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IRS Tax Issues - Small Business and Payroll Tax

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					IRS Tax Issues - Small Business and Payroll Tax, Everyone Could Be
Blamed!
Hit Hard: Times are tough. And it's hitting small business harder than
anyone else. Many corner stores are forced to shut down. Even ones that
have been in business for decades. How can your small business take the
pressure when the IRS is breathing down your neck, waiting for you to
make one small mistake? Don't let the IRS intimidate you. Arm yourself
with the knowledge you need to succeed.
Fast Track to Failure: The biggest and easiest way to mess up with the
IRS is neglecting to withhold payroll taxes. There's no excuse for this.
And the IRS will not take it lightly. The penalty for this equals the
amount of taxes owed! It's called the 100% Payroll Penalty or "Trust Fund
Recovery."
Everyone's in Trouble: When payroll taxes go unpaid, the IRS wants to
hold as many people liable as possible. Here are some of the people the
IRS will go looking for:
-Business Owners
-Managers
-Bookkeepers
-Accountants
-Anyone with Check-Signing Power
Help is out There: So what can you do if you already messed up? Here are
a couple of options:
Try an Appeal: You have 60 days from when you get the notice from the IRS
to file an appeal. If you don't protest within the 60 days, the
preliminary notice becomes final and the IRS will send out a formal
notice and demand for payment. Remember, appealing will buy you time.
I've seen people file knowing they owe the debt. This will suspend the
collections process for a short period of time.
Know Your Rights: The Taxpayer's Bill of Rights II has a law that helps
small businesses that are just starting out. As of 1996, the IRS can
forgive penalties for failing to timely deposit payroll taxes IF you are
a first time offender. Also, the IRS can abate penalties for sending the
payment to the IRS instead of depositing it with the right bank.
Watch your Back: If you have Check-Signing power with a small business,
you need to watch your back. If you sign a check to pay the IRS, the IRS
may come after you for taxes if the business fails to pay one year! And
if you are a bookkeeper or an Accountant for a small business, make sure
you double check everything you do. You don't want to be held liable if
something goes wrong!
Now You Have The Smoking Gun...Use it!
Richard Close was an IRS-Hitman. He worked as a revenue officer for the
IRS and his father was the head of the collections branch for 30 years;
so it runs in the family. He left that behind and now he's partnered with
Tax Defense Network to help thousands of Americans with their tax
problems. He gives the tips and tricks for you to fight the IRS and win!
Visit him at: http://irs-hitman.blogspot.com or
http://www.taxdefensenetwork.com, or contact: email irs -
hitman@taxdefensenetwork.com or 1-888-248-9058.

				
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posted:10/14/2010
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