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The Importance Of Filing Back Taxes

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I Had No Idea My Spouse or Partner Had Tax Issues. What Can I Do?

According to Internal Revenue Service (IRS) Commissioner Charles Rettig, in testimony before the Senate Finance Committee in April 2021, unpaid federal taxes total nearly $1 trillion a year, saying his agency is being “outgunned” by increasingly sophisticated tax avoidance schemes.

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Is My Business Subject to Florida’s Sales & Use Tax?

According to the Tax Foundation, Florida ranks fourth nationwide in its State Business Tax Climate Index. This means that 46 other states impose greater tax burdens on businesses operating in their states. For corporations, Florida’s corporate tax rate declined from 5.5 to 4.4458 percent for tax years 2019 to 2021, raising Florida’s corporate tax favorability index from ninth to sixth nationwide.

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What If My Business Doesn’t Pay Its Employment Taxes?

If the business you own, co-own, or manage through a partnership or corporate structure fails to pay its income and employment taxes to the IRS, you may think you will be protected from personal liability through the business structure you’ve established.

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Can I Pay My Tax Debt in Installments?

As the old saying goes, death and taxes are indeed the only certainties in life. If you owe the Internal Revenue Service (IRS) more in taxes that you can afford to pay, do not panic. The IRS Restructuring and Reform Act of 1988 resulted in more rights for taxpayers like you.

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How You Can Qualify for an Offer in Compromise

For individuals who owe back taxes, one of the available options to get tax relief is through an "offer in compromise" (OIC). This involves proposing a settlement offer to the tax authorities, which allows you to offset your tax debt for less than the amount owed.

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What If I Owe More to the IRS Than I Can Afford to Pay?

Statistics from the 2019 Internal Revenue Service Data Book indicate that over 11 million Americans owed more than a combined $125 billion in back taxes, penalties, and interest to the IRS.

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What to Expect During an IRS Audit

The Compliance Activities Report compiled by the Internal Revenue Service indicates that more than 771,000 tax returns were audited by the IRS in Fiscal Year 2019.

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