The Impact of Increased Back Tax Penalties

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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

Federal Tax Suit Against Company That Did Not File Returns or Pay Taxes

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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

Navigating IRS Collection Notices on Back Taxes

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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

Yes Jail time can happen when you don’t pay over payroll taxes

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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