Business taxes have many complexities. Failing to understand the various tax laws regarding business can lead to some serious tax problems with the IRS and/or state. Here are some of the most common tax problems and tax considerations to stay in good standing with tax authorities.
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TRUST FUND RECOVERY PENALTY
When you have employees, you withhold their Medicare and Social Security contributions from their checks, and in most cases, you also withhold some income tax. These amounts are referred to as trust fund taxes. Here is how trust fund taxes work, who is responsible, what if the IRS assesses a trust fund recovery penalty and how to resolve issues with trust fund taxes.
IRS Letter 1153 and Form 2751: There are two key forms related to the Trust Fund Recovery Penalty. They are Letter 1153 and Form 2751. Understand what these mean and what actions you need to take with them.
Form 4180 Interview for the Trust Fund Recovery Penalty: If you can’t get out of the 4180 interview, you need to be prepared for what’s going to happen. Understand the purpose of this interview and if it is something you should likely avoid.
How to Avoid the 4180 Trust Fund Recovery Penalty: If the IRS believes you are the responsible one for the trust fund taxes, the agency will request an interview with you. This interview can be very stressful, but there are a few ways to avoid it.
IRC 183 IRS BUSINESS HOBBY LOSS TAX RULE
If you have an income-generating hobby, you need to understand a few basics. IRS Section 183 is particular in what they consider a business and what they consider a hobby. Understand the difference so you know what you can deduct as expenses and how much depending upon the classification.
We are tax relief experts specializing in IRS back tax help, Installment Agreements, tax lien help, wage garnishment release, IRS Offer in Compromises, tax debt forgiveness and a whole lot more. Get a free consultation from an experienced tax relief expert today (800)790-8574
Some Recent Tax Settlements:
Mr. Dillard – CA Owed $6884, IRS settled for $400
Mr. Batiste – LA Owed $18513, IRS settled for $2972
Mr. Johnson – CA Owed $21,378, IRS settled for $4500
Ms. Gonzalez – TX Owed $28,816, IRS settled for $1700
Mr. Anthony – NY Owed $14,000, IRS settled for $900
Mr. Wilkes – CA Owed 32,211, IRS settled for $1250
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