What to Do If You Haven’t Filed Last Year’s Tax Return or Can’t Pay the Bill

Unless you've extended the due date for filing last year's individual federal income tax return to October 17, the filing deadline passed you by in April. What if you didn't extend and you haven't yet filed your Form 1040? And what if you can't pay your tax bill? This article explains how to handle these situations. "I Didn't File but I Don't Owe" Let's say you're certain that you don't owe Continue Reading

IRS Moves to Head Off Payroll Deposit Problems

The IRS recently launched a pilot program to try to prevent employers from running into unmanageable payroll tax problems. When it seems likely that an employer will owe a payroll tax balance at the end of a quarter, IRS revenue officers will contact that employer before the quarterly federal tax return is due, the IRS stated in an e-newsletter sent to payroll professionals. The agency noted Continue Reading

New Trade Law Stiffens Penalties for Certain Taxpayers

  On June 29, the Trade Preference Extension Act of 2015 (TPE) was signed into law. The TPE mainly focuses on foreign competition and retraining domestic workers. But if you read the fine print, you'll see that it also includes important — but little-noticed — changes to the penalty regime for failing to file required information returns with the IRS and failing to furnish required Continue Reading