Stop me if this sounds familiar. Your business is experiencing a temporary cash crunch. You have some accounts receivable, or a big project on the way, but for now, you can barely pay your employees and keep the lights on. So you “borrow” from your payroll taxes aka your employment taxes payments to continue paying […]
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Employee Vs. Independent Contractor & Tax Misclassification
The Internal Revenue Service (IRS) once estimated that millions of workers were victims of tax misclassification, being defined as independent contractors when the terms and conditions of their work actually defined them as employees. While some employers do so in genuine error, others misclassify their workforce deliberately for reasons like the following: They are not […]
Can NJ Businesses Benefit from the IRS Offer In Compromise (OIC) Program?
If your company is struggling with tax debt, the good news is that it is possible to make an arrangement with the IRS to reduce what you owe and establish a sustainable repayment plan, using the IRS Offer in Compromise (OIC) program. When economic times are tough, business owners can reach the point where they […]
8 Red Flags That Could Trigger an IRS Small Business Audit
Last year, the Internal Revenue Service (IRS) audited just over one million returns. That’s a lot less than the 1.74 million returns they audited in 2010, but it’s still no fun for the millions of taxpayers that had to go through the process! Overall, the IRS audits only about 1 in 200 returns. But some […]
Can You Negotiate Back Taxes with the IRS?
No one likes to owe the IRS. The balance owed seems to linger over your head, and each year you pray that your next return will yield a refund rather than more owed to the IRS. You work hard to pay off the balance; you even take extra from your paycheck. But the penalties and […]
Are You Up-to-Date on the Payroll Tax Changes for 2018-2019?
As an employer, you know how important it is to stay current on tax changes – especially payroll tax. There is nothing worse than being struck by a payroll tax bill at the end of the year (or an audit). Every April, the IRS updates employers on what to expect for the coming year. April […]
Is an IRS Offer in Compromise the Right Choice for Your Tax Situation?
The IRS wants their money, but that doesn’t mean they strive to squeeze every penny from a consumer or business. Instead, the IRS deploys multiple repayment methods and plans that suit the needs of the taxpayer. One of those methods is the Offer in Compromise (OIC). The OIC carries unique advantages for taxpayers because the […]
Exploring Your Options for IRS Payment Plans
If you have received a notice from the IRS of back taxes due or you filed your taxes and already know that you owe the IRS, you might feel panicked at the massive amount due and the lack of funds in your bank account. Fortunately, you do not need to worry about paying everything up […]
Reasons Why You Need an Attorney for an IRS Audit
No one sets out filing their personal or business taxes thinking that they will face an audit. Even if you are cautious and only write off what you can, you may still find yourself subjected to an audit one day. Dealing with the Internal Revenue Service (IRS) can be daunting. As a consumer, you are […]
Common IRS Tax Penalties
There are a wide variety of IRS tax penalties available for different situations that arise. If you forget to file your tax return, there’s a tax penalty for that. If you can’t pay the tax due, there’s a tax penalty for that. If the tax return you file isn’t correct, there’s a tax penalty for […]
IRS Tax Liens
IRS tax liens can be broken down into two categories: (1) unfiled liens and (2) filed liens. Federal Tax Lien: A Comprehensive Guide for Businesses A Comprehensive Guide to Understanding Federal Tax Liens In the world of taxes, numerous terms and concepts can confuse the average taxpayer. One such term is a federal tax lien. […]
Nine Things to Know About the House’s Tax Plan
House Republicans recently passed a bill that would significantly change the tax code. Here are some of the major changes: 1. Tax Relief for the Middle Class…Maybe. The bill doubles the standard deduction, to $12,200 from $6,350 for single filers, and to $24,400 from $12,700 for married couples. Sounds great, right? But the bill eliminates […]
IRS Interest Rate Stays at Four Percent
Tax Attorney Serving the State of New Jersey Including Bergen County The Internal Revenue Service recently announced the interest rate for the fourth quarter of 2017 for underpayments will remain at 4%. The IRS interest rate changes every quarter. The IRS interest rate is based on federal short-term rate plus 3 percentage points. In the […]
6 Options If You Owe Money to the IRS
Tax Attorney Helping Individuals who Owe the IRS in Bergen County and all of New Jersey If you owe money to the IRS, there are several options available to you. The most important thing to keep in mind is to act. If you ignore the problem, it will only make matters worse. As an arm […]
I Forgot to File My Taxes, What Happens Now?
Forgot to File Taxes? Now’s the time to take care of it. If you forgot to file your taxes this year, or haven’t filed in several years, consider taking care of it now. There are many reasons you should file your tax returns: It’s a crime not to. Besides the tax due, you’ll also owe […]
What to Do After the IRS Rejects Your Offer in Compromise
TL;DR If the IRS rejected your Offer in Compromise (OIC), you’re not alone—the IRS rejects a large portion of OIC applications. In fact, out of 30,163 OIC proposals in FY 2023, the IRS accepted only 12,711, representing approximately 42% of the proposals. This means the majority of offers are not approved on the first try. […]
