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 […]
Federal Income Taxes
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 […]
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 […]
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 […]
