Tag: Late Payment

Past Due Income Tax Returns

What Happens When I File Overdue Returns? Once your returns become overdue, it might seem too late to expect an okay outcome. In actuality, an unexpected benefit of filing is that you will probably make more money. Sometimes, self-employed people...

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Past Due Employment Taxes

What are employment taxes? The most forceful collection activities are applied to collect past due employment taxes. Employment taxes are one type of Trust Fund Taxes, meaning that the business owner has withheld the taxes with the purpose of...

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Paying Back Taxes

Will I Go to Jail? Though the law theoretically allows for jail time for not paying your taxes, I have not seen this occur in my thirty-five years of practice. The reasons for unpaid taxes among employed people commonly include illness, job loss...

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Business Taxes

What are business taxes? Business taxes are a class of taxes payable by the business only. The owner of the business cannot be made responsible for them. Taxes such as corporate income taxes or franchise taxes are business taxes. What can happen...

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More about Tax Levies

Let’s hope that you never receive a ‘Notice of Intent to Levy’ from the IRS. Still, it’s a good idea to understand what an IRS Levy is – not only will this give you extra motivation to finish your taxes, but you might glean some valuable tips...

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Settling IRS Tax Debts – Your Options

As we noted in the previous blog, the IRS has 10 years to collect any tax due. So you’re going to have to deal with this sooner or later, and interest and late payment penalties will continue to accrue while you figure out how you are going to...

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