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Owing back taxes much less dealing with them isn’t fun and can be emotionally and mentally draining. But if you receive IRS notice LT11, you’ve received an ultimatum; pay your overdue taxes or your property will be seized! Staying silent will not help matters either as that may get you struck by bank levies, retirement … Continued
The IRS (Internal Revenue Service) has recently announced a significant increase in underpayment penalties, more than doubling the fees from two years ago. This change can have profound implications for taxpayers, potentially leading to substantial fees being added to their bills. In this blog post, we’ll explore the reasons behind the IRS’s decision, the impact … Continued
Every year, the IRS and State of New Jersey relentlessly pursue back taxes, and often, small business owners find themselves under the agency’s scrutiny. But why do business owners become prime targets for IRS back tax enforcement and State of New Jersey back tax enforcement? Let’s explore the key reasons behind this prioritization. A US … Continued
The Internal Revenue Service (IRS) has taken legal action against Ottley Communications Corp., the owner of WSTA radio station on St. Thomas, demanding payment of more than $2.1 million in overdue unemployment taxes. The lawsuit, filed in U.S. District Court, outlines the company’s failure to meet its federal tax obligations, including unpaid taxes, late filings, … Continued
The U.S. Supreme Court has granted the IRS the authority to access bank records without notifying the taxpayer or their associates or joint holders. In Polselli v. IRS the Supreme Court’s unanimous decision affirmed the IRS’s power to secretly probe financial records. This ruling means that the IRS can investigate a taxpayer’s financial records, including … Continued
With new funding and new hires, the IRS Collection Division has been in full swing this year. After receiving your first collection notice, the IRS has certain deadlines it has to follow with respect to these notices. Worse, if you received notices before the pandemic, those notices still apply 4 years later allowing the IRS … Continued
With the pandemic, many business owners struggled to keep aloat, including paying payroll taxes to the IRS, hoping the day would come when they could catch up but they never could. Not dealing with payroll taxes can result in jail time, fines and penalties and the loss of your business. The IRS has stated this … Continued
Just like Taxpayers make mistakes, the IRS makes them too. Sometimes trying to convince the IRS you don’t owe what they say you do is challenging but relief can be found with the U.S. State Tax Court. The United States Tax Court is the court we go to when we dispute what the IRS says … Continued
Receiving a notice from the IRS can be stressful, but it’s important not to ignore it. In June, millions of taxpayers will receive CP14 notices by mail, informing them of their balance due for unpaid taxes. Several times the notices are wrong, and even if they are right, they impose time deadlines to protect yourself … Continued
The Department of Justice announced last month that a Home Improvement Contractor was sentenced to two years in jail for failing to pay payroll taxes he collected from his employees. In addition to 2 years in jail he was ordered to pay restitution of over $1 million. Unfortunately for Jay Prather of Heritage General Building … Continued