It’s Friday, and that means it’s time for a round-up of tax news we reported on this week. Here are some tax related stories that were particularly interesting:
Tax Help Tips
Eleven Tax Changes to Know before Filing
Now that tax season is here, I wanted to let people know that the recent changes to the tax code could affect their wallet! A Forbes article provided the eleven important changes that
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The IRS announced yesterday that it’s giving taxpayers and tax preparers affected by Hurricane Sandy some tax relief: a one week extension until November 7 to file returns and make payments normally due on October 31.
This IRS tax help is aimed at business owners and their tax preparers whose payroll and excise tax returns were due on October 31 and who were “in an area affected by Hurricane Sandy or
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Recently laid-off employees who collected severance pay will want to understand their tax obligations to prevent any payroll tax problems from occurring. A recent Wall Street Journal article by Laura Saunders titled “When Severance Pay Is Subject to Payroll Tax” discusses two conflicting federal court rulings over whether severance pay should be subject to payroll taxes and if both employee and employer are entitled to claim a tax refund. For
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Happy Friday! It’s time for a review of this week’s mixed bag of tax relief topics:
Currently Not-Collectable Status – Status 53
A new video from the Tax Man series explains how Currently Not-Collectable Status works for taxpayers having trouble with tax debt repayment because their current expenses are higher than their income. Currently Not-Collectable Status gives these folks time (sometimes up to two years) whereby they are not obligated to
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This week’s tax relief news has been quite exciting especially for Tax Resolution Services.
Here are some of the highlights:
Tax Resolution Services-2012 Stevie Award Finalists for Business
I am extremely proud to announce that both Brian Compton and I have been selected as 2012 finalists for the 10th Annual Stevie Awards. Brian was selected for Executive of the Year for Accounting, Banking, & Financial Services and I am a finalist for Maverick
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Small business is no stranger to payroll tax problems, but when a city becomes a victim, it makes headlines. An article from WTOK.com Channel 11 entitled IRS Says York Failed to Make Payroll Tax Payments reported that a representative from the Internal Revenue Service traveled to York, Alabama to meet with city officials to discuss their specific tax issue: unpaid payroll taxes.
It appears that the city administrator, Tim Sweezey and
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Happy Friday! The common theme in last week’s news was aimed at giving tax relief advice to those who did not make the tax filing deadline of April 17.
Here are some of the highlights:

The IRS just released a video entitled Employee or Independent Contractor? aimed at getting employers to properly classify their workers as either an employee or independent contractor. Improper classification can result in steep IRS penalties but many
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The IRS just released a video entitled Employee or Independent Contractor? that gives guidance to unsure employers interested in properly classifying their workers as either an employee or independent contractor. Improper classification can result in steep IRS penalties for both employer and worker with many business owners getting into trouble simply because they don’t know the difference. Understanding this distinction can help a business owner avoid an IRS audit.
The IRS
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Payroll Tax Problem Question:
Our business has done well financially until a year ago when some of our best customers got behind on their payments to us; the crushing blow came when one closed its doors before we could to collect. We are still behind and the loss in income has weakened our business finances so much, we cannot afford to make the payroll tax payments. I’m really worried about
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A recent article in Forbes, Officers of Non-profits Face Personal Liabilities for Taxes by Robert Wood made me think about small business, specifically the people behind non-profit organizations (NPO). The well-meaning people who set up NPO’s provide the community at large with charitable programs and services that are usually educational, literary, religious, or scientific in nature. In return, non-profits receive tax-exempt status. By not focusing on putting profits in shareholders
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The IRS revealed last week a new program where business owners, particularly those that own small businesses, need to reclassify contractors as employees and make a small payment to cover past payroll taxes. The article Price of Reclassifying Workers, written by Sarah E. Needleman and Emily Maltby comes after an ultimatum by the IRS for small businesses (which tend to have less staff and a looser structure): raise operating costs
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There has been a lot of buzz about the IRS’s New Voluntary Worker Classification Settlement Program (also known by the acronym VSCP).  It’s on IRS.gov, going out in newsletters and major media publications are covering it in stories.  What I am not seeing covered yet is how this new settlement program as a disguised as amnesty for small businesses – like a payroll tax “fresh start” settlement program of sorts
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Tax Problems Affect 1 out of 6 Americans – If You Need Tax Help, You’re Not Alone!
1 in 6 Americans has a tax problem; that’s approximately 26 million people! In this video, shot at Tax Resolution Services headquarters, I talk about how terrifying IRS tax stress can be and how scared people are with their overwhelming tax problems. I see this happening in my practice every day. The IRS is
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In this video, I speak to small business owners and independent contractors who owe delinquent employment or payroll taxes. When you don’t pay your payroll taxes, the IRS WILL catch up to you.  Should you find yourself in a payroll tax problem position where you have IRS stress, here are three key points to understand about the IRS’ stepped up efforts with collections. (See video and I type out the
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Small businesses can’t afford to fall behind on taxes.  In tough times, it’s more common for small businesses to do so, but the timing to fall behind on taxes is worse now than ever before.  The IRS is hitting small businesses hard – resulting in levies, inability to get loans and more.  In The Wall Street Journal, reporter Marshall Eckblad’s article, “Firms Squeezed on Tax Bills” explains.
According to the article:
“The
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