The Fixing America’s Surface Transportation (FAST) Act, signed into law December 4, 2015, created new Internal Revenue Code § 7345 which requires the IRS to notify the United States State Department when an individual is...more
8/29/2019
/ Back Taxes ,
Delinquency Status ,
Fixing America’s Surface Transportation Act (FAST Act) ,
Internal Revenue Code (IRC) ,
International Travel ,
IRS ,
Passports ,
Tax Debt ,
Tax Liability ,
Tax Planning ,
Travelers
Businesses that have employees must pay wages and salaries to their employees, and the employer must collect federal employee income taxes and the employee’s share of social security (FICA) from these wages and salaries, add...more
10/29/2018
/ Criminal Prosecution ,
Department of Justice (DOJ) ,
Employer Liability Issues ,
Employment Tax ,
Enforcement Actions ,
Federal Taxes ,
FICA Taxes ,
Form 941 ,
Income Taxes ,
IRS ,
Social Security Taxes ,
Tax Debt ,
Tax Liability ,
Wage and Hour
Where a business does not pay its federal employment and/or unemployment taxes, and continues in operation, the IRS will utilize administrative measures, including tax liens and levies, to collect the unpaid taxes....more
On April 11, 2018, the South Carolina House of Representatives passed House Bill 3684, which will allow the South Carolina Department of Revenue (SCDOR or DOR) to centralize state tax lien filings. State tax lien filings are...more
If an individual or business owes but has not paid federal taxes, the IRS will make efforts to collect these taxes. The IRS will first send a series of notices requesting payment, but if the taxpayer does not respond to the...more
Married couples may file a joint federal income tax return together, reporting their joint income and expenses. The benefit of a joint return is that the overall tax rate may often be lower. However, if a joint return is...more
Businesses that have employees and pay wages and salaries must withhold federal employee income taxes and the employee’s share of federal employment taxes (FICA) from these wages and salaries. The employer must “match” the...more
Where an individual or business owes IRS taxes, Congress has given the IRS a tax lien against all the assets of the taxpayer. The lien covers real estate, homes, furniture, cars, investments, and nearly everything an...more
9/6/2017
/ Asset Seizure ,
Business Assets ,
Business Taxes ,
Corporate Taxes ,
Discharge Letters ,
Income Taxes ,
IRS ,
Real Estate Transactions ,
Release of Liability ,
Tax Debt ,
Tax Liens ,
Tax Penalties
Where individuals and businesses owe IRS taxes, the IRS has a settlement program where it can legally accept less than what is owed. Known as an “Offer in Compromise,” Congress has given the IRS the authority to “compromise”...more
If an individual or business owes federal taxes and does not have the current ability to pay these taxes, the IRS can consider placing the account into “currently not collectible” (CNC) status. If placed in CNC status, a...more
If an individual or business owes federal taxes and does not have the current ability to pay these taxes, the IRS can “seller-finance” and offer a payment plan with the taxpayer. The primary benefit of a payment plan is that...more
The United States has a voluntary income tax reporting system. U.S. citizens, permanent residents, and businesses here must annually file income tax returns with the IRS, reporting their “worldwide income”, deductions, and...more
8/10/2017
/ 1099s ,
Filing Requirements ,
Income Taxes ,
IRS ,
Tax Amnesty ,
Tax Debt ,
Tax Evasion ,
Tax Penalties ,
Tax Returns ,
Voluntary Disclosure ,
W-4
Many individuals and businesses owe taxes to the IRS, or they have not filed their tax returns or both. While the IRS may be the most powerful creditor in the world, there are solutions. This is Part I of a series addressing...more
When an individual or business owes federal taxes, a lien arises in favor of the IRS in all property of the delinquent taxpayer. The IRS will often file a notice of this tax lien – a Notice of Federal Tax Lien or “NFTL” – in...more
If an individual or business owes unpaid income taxes to the IRS, or to a state, federal bankruptcy laws may provide relief for some, if not all, of these taxes. Generally applicable to “older” federal and state income taxes,...more
4/7/2017
/ Commercial Bankruptcy ,
Consumer Bankruptcy ,
Corporate Taxes ,
Creditors ,
Dischargeable Debts ,
Interest Accrual ,
Penalties ,
Tax Debt ,
Tax Liens ,
Tax Returns ,
Unsecured Debt
Form FS-102, Payment Plan Request. The form previously required a taxpayer to first make a ten (10) percent down payment of all taxes due, and to also pay a $45 filing fee, as conditions for a payment plan, but DOR then had...more
The South Carolina General Assembly approved a law in 2015 allowing the South Carolina Department of Revenue to offer an amnesty program to taxpayers in the state who have not filed tax returns and/or owe state taxes....more