Do you or your client have past-due income or payroll tax returns that still need to be submitted? Are there balances already recorded on an individual or business IRS tax account that you have shied away from addressing?

Let me start by confirming the rumor: yes, it is true that the IRS and most State tax agencies will consider forgiving, or as it’s referred to in the tax world, “abating,” penalties if you owe past-due income tax, payroll taxes, or sales tax.

Any business owner will tell you that there are definitely a lot of perks to owning your own business: set your own hours, benefit directly from the time and attention you put into a business, and create your own income

We have all heard a reference to the famous quote made by Benjamin Franklin about death and taxes. The accurate quote is: “Our new Constitution is now established, and has an appearance that promises permanency; but in this world, nothing can be said to be certain, except death and taxes.”

So, you or your client have accrued past-due income taxes or past-due employment withholding tax for their business. It is entirely understandable, given all we have endured over the last few years.

In our last blog, we covered tax liens recorded against real estate and how a Certificate of Discharge of Property from Federal Tax Lien can help address past-due tax debts owed.

When a tax debt is owed to the Internal Revenue Service or State Taxing Authority, more often than not, the taxpayer wants to address the debt without having to liquidate any assets. Sometimes, the debt can be addressed through an Installment Agreement, good faith lump sum payments, or a settlement arrangement such as an Offer in Compromise.

Every taxpayer in the United States of America has a groomed fear of the Internal Revenue Service. Upon mention of the federal government agency’s name or notorious initials, one is instantly reverted to something akin to a misbehaving child getting called down to the principal’s office in elementary school.

Anyone who employs workers under W-2 guidelines has an obligation to withhold taxes from the employee paychecks and turn those funds over to the State and Federal Government.

If you sent a question to your family, friends, and colleagues asking them what their biggest fear is concerning the Internal Revenue Service, I would expect 99% of them to respond with two simple words: an audit.

We have all heard the stories of reporters and citizens submitting Freedom of Information Act requests to the Federal Government whenever a conspiracy is assumed: the assassination of President Kennedy, the moon landing, a hidden chamber behind Mount Rushmore, aliens, and UFOs, etc.

When it comes to taxes, you know the rules we all have to follow are boundless. And when you have a business, go ahead and factor in twice the amount of rules that need to be tended to.

When it comes to taxes, you know the rules we all have to follow are boundless. And when you have a business, go ahead and factor in twice the amount of rules that need to be tended to.

There is a huge misconception that taxpayers do not have rights when dealing with the IRS. A taxpayer has to do as they are told, they have no rights, and if they pay too much, they won’t get the overpayment back. This is simply NOT true.

The Golden Lion Tax Solutions team believes that we live in the best dang country in the world: the United States of America! Nowhere else do we have the freedom to pursue anything we can imagine than here.

The Employee Retention Credit, or ERC for short, is a refundable tax credit offered to businesses that retained and continued to pay their employees despite the severe impacts felt during the COVID-19 pandemic.

This is a popular topic for business owners and one that could have a significant impact on the business in the future. Why? Primarily because it could cost the business a LOT of money if a worker or workers (even worse) are paid and taxed incorrectly. 

In a previous blog, we discussed Reasonable Compensation Analysis Reports and briefly touched on what reasonable compensation is. With the IRS increasing its manpower, the agency will be flexing its muscle once more in ways that haven’t been seen in the last three years.

With the IRS announcing they will be resuming pre-Covid collection levels this month, it is essential to know the different options available to the IRS to forcibly collect on an outstanding tax liability.

There have been whispers of innocent spouse circulating throughout the tax world. But what exactly is an innocent spouse?