Frozen Bank Account Due to Unpaid Florida Sales Tax? A frozen bank account? When a taxpayer has unfiled returns or unpaid Florida sales tax, the Florida Department of Revenue has the authority to freeze their bank accounts to collect the owed amount. This process begins with a notice sent to banks, freezing funds across all accounts […]
Sales Tax Audit Checklist Understanding the intricacies of sales tax audits is not just about compliance; it’s about safeguarding your business’s financial health. An audit can seem scary. However, with a sales tax audit checklist and good preparation, it becomes easier to manage. This article will go through each step of the audit process. It […]
What you should know about payroll taxes, form 941, payroll tax filing, due date of returns and deposits, and penalties for not payroll tax filings.
How much can I pay my child to work for my business according to the 2023 IRS guidelines?
The 2023 IRS guidelines state that you can pay your child a reasonable wage for their work in your business. This wage should be comparable to what you would pay an unrelated employee for similar work. It is important to keep accurate records of the hours worked and the tasks performed by your child, as well as to pay them regularly. This allows you to demonstrate that the payments are legitimate and that you are not using them as a means to avoid taxes.
When seeking tax debt relief, choosing the right IRS tax professional can make all the difference. From credentials to communication, here are eight critical considerations to guide your selection: 1) Credentials and Qualifications, 2) Experience with Similar Cases, 3) Reputation and Reviews, 4) Transparent Fee Structures, 5) Availability and Communication, 6) Continuing Education, 7) Professional Association Memberships, and 8) Trust and Comfort. Ensure a thorough evaluation to navigate your tax challenges with confidence.
Confronting tax problems related to issues from the IRS can be daunting and tense. If you have outstanding taxes, are confronted with an audit, or encounter other tax complications, it’s vital to act promptly and discover a resolution. Luckily, there are measures you can adopt to address your tax predicaments and reclaim authority over your monetary circumstances.
Discover the implications of an IRS Jeopardy Assessment for tax debt. Learn if the IRS can levy due to outstanding liabilities. Get informed now.
Rather, the TFRP is a collection device that permits the IRS to impose liability on a “responsible person” who “willfully” failed to remit the employment taxes that were held in trust for the government.
