6 Tips for Avoiding the Trust Fund Recovery Penalty

If you are running a business and it is not withholding or remitting payroll taxes to the IRS, you should be aware of the trust fund recovery penalty. This penalty can make the business’ payroll taxes your personal tax problem. The IRS is able to assess the penalty against you individually. That means that the…

How to Avoid the Estimated Tax Penalty

The IRS imposes penalties for a number of different types of conduct. Many of these penalties can be abated or removed based on reasonable cause. Reasonable cause refers to there being extenuating circumstances. The estimated tax penalty is different, as extenuating circumstances are largely irrelevant. This makes it even more important to pay estimated taxes…