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Richardson TX – Payroll Tax Debt Relief – The Express Installment Agreement (IBTFIA)

When businesses with Payroll Tax Debt come into our Richardson, TX tax office, one of my major priorities is avoiding the Trust Fund Recovery (TFRP) from being assessed against my clients. The TFRP is an assessment that the IRS makes against what it considers to be...

Richardson TX – The Criminalization of Payroll Tax Debt!

As covered previously, Payroll Tax Debt issues are among the most complex and potentially the most damaging tax debt cases that we see in our Richardson, TX tax office. First, there are the potential penalties that can create a financial hole that’s almost impossible...

Richardson TX – Why Cash Strapped Businesses Need to Make Payroll Tax Deposits

When business owners come into our Richardson TX tax office with a payroll tax debt issue, it’s often more complex than a typical IRS 1040 tax debt problem.  Payroll Tax Debt not only may involve risk at the corporate or LLC level, but both owners and possibly other...

Plano TX – The Stimulus Payments. What are They and Who Qualifies?

Over the next week or two, I hope to write several blogs about the CARES ACT. The Cares Act was passed by Congress and signed into law by the President on March 27th. It contains a number of initiatives, with the goal of providing financial relief, to both individual...

Have IRS Debt? Learn about changes in IRS Due to the Coronavirus!

Yesterday (March 25th, 2020) the IRS announced a People First Initiative, where the IRS announced that their priority would be helping taxpayers through uncertain times versus collection actions. These would include providing various payments relief and postponing...

Plano TX – How to calculate Insolvency for a Cancelled Debt on Form 982

Two weeks ago, I wrote that there are certain situations which permit the exclusion from Gross Income on a Taxpayer’s tax return, when they are the recipients of debt forgiveness that would typically be taxed. One of the options that permitted exclusion was for debt...