onpoint resolution llc: Mount Laurel, NJ: IRS Tax Lien, IRS the Piggy Bank - 02/19/24 07:33 AM
Live in Mount Laurel, NJ? Here is a quick story about IRS Tax Lien
What Happens When You Don't Pay Your Taxes to the IRS
Imagine you have a piggy bank where you keep all your treasures. But one day, you forgot to share some of your treasures with a friend, like you promised. That friend is like the IRS, which is a group that collects money for the government. When you don't share your treasures (or pay your taxes), the IRS says, "Okay, until you share like you promised, I'm going to put a sticker on your piggy bank. This sticker tells … (0 comments)

onpoint resolution llc: Mount Laurel, NJ: Figuring Out the IRS Penalty Letter - 02/19/24 06:35 AM
An IRS penalty is a financial charge imposed by the IRS on taxpayers who fail to comply with tax laws, including not filing tax returns on time, failing to pay taxes owed by the due date, or making errors on their tax returns. These penalties are designed to encourage compliance and timely filing and payment of taxes.
Late Filing Penalty: If you don't file your tax return by the due date (including extensions), the IRS can charge a late filing penalty. This penalty is usually 5% of the unpaid taxes for each month or part of a month that a tax return … (1 comments)

onpoint resolution llc: Mount Laurel, NJ: Waters of The IRS Notice CP90 - 02/14/24 06:59 PM
What is IRS Notice CP 90?
In Mount Laurel, NJ the IRS Notice CP 90 is a final notice of intent to levy your assets due to unpaid taxes. This critical communication means the IRS is prepared to take serious action, including garnishing wages, seizing bank accounts, or even affecting your passport status. But, there's a beacon of hope if you act promptly and judiciously.
What should you do when you receive IRS Notice CP 90?
You should review the IRS notice. It specifies the tax period and amount owed, offering a crucial window for action. Ignoring the IRS notice CP90 can lead to … (1 comments)

onpoint resolution llc: Mount Laurel, NJ: CP14 What Do I Do Now? - 02/05/24 10:44 AM
Just filed my income tax return, now I am receiving CP14 from the IRS. What do I do now?
When you receive an IRS Notice CP14, it means the IRS is informing you that you have unpaid taxes for a specific tax year you have filed. This notice is essentially the first notice you might receive about unpaid taxes and it outlines how much you owe, including any penalties and interest accrued up to the date of the notice. It's a prompt from the IRS for you to either pay the amount due or to contact them to make arrangements if you … (0 comments)

onpoint resolution llc: Mount Laurel, NJ: Have You Received an IRS Notice CP501? - 02/05/24 08:59 AM
What is IRS notice CP501 and what should you do when you receive it?
After filing your income tax return and there is a balance due, the IRS sends the CP501 notice as an initial step in their process of collecting unpaid taxes. It's essentially a reminder for taxpayers who have a balance due on their federal taxes. The purpose of this notice is to inform you of the amount owed, including any penalties and interest that have accrued since you filled. It's the IRS's way of saying, "Hey, you have an outstanding balance, and it's time to address it."
Now, if a … (0 comments)

onpoint resolution llc: Mount Laurel, NJ: Understanding the IRS Collection Process - 01/24/24 04:47 PM
In Mount Laurel, NJ dealing with the IRS collection process can be frightening, but understanding it is crucial to resolving back tax debts effectively.
Notice of Back Tax Debt: The process begins when the IRS sends a notice, detailing your tax debt and demanding payment from you. This is your cue to either pay the amount or explore other options if you're unable to pay in full.
The clock is ticking: It's imperative to respond promptly. Ignoring the notice from the IRS can lead to added penalties and interest, increase your back tax debt.
Keep in mind the IRS Payment Options: The IRS offers … (0 comments)

onpoint resolution llc: Mount Laurel, NJ: Is Your Business IRS Income Tax Compliant? - 01/08/24 11:01 AM
Business owners in Mount Laurel, NJ! Managing a business is tough, especially when it comes to dealing with IRS taxes. Not following the IRS rules can lead to big fines, penalties, and even legal trouble. You definitely don't want your business to get into hot water for not filing taxes. Here are some key steps to make sure you stay on the right side of IRS rules:
Find Out Which Tax Forms You Need: Depending on your business type and industry, there are different tax forms to file. Check out the IRS website to figure out which ones you need. If … (1 comments)

