Now that the worst of Hurricane Sandy is over should you live in a state or region that has been designated a federal disaster area you may be eligible for tax relief. As of October 30, 2012 the IRS has not posted any specific information regarding the relief. I will post a link to this when available.
In additional business news, according to October 26, 2012 issue of The Kiplinger Tax Letter small businesses that owe delinquent payroll taxes can apply for an In-Business Trust Fund Express Installment Agreement. Firms that owe $25,000 or less in payroll taxes can enter into this installment plan to pay their debt within 24 months without having to give financial information to the IRS. Businesses that owe more can pay down their tax debt to $25,000 and then apply. While the agreement is in force, firms must remain compliant and businesses owing between $10,000 and $25,000 must let IRS debit their bank accounts for the funds. Please contact me if you have questions about this.
In additional business news, according to October 26, 2012 issue of The Kiplinger Tax Letter small businesses that owe delinquent payroll taxes can apply for an In-Business Trust Fund Express Installment Agreement. Firms that owe $25,000 or less in payroll taxes can enter into this installment plan to pay their debt within 24 months without having to give financial information to the IRS. Businesses that owe more can pay down their tax debt to $25,000 and then apply. While the agreement is in force, firms must remain compliant and businesses owing between $10,000 and $25,000 must let IRS debit their bank accounts for the funds. Please contact me if you have questions about this.
