) forgetting to report all of your income (even if…

How does one dispute payroll taxes assessed by the IRS?

  • December 28th, 2022
  • David Greene
  • Comments Off on How does one dispute payroll taxes assessed by the IRS?

There are various ways to dispute the assertion by the IRS that you owe additional payroll taxes. Has the tax actually been assessed or have you simply been notified that you might owe this?  Also, if it has been assessed…

Can criminal charges result from the Trust Fund Penalty?

  • April 29th, 2022
  • David Greene
  • Comments Off on Can criminal charges result from the Trust Fund Penalty?

A business owner who has not paid the payroll taxes of his employees will have the trust fund penalty assessed against him.  Most trust fund cases are not criminal because the IRS recognizes that the employer failed to pay the…

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…

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