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Your Questions Answered

Here's what the IRS says to do if you are missing a W-2

Common Myths About the IRS:

Myth: "You MUST avoid failing to file taxes at the time required by law."

Answer: True. The willful failure to pay the estimated tax at the time required by law. The penalty: up to one year in prison and/or up to $25,000 in fines ($100,000 in the case of a corporation).

Here's an example: On September 28, 2006, David Weber, owner of Best Design, Inc., a screen printing operation, plead guilty of two counts of failure-to-file and was sentenced to one year in prison, one year of supervised release and ordered to pay $313,385 in taxes owed to the IRS. Between the years of 2001 and 2005, Weber failed to withhold federal income taxes for employees and failed to file his quarterly employment tax returns. He employed 18-22 people during this time, totaling a payroll of over $1.6 million. Although Weber had a payroll service that provided him with the 941 forms detailing the employee taxes to be paid, Weber failed to file the forms with the IRS.

Can the IRS Take Your Social Security?

Common Myths About the IRS:

Is Owing Credit Card Debt Better Than Owing the IRS?

Going it Alone with the IRS... Wise Decision?

The IRS has the power to assess penalties in over 147 different situations. Almost every person or business suffering from an IRS problem owes the IRS even more money because of penalties. What you probably don't know is that the IRS writes-off approximately 50% of all penalties. The IRS calls the act of "writing-off" or eliminating a penalty an "abatement". The IRS does not normally volunteer any information about the likelihood to do this. You MUST ask!

The current bankruptcy code may allow you to completely discharge income taxes in bankruptcy. (Payroll taxes are not dischargeable.) This means you may be able to "walk away" from 100% of that tax – including the penalties and interest.

Bryson Law Firm News Is Featured All Over the Country in These and Other Fine Publications

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