Civil Penalties Archives - Page 11 of 14 - FREE Yourself from IRS Problems

Shamsey Oloko February 18, 2016 Civil Penalties, Fast Track Settlement Program, FATCA, FBAR, Foreign Financial Account, Income, Settlement 0

For Americans abroad, surviving in the world of FATCA and FBAR

In March, 2010, FATCA , or The Foreign Account Tax Compliance Act, was enacted by Congress to remedy a perceived growing problem with foreign banks facilitating and encouraging U.S. taxpayers to conceal assets in their financial institutions. Seventy-nine countries have since…

Shamsey Oloko January 29, 2016 Civil Liabilities, Civil Penalties, Delinquent Taxes, Offer-In-Compromise, Representation, Settlement 0

WHAT IS AN OFFER-IN-COMPROMISE?

Taxpayers that are unable to pay their tax bill have several options. All is not lost. Taxpayers who can’t pay their tax liability or who create a financial hardship by paying this liability may take advantage of a federal tax…

Shamsey Oloko January 27, 2016 Business Expense, Civil Liabilities, Civil Penalties, Representation, Trust Fund Recovery Penalty 0

PAYROLL TAX: THE TRUST FUND RECOVERY PENALTY

Employers must deduct taxes from their employees’ wages. Employers must make tax deposits and payments on time or they are subject to a Trust Fund Recovery Penalty (“TFRP”). To avoid the TFRP, employers must make sure that all employment taxes…