Tax Resolution
Tax resolution refers to the various methods available to taxpayers to settle outstanding tax debts and resolve disputes with tax authorities. It’s a critical process for individuals and businesses facing tax liabilities they cannot pay.
Tax Withholding Estimator
A tax withholding estimator is a tool that helps you determine the correct amount of taxes to withhold from your paycheck, aiming to avoid owing money or receiving a large refund at tax time. It helps you estimate your income tax liability based on your personal circumstances and financial situation.
Treasury Offset Program (TOP)
The Treasury Offset Program (TOP) is a federal program that collects overdue debts by taking money from certain federal payments you might be expecting. It’s important to know about this program to avoid surprises when you receive federal payments.
Unfiled Tax Returns
Unfiled tax returns are tax returns that a taxpayer has failed to submit to the IRS or state tax authority by the due date. Ignoring this responsibility can lead to serious financial and legal consequences.
Willful Neglect
Willful neglect, in tax terms, means intentionally disregarding your tax obligations. This isn't just a simple mistake; it's a deliberate choice that can lead to serious penalties.
Withholding Allowances
Withholding allowances are used to determine how much federal income tax is taken out of your paycheck. Claiming the correct amount can help you avoid owing taxes or getting too big of a refund.
Write-Off
A write-off is a reduction in taxable income, often due to expenses or losses. Understanding write-offs can help lower your tax bill.
Failure to Deposit Penalty
A failure to deposit penalty is a charge the IRS imposes when businesses don't deposit their payroll taxes or other required taxes on time. This penalty can add significant costs to a business, so avoiding it is important.
Federal Unemployment Tax Act (FUTA)
The Federal Unemployment Tax Act (FUTA) tax is a federal tax that employers pay to fund unemployment benefits for workers who lose their jobs. It's a crucial part of the safety net for the workforce.
Tax Deficiency
A tax deficiency occurs when the IRS determines that you owe more taxes than you originally reported on your tax return. It's crucial to understand what causes a deficiency and how to address it to avoid further penalties.