A Summary Of The Fiscal Cliff

Posted on: January 4, 2013

Late Tuesday Congress finally approved a plan that ended Washington’s long drawn out battle infamously known as the “fiscal cliff.” The House Republicans conceded to President Obama’s request to allow taxes to rise on the country’s wealthiest households. First, the senate approved the legislation then the House voted in its favor, 257 to 167, which sent the measure to Obama for his signature. The bill is known as the “largest tax cut in American history.” It will protect millions of middle class taxpayers from tax increases were set to effect in January. Though it will also let rates increase on … [Read more…]

IRS Releases 2013 Refund Information as Tax Season Approaches

Posted on: December 17, 2012

Though the holidays are currently in full swing tax season is lurking around the corner. The IRS has just alerted the public that they expect refunds to be processed as quickly in 2013 as they were in 2012.  In 2012, 90% of taxpayers received refunds in less than 21 days. The amount of the average refund was $3,000.  To see if you are going to get a refund you can use the new IRS system “Where’s My Refund?” on the IRS web page or click this link http://www.irs.gov/Refunds/Where’s-My-Refund-It’s-Quick,-Easy,-and-Secure.  This is a new and improved system on the IRS web page … [Read more…]

Harsh Consequences for not Meeting Payroll Tax Deadlines

Posted on: November 26, 2012

  What are the consequences of not paying employment taxes on time? When employment taxes are not paid on time, the IRS will impose harsh penalties due to the fact that a portion of these funds actually belongs to the employee and is simply being held in trust by the employer until the required tax amounts are paid. Business owners who fail to meet payroll tax deadlines can often end up having to pay the delinquent tax balances from their personal funds and, on occasion, can even end up in jail. What is the Trust Fund Recovery Penalty? The Trust … [Read more…]