With the proliferation of tax software for the individual such as TaxCut and TurboTax, many people think they can file their own tax returns and bypass having a professional such as a CPA prepare their income taxes. For some people, this is okay, but for others this is a major mistake. The tax laws…
Monthly Archives: January 2008
Back to the Basics: Who is Responsible for The Trust Fund Recovery Penalty
One way the IRS is able to "pierce the corporate veil" and make the owner of a business personally liable for some of the business tax liability is through the Trust Fund Recovery Penalty. The Trust Fund Recovery Penalty does not make the business owner liable for the entire business liability, but it…
Question and Answer: What Happens if I Over-pay on my Installment Agreement?
Question: I have set up an installment agreement with the IRS where I pay them $100 per month on my back taxes. I owe them about $10,000 with penalties and interest. Last month, I accidentally wrote the check out for $200. What happens to that over payment. Will I not have to make a…
Do You Listen Well?
One of the things I strive to do in my practice when interviewing prospective clients for the first time, meeting with my staff, or talking to my wife is to listen well. You can ask my wife and find out quickly that I don’t always do so…but I’m trying to get better. What…
IRS Negotiation Blog Weekly Wrap-up
Another busy week. I attended a networking lunch this week and the speaker’s topic was "How to Legally Beat the IRS." Now the speaker was a "former CPA" and has done a lot of tax work in the past. His advice was to small business owners and his point was to illustrate to them…
Do you Make These Mistakes? Don’t File Tax Returns
Taxes: Of life’s two certainties, the only one for which you can get an automatic extension. ~Author Unknown It’s true, you can get an automatic extension of time to file your income tax returns each year. However, when you file that extension, it does not give you more time to pay your taxes. Many…