Receiving an IRS Notice CP531
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https://www.reliabletaxattorney.com/the-irs-voluntary-disclosure-program-giving-employers-a-break-for-erc-claims
Receiving a letter from the IRS can be heart-stopping under the best circumstances. But when the letter claims you owe the government money, it can be overwhelming and hard to know where to turn or what to do next. However, following up after receiving any notice from the IRS is important, partic...
If you have unpaid taxes, the IRS can be persistent in its efforts to collect them from you. Even if you're living on a fixed income, the IRS can attempt to levy or legally seize your assets to satisfy this debt. If you receive a CP91 notice in the mail, you should read the letter carefully and t...
As a Maryland business owner with a company large enough to have employees, correctly managing payroll taxes is essential. When employers fail to fulfill their obligations relating to payroll employment taxes, the Internal Revenue Service (IRS) can pursue civil fines—with penalties of up to 100%—...
When you receive a notice from the IRS informing you of an outstanding tax liability, their intent to file a lien, or to levy or seize your assets, it can be frightening. You may not know what to do or where you can turn. So, we've answered some of the most common questions about the IRS collecti...
It can be stressful and overwhelming if you've received notices from the IRS stating that you have an unpaid tax balance. As long as the agency believes you have an unpaid tax debt, it will continue to try to collect by filing a lien or a levy. With a lien or a levy, the IRS will attempt to claim...
If you're worried about an issue with your taxes, you might be losing sleep over when and if the Internal Revenue Service (IRS) will come knocking on your door. Actually, as of July 2023, the IRS has ended almost all unscheduled visits to taxpayers. That said, no matter where or when you are meet...
If you're an employer who has claimed a COVID-related Employee Retention Credit (ERC), you may be concerned about being audited. Or perhaps you've received an audit notice from the Internal Revenue Service (IRS). If that's the case, don't panic. An audit doesn't mean that you're already suspec...
As the Wall Street Journal recently reported, while other pandemic-related assistance programs have expired, filing for the Employee Retention Credit (ERC) continues to be on the increase. Many employers are absolutely entitled to ERC claims, but the Internal Revenue Service (IRS) wants to make s...
Although other forms of COVID pandemic assistance received more initial fanfare, employers should also not overlook the federal tax relief available. One important initiative is the “Employee Retention Credit” (ERC), a credit for those employers who retained employees during the height of the pan...
As of 2022, the IRS is cracking down on employers and payroll taxes. If you are a business owner who has failed to send the IRS your employees' Medicare and Social Security contributions, the IRS will very likely come knocking at your door—and they won't go easy on you. Penalties for failing to ...
Nobody likes doing taxes. When you have a business to run, you have other things to worry about—plus, you'd rather hire a professional to take care of complex payroll taxes. But what happens if the accountant or payroll service you hired makes a mistake on your tax return? The IRS has started cra...
When your business has employees, it also has the responsibility to withhold federal and state taxes from employee paychecks and employees' Medicare and Social Security contributions. These payroll tax liabilities are known as “trust fund” taxes because the employer holds them in trust before sen...
The IRS is cracking down on employers, making it clear that employers who fail to comply with federal tax laws are one of their top priorities. For a business, this means that a simple mistake can turn into a big problem, leading to an IRS investigation, back taxes, penalties, and interest. Moreo...
As an employer, you must withhold tax payments from employee paychecks under federal law. Federal Insurance Contribution Act (FICA) contributions include both employee and employer contributions to Social Security and Medicare and federal taxes the employee owes based on their earnings. These p...
Here are Some Red Flags for 2022 We all dread facing an IRS audit. The risk is relatively low – the IRS only audited .04% of all returns in 2019. The agency performs complex statistical analyses to determine which returns to audit. But in your personal and business finances, it is possible to pr...
Not reporting all of your income and assets to the IRS is a big deal, and the IRS will aggressively pursue if it discovers you didn't report all of your income. But in some cases, failing to report all of your income can be unintentional. We often find that clients aren't aware of the special rul...
If you're facing an IRS audit, you may be concerned about what will happen if the IRS finds a mistake in your return. A common question we get from clients is whether they can get in trouble for a mistake made by an accountant or tax preparer. Rest assured, the IRS is unlikely to criminally prose...
If you're facing an IRS audit, it's important not to panic. Not all IRS audits are the same, and you and your tax attorney can handle many audits quickly and efficiently by mail. Correspondence Audits For all IRS audits, the IRS will initially contact you by mail. Correspondence audits are the ...
For many business owners, starting a company is a lifelong dream. After all that hard work and sacrifice, it's important to ensure that you have your business ducks in a row. According to the U.S. Bureau of Labor and Statistics, about 20% of small businesses will fail in the first year, and only ...
Facing an audit from the IRS can be both a frightening and a frustrating experience, particularly if you sought tax advice to avoid tax disputes. After the IRS concludes your audit, you'll receive the auditor's findings in writing. If you disagree with the results, you have a couple of options, i...
Being audited can be a stressful experience, especially if this is your first audit. Whether you're facing a personal or a business audit, you probably want to know what to expect and how you can prepare. So, in this article, we'll discuss the business and personal records the IRS may examine dur...
When the Internal Revenue Service (IRS) comes knocking on your door, your anxiety and stress levels may shoot through the roof. You may not even know what, if anything, you did to deserve a visit or a letter from the IRS, but you know that your financial freedom might be on the line. You may fin...
Time is of the essence when it comes to tax-related issues. If you are uncertain as to what your next step should be, contact the reliable tax attorneys at Gabaie & Associates, LLC today.