5 Common Tax Mistakes that Small Businesses Make

December 15, 2016

Small business owners all too often don’t fully understand the tax advantages and write offs they have available to them. They also often make mistakes that wind-up costing them if they ever get audited by the IRS. Below are five some common tax mistakes that could save your business money or prevent you from getting…
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Who is Liable to the IRS for Unpaid Payroll Taxes?

March 9, 2016

All companies are responsible for paying the payroll taxes of its W-2 employees. Payroll taxes are typically made of two parts: the employee’s portion—Social Security tax, Medicare tax, and income tax withholdings, and the employer’s portion— Medicare and Social Security taxes. The employee’s total withholdings are referred to by the IRS as the “Trust Fund” amount…
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Options for Businesses Behind on Payroll Taxes

November 20, 2015

Generally, employers are legally required to file payroll taxes for their employees on a quarterly basis and pay them on a monthly or semi-weekly basis. While the best way to avoid any legal issues regarding payroll taxes is to pay them regularly and promptly, it is not uncommon for businesses to fall behind in their…
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5 Write-Offs That May Trigger an IRS Audit

May 31, 2015

If there’s one thing that taxpayers fear more than paying taxes, it’s being audited by the IRS. Have you ever wondered about what triggers an IRS audit? While there is no clear-cut answer to that question, there have been plenty of theories on which tax deductions attract the attention of the IRS and result in…
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Businesses With Delinquent Payroll Taxes

March 8, 2015

All businesses that pay wages to its employees are required by law to deduct Medicare, social security, and federal income tax from the paychecks of its employees. The deductions from these paychecks, commonly referred to as trust fund taxes, are to be paid to the IRS on a semiweekly or monthly basis. Apart from the…
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