The trust fund recovery penalty (TFRP) is a 100% penalty on an employer’s failure to pay its trust fund taxes. The TFRP can be assessed against any person in the employer’s business who is (1) responsible for collecting, accounting for, and paying withheld employment taxes, and (2) who willfully fails…
Two events must occur before the IRS may begin collections activity: • First, the tax must be assessed and due. The tax may be shown on a tax return showing a balance due, an audit closing agreement, an audit deficiency that was not contested, an SFR substitute for return filed…
If you are contacted by the IRS, they usually send you a notice to call, or pay an unpaid tax amount. Most taxpayers are confused as to what the notice is for, or what does it really mean. This article will clarify the most common notices received by taxpayers needing…
Did you receive an IRS or state tax lien notice, levy letter, postcard or phone call? Know the difference between a tax lien and a tax levy, there are major differences between both enforcement action. A tax lien is a type of claim against property that secures the payment of…
Mike Habib, EA tax firm provides a wide range of tax preparation, tax planning, tax representation and consulting services. We professionally prepare individual and business tax returns including Federal, State and e-filing. Clients come to us for expert assistance with any tax notice or IRS problem. We serve Pico Rivera,…
Are constant calls and mail from the IRS bogging you down? Have you run out of possible options to pay your IRS tax debt running out of control in the tens or hundreds of thousands? Trust us; it’s not the end of the world and you are not alone. ‘How…
If you work in the entertainment industry you know that it has its share of advantages, but it can get tricky at tax time. Depending upon your role – whether you are an entertainer or involved in one of the many other aspects of the industry – you know how…
Identity thieves are very clever. They not only steal credit cards and drain bank accounts; in 2011, the Internal Revenue Service reported the number of fraudulent tax returns associated with identity theft at 940,000 returns, resulting in $6.5 billion in associated fraudulent refunds – according to J. Russell George, head…
When faced with tax problems by the IRS or the state, you should consider professional help and representation by a tax attorney. A licensed representative aka power of attorney can resolve a number of tax problems: – Back taxes: a tax attorney can settle your unpaid back taxes in different…
When it comes to choosing a tax professional to resolve a tax problem, represent you before the IRS, or handle complex tax issues, it is important to work with someone with the experience and expertise to deal with your situation effectively. You need to find someone you can rely on…