The IRS will hold individuals in a company personally liable for trust fund recovery penalties. The IRS will conduct an investigation to make this determination. This blog discusses the factors the IRS evaluates during the investigation to determine the individuals considered a “responsible person” for trust fund penalties.
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Testimonial
ALG Tax Solutions can help you when it seems that there are no options or no one to help. We pride ourselves on getting you through the toughest tax problems. This is a testimonial from one of our client’s John. Continue reading…
Trust Fund Recovery Penalty – What is it?
When a business is in a difficult financial situation, a decision may be made to temporarily not pay payroll taxes. What may not be known is when the payroll taxes are left unpaid, the IRS can make individuals in the business personally responsible for the payroll taxes. This is called Trust Fund Recovery Penalty. Continue reading…
Livingston Interdisciplinary Professional Association (LIPA)
Livingston Interdisciplinary Professional Association (LIPA) is offering a free seminar on divorce and family law. LIPA’s mission is to inform and guide Livingston county couples and families in order to reach smarter, more helpful and less costly outcomes in divorce and family law situations through non-court processes.
IRS New "Fresh Start" Program works!
Earlier this year the IRS announced the “Fresh Start” program. The IRS implemented this program to provide relief to struggling taxpayers. I discussed the need for program in my blog posting, “IRS Overwhelmed by Offer in Compromise Requests, Changes Made.” I must admit that I was a little skeptical of this program in the beginning. But now I am a believer.
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Bush tax cuts, what is at stake?
There has been a considerable amount of press on Bush Tax Cuts set to expire on December 31, 2012. What is not well publicized is there are many other tax provisions that have expired or are set to expire this year. So what really is at stake?
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Supreme Court Rules in Favor of the Taxpayer
The Supreme Court ruled in favor of the taxpayer in a 5-4 vote concluding that an overstatement of basis is not considered an omission of gross income for the purposes of the six year limitation rules.
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IRS overwhelmed by Offer in Compromise requests, changes made
According to the Treasury Inspector General for Tax Administration (TIGTA) report, the IRS was overwhelmed by Offer in Compromise (OIC) requests. Due to the backlog of OIC requests, TIGTA recommended changes to the OIC program. The IRS did implement some of the recommended changes.
Expect an increase in audits of tax returns claiming the first time homebuyer credit
The IRS is implementing new procedures to catch phony claims for the first-time homebuyer credit. The IRS will need to act quickly as the statue of limitations for making adjustments will soon expire. Continue reading…
Do not let your taxes snowball out of control (Part Three)
This is part three of the Do not let your taxes snowball out of control series. Name and location changes to protect client confidentiality are in effect. See Part One relating Sally’s real life tax example and Part Two George’s real life tax example. Continue reading…