First Time Penalty Abatement

An Offer in Compromise is typically the best way to “abate” the penalties and interest, but you’re not really abating the penalties and interest. You’re simply settling the total debt for a portion of what’s owed, including penalties and interest.

Payroll Trust Fund Assessment

Payroll withholdings are the taxes and benefits paid by the employee. To help ensure that taxpayers properly remit payroll taxes to the IRS, they impose a penalty on any person who is responsible for paying payroll taxes and willfully fails to do so.

Payroll tax debt negotiations

You had a great idea, a business that was thriving. Then out of nowhere, circumstances arose that made you miss a payroll tax payment. All of a sudden you found yourself playing ‘catch up’ with the IRS while still trying…

Form 5471 and Dormant Foreign Corporations

Note: Some of this information is likely obsolete and was written pre-Tax Reform and is left up as an explanation of the old rules. Be sure to check back as we update our website.

The reporting requirements for IRS Form 5471 are confusing, time – consuming and may not actually help the IRS close the alleged “tax gap.” You need to understand what ‘category of filer’ you are, which Schedules you should fill out, and? The Form has to be completed for every foreign …