The IRS has limited time to assess trust fund recovery penalties. Generally, the IRS has three years from the filing date of the employment tax returns to assess the trust fund recovery penalty. This seems simple but it does require further explanation.
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Another Nationwide Firm in Trouble?
Nationwide tax resolution firm Omni Financial under investigation by the Florida Attorney General. Will this be the next nationwide firm to go down?
Trust Fund Penalty – Who is the responsible person?
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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Quote of the month – September 2012
A leader destined for success asks, “What can we do to improve?”
A leader destined for failure says, “That’s the way it’s always been done.”
Which are you? Anonymous
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…
The Lark
I was invited by Merrill Lynch for 1 hour of CPE and dinner at the restaurant, the Lark. The Lark is located in West Bloomfield, Michigan, near the corner of Farmington and Maple. The CPE course was fine. However, the food was amazing.
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Quote of the Month – August 2012
You can learn something from every person you meet even if it’s what not to do. Abraham Lincoln
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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