onpoint resolution llc: Mount Laurel, NJ:Understanding Taxes for Beginners - 01/08/24 09:42 AM
Today, we're going to explore the world of taxes. It might sound complicated, but it's actually quite interesting. We're going to learn about two types of taxes: Payroll Tax and Income Tax. Let's break it down into simple terms.
What is Payroll Tax?Imagine you have a piggy bank where you save money from doing chores. If that piggy bank was like your paycheck, payroll tax would be a small part taken out of it before you even get it. This money goes to important things like healthcare for older people. It's like sharing a bit of what you have to help others.
What … (0 comments)

onpoint resolution llc: A Step-by-Step Guide to Filling Your Payroll Taxes in Mount Laurel, NJ - 08/22/23 05:27 AM
Are you a business owner or entrepreneur based in Mount Laurel, NJ? Well, congratulations on your success! However, with the success of your business comes the responsibility of filing your payroll taxes on time. Filing taxes can seem like a daunting task, especially if you're new in the business world.
Step 1: Gather Your Documents
Before you embark on your payroll tax filing journey, make sure you have all the necessary documents in hand. These include employee timesheets, wage information, employee benefits information, and tax deductions. Failure to have the appropriate documentation can make the process more arduous.
Step 2: Calculate Your Taxable Wages
Once … (0 comments)

onpoint resolution llc: How Outsourcing Payroll Can Save You Time and Money in Mount Laurel, NJ - 08/22/23 04:46 AM
If you run a business, you know how critical it is to stay on top of your payroll. Unfortunately, with the never-ending requirements, it can be challenging for small business owners to stay current on payroll regulations while keeping their business running smoothly. It can be not only time-consuming but also financially crippling. Suppose you're not outsourcing your payroll. In that case, you could be spending countless hours on managing your payroll accounting while risking compliance mistakes, penalties, and fines. 
1. The Burdens of In-House Payroll
One of the primary reasons to outsource your payroll is to reduce the burden of in-house payroll. … (0 comments)

onpoint resolution llc: The Critical Role of a Payroll Service in Your Business in Mount Laurel, NJ - 08/22/23 04:35 AM
Running a business can be challenging and stressful, and one of the most critical aspects of managing a business is payroll. If you're a business owner or administrator in Mount Laurel, NJ, you know how important it is to make sure your employees are paid on time every pay period. That's where a payroll service can come in handy. 
1. Compliance with Payroll Laws
Local, state, and federal laws surrounding payroll can be complicated, and it can be a challenge to keep up with changes, deadlines, and various forms. As a business owner, you could struggle to keep track of all these laws … (0 comments)

onpoint resolution llc: Payroll Tax vs Income Tax: Understanding the Differences and What They Mean for You - 08/22/23 03:40 AM
Are you confused about the difference between payroll tax and income tax? As someone who has never filed taxes before, it can be overwhelming to stay on top of all the tax terms that get thrown around in the media and by the government. But understanding the differences between payroll tax and income tax is essential to ensuring you're not paying more than you owe.
Payroll tax is a tax that your employer withholds from your paycheck to fund social security and Medicare programs. Depending on how much you earn, the percentage of your paycheck that goes towards payroll tax can vary … (0 comments)

onpoint resolution llc: Navigating Payroll Tax Penalties: A Comprehensive Guide in Mount Laurel, NJ - 08/16/23 06:16 AM
As a business owner, it is essential to keep your payroll taxes in check to avoid any legal repercussions such as fines, penalties, and even jail time. In Mount Laurel, NJ, especially, payroll tax compliance is crucial, considering the many legal implications of defaulting tax obligations. 
Types of Payroll Tax Penalties in Mount Laurel, NJ
1. Late Deposit Penalties: According to the IRS, employers should deposit payroll taxes on time during every pay cycle. If you fail to deposit your taxes on time, you may face a late deposit penalty that can escalate with time.
2. Late Filing Penalties: The IRS requires employers to … (0 comments)

