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October 2014 Archives

Make multiple deposits under $10,000? IRS can seize your funds

If you have insured your house or your car, you know that policies certainly do not cover every possible scenario. There are limitations to the coverage. An example involves business owners who keep cash on hand. An insurance policy may only cover $10,000 if the cash is lost or stolen. 

Offer in compromise an option for those struggling with tax debt

Every person’s reason for not paying federal income taxes is different. In some cases it is because the filer does not have the money to cover the total amount owed. Being in this financial state can be stressful for the individual facing it and they may not know how to proceed. It is possible that an offer in compromise could come into play.

What businesses facing sales tax audits might expect

The state of California takes the payment of sales tax by businesses very seriously. Accordingly, the California State Board of Equalization regularly conducts sales tax audits to make sure that businesses are paying the required amount. The failure of a business to pay what is expected could result in penalties including financial ramification. In some situations the individual responsible for the tasks associated with the corporate sales tax, such as collecting, supervising and paying it will be charges with a crime. Since these penalties can be so serious, it is important to take an audit notice seriously if your business receives it. 

Facing a federal tax lien--do you know what to do?

The average resident of California has little to no understanding of what a federal tax lien is or how it works. Simply put, it is what could happen when you fail to pay your federal income taxes. It is a claim against your property that will not arrive until you first receive a Notice and Demand for Payment which indicates how much you owe.

Things to know about failing to file an income tax return

As readers are likely aware, individuals living throughout the nation who make a certain amount of money are expected file a federal income tax return, annually. Despite that knowledge, come mid April each year, inevitably some individuals have failed to do so. The reasons behind these failures may vary widely, from anti-government sentiment, to fear of what the consequences will be after not filing for many years. Regardless of the reason you do not file an income tax return, it is a good idea to know what to expect as a result of that omission.

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Law Offices of Robert T. Leonard, APC

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Toll Free: 888-408-9486
Phone: 818-224-7935
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Woodland Hills Tax Law Office

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