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IRS Tax Law Archives

A quick look at the trust fund recovery penalty

Dealing with accounting and payroll taxes can be a nightmare, primarily thanks to the IRS. It's rules and regulations, as well as IRS tax law, dictate how these matters should be handled, and any misstep, even those that are seemingly minor, can have enormous ramifications. For this reason, businesses, business owners and others who are responsible for handling payroll taxes should think about seeking out legal assistance when accused of mishandling tax-related matters.

Worker classifications under IRS tax law

Not every worker is equal in the eyes of the law. Austin residents who perform services that can be controlled by an employer, even if the way to achieve an objective is left up to the individual, are known as employees. On the other hand, independent contractors are those who offer their services to the general public and the payer has the right to control only the result of the work and not the way it is performed. For example, doctors, lawyers, subcontractors, accountants and dentists can be considered independent contractors.

Tax obligations can be lessened with the help of professionals

In an ideal world, a Texas resident would understand IRS tax law, the information required to accurately fill out the returns he or she is obligated to do, and correctly enter one's exemptions and deductions. Unfortunately, this rarely happens-incorrect amounts are often entered or forms are not filed in a timely manner. As a result, individuals may find themselves facing an audit or other penalties.

Can the IRS revoke my passport?

There are many financial penalties to not paying one's taxes in a timely manner, but many Texas residents may not know that the Internal Revenue Service can notify the State Department when someone owes a seriously delinquent tax debt. This means that the State Department can deny someone's application for a passport and can even revoke an existing passport.

What does a legitimate letter from the IRS look like?

For the Internal Revenue Service, this is the beginning of correspondence season. It is most likely sending out notices, bills and changes in reporting notices to taxpayers. When an Austin resident receives a letter from the IRS, he or she is likely to get overwhelmed by it and not question the validity of the notice. This is what scammers are counting on and taking advantage of.

How is my employment status relevant to my tax bill?

Paying taxes is complicated enough, but ensuring one is paying their taxes at the right status of worker can be even more complex. It is a common error made by businesses-intentionally or mistakenly misclassifying the status of a worker only to end up paying heavy penalties. The relationship between an employer and employee is important to understand because it determines which party will withhold taxes and which taxes are going to be withheld.

What is 'Currently Not Collectible' status?

Many Texas residents may hesitate from filing their taxes because they are unable to pay their taxes and meet their living expenses at the same time. What most people may not be aware of is that the Internal Revenue Service has various programs that can help taxpayers find a way to defer making payments on their taxes. When facing an overwhelming tax bill, rather than run away from it, it might be beneficial to get more information about IRS Tax Law.

You can't avail rights you don't know you have. We can help.

A letter from the Internal Revenue Service can overwhelm most Texas residents, especially when it brings news of an audit or unpaid taxes. Filing one's taxes once is complicated enough. Then to have to justify one's claims or deductions can be frustrating, especially since most people do not know how long to hold on to receipts or which deduction to claim at what time.

Did 2018 tax law changes affect refunds substantially?

Just when Texas residents thought they had a handle on IRS tax laws, the 2018 overhaul of the code took place and threw everyone off their stride. In addition to the Tax Cuts and Jobs Act, the IRS and the Department of Treasury also changed withholding tables to reflect the new law. As the IRS reveals its stats from 2018, it seems as if the average tax refund is not so different from last year. It is only down 2% from a year ago.

IRS liens explained

The importance of paying tax obligations on time has been discussed on previous posts here, as have the various partial payment plans offered by the Internal Revenue Service. Even if an Austin resident is not able to pay their taxes, by informing the IRS and working with them to figure out a way to make payments a person can potentially avoid penalties. While many think that the IRS only imposes financial penalties, that is not the case. The IRS can also file a lien against a defaulter's property.

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