Income Tax Payments

Steer clear of the Trust Fund Recovery Penalty

Income Tax, Internal Revenue Service (IRS), Small Business, Social Security / Douglas Freeman

If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Because the taxes are considered the property of […]

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COVID-19: IRS announces more relief and details

(CARES ACT), 2019 Tax Return, AGI (Adjustable Gross Income), Coronavirus Aid (CARES Act), COVID-19, Income Tax, Internal Revenue Service (IRS) / Douglas Freeman

In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More deadlines extended As you probably know, the IRS postponed the due dates

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