If you are an employer or some other entity that makes payments, you must withhold taxes from your employees’ paychecks and certain other payments that you issue. However, you must also be aware of any additional taxes that you may have to withhold. For payees who do not furnish a correct Tax Identification Number (TIN), [...]

If you have income that does not have tax withholding, chances are that you will need to pay estimated tax to the IRS. Estimated taxes are required for corporations, partnerships, S corporation shareholders, sole proprietorships and – in certain circumstances – individuals.

Many people attempt to “sneak one past” the IRS, but anyone who attempts to hide real estate, bank accounts or other assets that he owns is asking for trouble, plain and simply. The IRS has a number of tools and methods that facilitate the uncovering of an individual’s assets, and the risks involved in hiding [...]

Saving money today for tomorrow’s expenses is the best way to ensure long-term financial security. With the future of the nation’s supplemental retirement income program up in the air, consumers are urged to save as much money as possible during their working years in order to grow retirement funds. One of the most popular methods [...]

The April 18th tax deadline has passed and you failed to file your tax return or request an extension.  Whatever the cause for not filing your return, you must make a decision regarding your next course of action and quickly to remedy the situation.  Do not convince yourself that the IRS will simply overlook the [...]

The Internal Revenue service, or the IRS, recently announced a special voluntary disclosure initiative that was designed to help bring offshore money that should be in the US tax system back. The initiative is a means at giving taxpayers a second chance to disclose income that they have hidden in offshore accounts and bring this [...]

The Internal Revenue Service (IRS) will be raising interest rates for the second quarter and the new rates will go into effect come April 1, 2011. According to the IRS website, the new rates will be as follows: four (4) percent for overpayments (three (3) percent in the case of a corporation); four (4) percent [...]

It is a common misconception that when it comes to the IRS, you have little or no rights concerning tax issues. With thousands of tax codes to contend with, it is not unusual for taxpayers to feel overwhelmed and intimidated by the entire tax process. While it is true that the IRS is a powerful [...]

As headlines regarding New Jersey Housewife Teresa Giudice’s $11 million debt and bankruptcy filing  surface newspapers, magazines, and blogs alike, America is beginning to realize that financial hardship can face anyone- regardless of social status. And, while the focus seems to lie solely on Teresa’s “breaking news,” turns out that she may not be the [...]

Ever wonder what would happen if you didn’t pay your taxes? When deciding which bills are the most important to pay, some people don’t include the IRS as a top priority, believe it or not! Think about it – if you skip utility bills, they shut off your service. If you skip a car payment, [...]