Category Archives: Tax IRS
Discharging Federal Tax Debt in Bankruptcy: Rules Florida Residents Should Know
Bankruptcy can provide a fresh start when faced with overwhelming debt, but most people think it doesn’t apply when dealing with the Internal Revenue Service (IRS). Florida taxpayers facing financial hardships are often surprised to learn that, under certain conditions, federal taxes can be discharged. While it’s not always an option and the rules… Read More »
Payroll Tax Issues for Florida Small Business Owners: Common IRS Pitfalls
Running a small business in Florida comes with a long list of responsibilities, which includes making sure you meet your payroll tax obligations. Many small business owners consider payroll taxes as just another administrative burden, but the Internal Revenue Service (IRS) takes the matter very seriously. Failing to withhold, deposit, or report payroll taxes… Read More »
What Triggers IRS Audits on Offshore Bank Accounts in Florida and How Taxpayers Can Protect Themselves
Offshore bank accounts are perfectly legal. However, they can also raise red flags with the IRS, especially when not adequately disclosed. In recent years, the IRS has significantly increased enforcement around foreign assets and international income, and Florida taxpayers are often caught off guard when audit letters arrive. You may be subject to strict… Read More »
Offer in Compromise: When Will the IRS Settle for Less From Florida Residents?
If you owe substantial amounts of money to the Internal Revenue Service, you may think the Offer in Compromise (OIC) program sounds too good to be true. For some Florida taxpayers, it’s a legitimate path toward settling a tax bill for less than the full amount owed. The IRS doesn’t hand out compromises easily,… Read More »
Self-Employment Taxes in Florida: Avoiding IRS Red Flags for Contractors and Freelancers
Working for yourself has plenty of perks, but when it comes to taxes, it also brings unique responsibilities. In Florida, self-employed individuals, independent contractors, and gig workers must make their own Social Security and Medicare payments, as well as estimated income tax payments throughout the year. Unfortunately, self-employed taxpayers are often a focus of… Read More »
Trust Fund Recovery Penalty: Florida Business Owners Risk Personal Liability
Florida business owners often assume that payroll tax issues only affect their companies, not them personally. However, the Internal Revenue Service (IRS) sees it differently. If your business fails to remit withheld employment taxes, the IRS can hold you personally responsible through what’s called the Trust Fund Recovery Penalty (TFRP). This penalty doesn’t just… Read More »
How IRS Collection Tactics Change Once a Tax Debt Is Over 10 Years Old
If you owe money to the Internal Revenue Service (IRS), one of the first things you’ll want to know is how long the government has to collect. Taxpayers are often surprised to learn that the IRS does not have unlimited time to pursue a debt. Under federal law, the agency generally has ten years… Read More »
Selling Your Florida Home With a Tax Lien: Is It Possible?
Finding out there’s a tax lien on your home creates enormous stress, particularly if you’re planning to sell. A lien doesn’t mean you have to give up on your goals, but it does mean there are extra steps to take before the sale can move forward. Understanding your options and protecting your financial interests… Read More »
Selling a Business in Florida? Know the Tax Implications Before You Close the Deal
Selling a business is exciting, but it can have serious tax consequences. As a Florida business owner preparing to sell, you may be focused on getting the best price or choosing the right buyer. However, overlooking IRS rules or underestimating your tax liability could result in a surprise bill and potential penalties once the… Read More »
Innocent Spouse Relief in Florida: Can You Avoid a Partner’s Tax Debt?
When you file taxes jointly, you and your spouse become equally responsible for any amount owed. Unfortunately, this can leave one partner on the hook for tax debts caused by the other’s mistakes or intentional misreporting. If you live in Florida and face unexpected IRS collection actions because of your spouse’s (or ex-spouse’s) tax… Read More »