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Eight Ways to Consolidate Debt
Next to winning the lottery, a debt consolidation loan is a debtor’s dream. With one monthly payment and a fixed monthly payment schedule, you can actually see an end to those monthly payments.
In reality, consolidating bills isn’t always...
Euro Tax Haven Threat
Media reporting of a new EU savings tax directive has left many people wondering whether European tax havens could soon become obselete.
The July directive requires banks throughout Europe, including low and no tax areas such as Gibraltar,...
Get Off To A Great Start With The Right Credit Card
Looking for some great credit cards? Or want to pay off high-rated debt in affordable monthly installment? Then you have come to the right place. At http://www.startecredit.com , we offer you the best and easiest way to secure credit cards...
Professional Transcription and Your Business
Got stacks of audio tapes that need to be converted to a more user-friendly format? Professional transcription services may be the answer.
Professional transcriptionists can take standard or micro cassette tapes and produce a typed...
This Year, Try Using Tax Software to File Your Taxes
Every year, we citizens of the United States have to "pay our
dues" so to speak, in the form of filing our income tax
documentation with the federal, state, and in some cases,
municipal government. For many years, people and businesses...
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Failure To Pay Employment Taxes – Penalties
As an employer, you must pay employment taxes if you have employees. Fail to pay and the IRS will rain all over your parade.
Penalties
If you have employees, you absolutely must deduct and withhold various taxes from the paychecks of your employees. Since you are deducting money from the employee’s paycheck, you are handling their funds. This fact is very important to the IRS and it places great emphasis on any failure to deposit employment taxes.
If you fail to pay employment taxes, you will be subject to a 100 percent penalty. Yes, 100 percent. Known as the “trust fund recovery penalty”, the penalty is assessed against the person responsible for paying the taxes, not the entity. The person can be the owner, corporate officer or other “responsible person.” In short, a business entity is not going to protect you from the wrath of the IRS.
Late Payments
Cash flow crunches are an inevitable event for practically every business. So, what happens if you make a late payment for employment taxes. Unless you can show a reasonable
reason for the delay, the IRS is going to penalize you.
Late payment penalties range in amount depending on the delay. If the delay is less than six days, the penalty is two percent. Delay for six to 15 days and you are looking at five percent. More than 15 days in delay is going to push the penalty to 15 percent. If you delay this long, the IRS will be peppering you with penalty notices telling you where you stand.
In Closing
Whatever you do, make sure you deposit employment taxes with the IRS in a timely fashion. Take a moment to think about the worst thing you have ever heard done by the IRS. If you fail to pay employment taxes, the actions taken by the IRS will be ten times worse and you will be the one telling horror stories.
About the Author
Richard Chapo is with Business Tax Recovery - Obtaining tax refunds for small businesses for overpaid taxes. Go to our article section to discover tax strategies and deductions.
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Internal Revenue Service |
The US government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications. |
www.irs.gov |
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Tax Information for Individuals |
Access to useful information, booklets and other tools from the Internal Revenue Service. |
www.irs.gov |
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Tax Center - Yahoo! Finance - Tax forms, tips and calculators. |
Yahoo! Finance: Tax - Find all the resources you need for tax season. Review recent tax law changes, estimate your taxes, find tax tips and expert answers ... |
tax.yahoo.com |
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Taxes: Tax Planning, Tools and Advice - MSN Money |
Microsoft's Tax Preparation site, in association with Tax Server. |
moneycentral.msn.com |
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Tax - Wikipedia, the free encyclopedia |
Governments use different kinds of taxes and vary the tax rates: ... Taxes are most often levied as a percentage, called the tax rate, of a certain value, ... |
en.wikipedia.org |
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H&R Block | Taxes, Online Tax Preparation, Tax Software, Filing ... |
Offers online and in-person tax preparation and tax software, mortgages, brokerage and financial services, consumer tips and tax planning information. |
www.hrblock.com |
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TaxCut Online | H&R Block | Online Taxes, File Taxes Online ... |
File your Taxes online with TaxCut Online. Learn how to file taxes online here. |
www.hrblock.com |
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Income Taxes, Tax Returns, Refunds, Deductions and E-File Software ... |
Popular tax preparation software by Intuit. Integrates with Quicken, spreadsheets and offers state by state electronic filing. |
turbotax.intuit.com |
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Taxes & Estates, Tax and Estate Planning Advice - Forbes.com |
Personal Finance - Get tax and estate planning advice and information from Forbes.com. |
www.forbes.com |
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Essential Links to Taxes |
TurboTax Premier For Federal Returns 2005 Win/Mac, TurboTax Total Tax Solution Deluxe 2005 with State Win/Mac, TurboTax Basic 2005 Win/Mac... ... |
www.el.com |
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Government > Taxes in the Yahoo! Directory |
Yahoo! reviewed these sites and found them related to Government > Taxes. |
dir.yahoo.com |
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Taxes - Tax News for Home and Business from CNNMoney |
The latest in tax law updates, news, forms & advice from CNNMoney.com. Includes a refund savings calculator, and interactive tax lessons. |
money.cnn.com |
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The Tax Foundation - Educating Taxpayers Since 1937 |
Devoted to educating taxpayers about tax policy and the total tax burden borne by Americans at all levels of government. |
www.taxfoundation.org |
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Welcome to the Vermont Department of Taxes |
Welcome to the Vermont Department of Taxes... ... Changes to Property Tax Adjustments in 2007 - updated 10/18. - Tax Expenditures Transition Report on ... |
www.state.vt.us |
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Franchise Tax Board Homepage |
The department that collects state personal income taxes and bank and corporation taxes for the State of California. Access to forms and tax information. |
www.ftb.ca.gov |
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HM Revenue & Customs: Home Page |
News and information on tax and national insurance, including downloadable leaflets and forms and the latest news on filing tax returns on-line. |
www.hmrc.gov.uk |
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State and Local Tax |
Piper Resources; State Tax Rates and Structure ...Federation of Tax Administrators; State Payroll Taxes Information ...Symmetry Software ... |
www.taxsites.com |
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Quicken.com |
www.quicken.com/taxes/ - 3k - Cached - Similar pages |
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Tax news and advice from Bankrate.com |
Information on all phases of tax planning and preparation. |
www.bankrate.com |
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Online Tax Advice - Tax Preparation Help - Income Tax Tips |
Income Tax Tips - MarketWatch offers online tax advice and tips. ... IRS inflation adjustments mean tax break on next year's taxes. ... |
www.marketwatch.com |
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