onpoint resolution llc: How to Ensure Your Business is IRS Compliant in Mount Laurel, NJ - 08/06/23 01:20 PM
If you own a business in Mount Laurel, NJ, then you know how hard it can be to keep up with all the necessary tax filings and payments that the IRS requires. Non-compliance could lead to hefty fines, penalties, and even legal action. The last thing you want is to be classified as a non-filer business. So, to ensure your business stays compliant with the IRS regulations, read on.
1. Know what tax forms your business needs to file.
There are many different tax forms that your business may need to file depending on your business structure and industry. You can use the … (0 comments)

onpoint resolution llc: Avoid these Top 5 Common Mistakes in Filing Payroll Taxes in Mount Laurel, NJ - 08/06/23 01:04 PM
Paying taxes can be a challenging task, especially when it comes to filing payroll taxes. Making mistakes can cost you a lot, including hefty penalties and unnecessary stress. If you are a business owner in Mount Laurel, NJ filing payroll taxes for the first time or simply want to avoid committing mistakes.
Top 5 Common Mistakes in Filing Payroll Taxes that you must avoid at all costs.
1. Misclassifying Employees: One common mistake is classifying employees as independent contractors. It may seem like a cost-saving option, but it could lead to penalties, further costs, and liability issues. Make sure you classify your employees … (0 comments)

onpoint resolution llc: How to Plan for Your Payroll Taxes in the Coming Year - 07/31/23 06:27 AM
Payroll taxes are an inevitable expense for any business. However, many businesses fail to plan and budget for them appropriately, which can lead to significant problems down the line. With the end of the year drawing closer, it's time to start thinking about how you can plan for your payroll taxes in the coming year. 
1. Understand Your Tax Obligations
The first step in planning for your payroll taxes is to understand your obligations. This includes knowing how much to withhold from your employees' paychecks and how much you, as the employer, need to pay in taxes. You'll need to review the … (1 comments)

onpoint resolution llc: The Problem with Giving a Bad Check for Payroll Tax - 07/25/23 08:03 AM
As a non-filer, payroll tax can seem like an overwhelming and confusing topic. However, it is important to understand the consequences of giving a bad check towards payroll tax. The repercussions can not only be harsh but also have long-lasting effects. Whether it is due to financial hardship or simple oversight.
It is essential to understand that the IRS takes tax evasion seriously. If your bad check bounces for your payroll tax, it is considered tax evasion, and the IRS will take this as a personal offense. The payroll tax is fundamental to the functioning of a business, supporting Medicare and Social … (1 comments)

onpoint resolution llc: The Importance of Knowing Payroll Tax Accuracy Penalty - 07/24/23 10:17 AM
Are you a business owner who has been struggling to keep up with payroll taxes? Perhaps you've missed a deadline or two or maybe you're not quite sure if your calculations are accurate. Whatever the case may be, it's crucial that you understand the penalties that come with inaccurate payroll tax reporting. Not only can inaccurate payroll taxes result in hefty fines, but they can also lead to unwanted audits and even legal consequences.
1. What are the consequences of inaccurate payroll taxes?
The first thing you need to understand is that failing to adhere to payroll tax rules can lead to serious … (1 comments)

onpoint resolution llc: What Does an IRS Levy Notice Mean for Non-Filers in Mount Laurel, NJ - 07/17/23 07:42 AM
Receiving a letter from the IRS can be a scary experience, especially if you haven't filed your taxes in a while. If you're a non-filer in Mount Laurel, NJ, and you receive a notice of levy from the IRS, it's crucial to understand what it means and what your options are. 
An IRS levy notice is a legal document that gives the IRS the authority to seize your assets, such as your bank account, wages, or property. The notice will typically be sent to you by certified mail, and it will inform you that the IRS intends to seize your assets to … (1 comments)

onpoint resolution llc: Understanding the IRS Levy Notice: A Guide for Non-Filers in Mount Laurel, NJ - 07/17/23 07:12 AM
Receiving an IRS levy notice in Mount Laurel, NJ can be an overwhelming experience, especially if you are not familiar with tax laws and regulations. The thought of your assets being frozen and seized by the IRS can be scary, but understanding what the notice means and what steps you can take can help you avoid further consequences. 
What is an IRS Levy Notice?
An IRS levy notice is sent to taxpayers who have unpaid tax liabilities. This means that the IRS can legally seize and sell any property or asset you own to pay off your outstanding tax debt. The notice will … (2 comments)

Fanta Kaba (OnPoint Resolution LLC)

Fanta Kaba

Mt Laurel, NJ

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