Tuesday Tax Tip

Collection of Employment Taxes – Info for Employers (Part III)

Collection of Employment Taxes – Info for Employers (Part III):   What are trust fund taxes?   Trust fund taxes are the income tax, Social Security tax, and Medicare tax (trust fund taxes) withheld from the employee’s wages. They are called trust fund taxes because the employer holds these funds “in trust” for the government […]
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Collection of Employment Taxes – Info for Employers (Part II)

  Collection of Employment Taxes – Info for Employers (Part II):   What the IRS will do if you do not pay your employment taxes:   The IRS will assess a failure to deposit penalty, up to 15% of the amount not deposited in a timely manner. The IRS may file a Notice of Federal […]
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Collection of Employment Taxes – Info for Employers (Part I)

Collection of Employment Taxes – Info for Employers (Part I):   What are employment taxes?   Employment taxes are the amount you must withhold from your employees for their income tax and Social Security/Medicare tax (trust fund taxes) plus the amount of Social Security/Medicare tax you pay for each employee. Federal unemployment taxes are also […]
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Information for Taxpayers assigned to a Private Collection Agency

Information for Taxpayers assigned to a Private Collection Agency Alert: Your delinquent account could be assigned to a Private Collection Agency. The Internal Revenue Service (IRS) will notify you of the assignment before the Private Collection Agency contacts you and will send you Publication 4518, What You Can Expect When the IRS Assigns You to […]
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How long does the Internal Revenue Service (IRS) have to collect my taxes due?

How long does the Internal Revenue Service (IRS) have to collect my taxes due? The IRS can attempt to collect your taxes up to 10 years from the date they were assessed. However, there are ways this time period can be suspended. For example, by law, the time to collect may be suspended while: · […]
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How to pay your taxes – if you can’t pay in full: But I am unable to pay at this time:

How to pay your taxes – if you can’t pay in full: But I am unable to pay at this time: If you are unable to pay at this time – Ask the IRS to delay collection and report your account as currently not collectable. If you can’t pay any of the amount due because […]
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