Month: March 2016

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.

Under the rules of the Streamlined Offshore Procedures, taxpayers must amend three years of U.S. tax returns, starting with the most recent year that has passed its due date, and then going backwards.

Is there taxation on foreign inheritances? Not really, but that doesn’t mean you don’t have some IRS form to file. Form 3520 is officially the ‘Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts’.

Offshore disclosures and FBAR penalties are a focus of the IRS. The law, procedures and actual outcomes are constantly evolving — and sometimes the IRS operates inconsistently. To…

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.

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…

Understanding withholding and payroll taxes – Payroll withholdings are the taxes and benefits paid by the employee (trust fund taxes) and include: 1) Employee portion of Social Security tax – 6.2 percent…