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Jun 10

Trust Fund Recovery Penalty

  It’s probably fair to assume that business owners don’t start companies for the enjoyment of withholding taxes from employees. Collecting trust fund taxes is just one of the many mundane tasks that employers are obliged to take on. Nonetheless, many employers find themselves staring down an expensive Trust Fund Recovery Penalty if they don’t. […]
How Tax Liens Affect Your Financial Health
May 27

How A Tax Lien Affects Your Financial Health

Most people prefer to avoid trouble with the IRS and make sure to pay their tax bill on time. Sometimes, happenings beyond our control can prevent this from occurring. Often, this is because the IRS sends the bill to the wrong address or the funds simply aren’t available. This can be due to a job […]
Tax Levy
Oct 22

I Owe Back Taxes! How do I fix it?

GATHER ALL YOUR DOCUMENTS.  To file your back taxes, you will need all of your tax documents. This includes your W-2's, 1099's, 1098's, receipts and any other documents that will affect the outcome of your taxes. If you are missing documents, such as past W-2's, 1099's and 1098's, you can request a transcript from the IRS. PREPARE […]
Jul 18

5 TAX TIPS FOR ANYONE WHO OWES TAXES!

PAY YOUR TAX BILL.  If you receive a bill from the IRS, pay the bill as soon as you can, this is will save you money. If you are unable pay it in full, you should pay as much as you can to reduce the interest and penalties charged for late payment. GET A SHORT-TERM EXTENSION […]
Aug 16

Tax provisions in the Senate health care bill

Senate Republicans on Thursday released a draft bill that would repeal many provisions of the Patient Protection and Affordable Care Act (PPACA), P.L. 111-148. The Senate bill, called the Better Care Reconciliation Act of 2017, differs in many respects from the House-passed American Health Care Act, H.R. 1628, but like the House bill, it would […]
Oct 20

Corporate tax audit

Walter Wotman, owner and head CPA of Tax Champions and his staff have successfully represented a vast array of businesses through the audit process. It doesn't matter if your business is large or small. We make sure that every client is treated with the same professionalism to ensure the best results possible in each and […]
Oct 20

Penalty Abatement Representation

As with most dealings with the IRS, requesting a penalty abatement can be difficult to accomplish on your own without extensive knowledge of tax law and experience in dealing with the specifics of what may or may not qualify for a successful penalty abatement and in many cases it may take appealing the denial of […]
Oct 20

Penalty Abatement Forms

The form used for the most common circumstances for abatement certain penalties is the 843 Request for Abatement and Refund form. Some of the reasons for utilizing this form for an abatement or refund would be for additional tax caused by certain delays or errors by the IRS, an employer error or over withheld tax […]
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