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JUST FIND YOUR ANSWERS BELOW:

Q
The Internal Revenue Service (IRS) sent me a Notice of Intent to Levy.  Can I stop them from taking immediate action?
AUnder the Internal Revenue Code (I.R. C.) Section 6330,   you have the right to request a hearing from the IRS and for them to consider collection alternatives, if you take timely appropriate action in response to the levy notice.
Q
What should I do if I have unreported income or false deductions on my filed tax return?
A

Where a taxpayer has under reported income or represent fraudulent deductions on his/her tax return under examination, the taxpayer may be subject to criminal exposure. The taxpayer should seek the counsel and representation of a tax attorney as early as possible to assist in mitigating any criminal consequences.

Q
What are the consequences if I fail to file my income tax return timely and do not have the money to pay my income tax liability?
A

When it comes to filing your income tax return and paying your tax liability, the law allows the IRS under Section 6651 (a) (1) and 6651 (a) (2) the following:

  1. If you do not file your income tax return by the deadline, you might face a failure to file penalty. If you do not pay by the due date, you could face a failure to pay penalty.
  2. The failure to file penalty is generally more than the failure to pay penalty.
  3. The penalty for filing a late return is usually 5 percent of the unpaid tax liability each month or part of the month the return is late. The penalty can be as much as 25 percent of your unpaid taxes. If the failure to file is fraudulent, the penalty is 15 percent of the unpaid tax liability each month or part of the month the return is late. The penalty can be as much as 75 percent of your unpaid taxes.
  4. If you do not pay your taxes by the due date, you will generally have to pay a failure to pay penalty of ½ of 1 percent of your unpaid taxes for each month or part thereof after the due date that the taxes are not paid. The penalties can be as much as 25 percent of your unpaid taxes.
Q
I am officer or director of a company which failed to remit payroll tax withholding to the IRS. Am I personally responsible for those taxes?
A In order for an individual to be liable Under I.R.C. Section 6672, it must be determined that he/she is a responsible person (someone who has the duty, status and authority over financial decisions) and that they “willfully “failed to collect, truthfully account for and pay over Trust Funds taxes (knowingly allowing creditors to be paid while trust fund services were due to the IRS).

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