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united states tax court: Minneapolis: Trust Fund Repayment Penalty - Am I Responsible?
- 06/03/21 11:12 AM
The Trust Fund Repayment Penalty is a penalty that makes an individual personally responsible for the tax debt of a business. Maybe a Revenue Officer has interviewed you or asked you to fill out a form. But, shortly afterwards you receive IRS Letter 1153. This is notice that the IRS considers you responsible for making sure that the business pays the tax. Since the business didn't, you are on the hook for the whole balance. But is the IRS wrong? Are you responsible?
I am a tax attorney in Minneapolis, Minnesota. I represent taxpayers before the IRS and state tax authorities. I … (0 comments)
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united states tax court: Minneapolis, MN: IRS Notice of Deficiency: Know Your Rights
- 05/31/21 01:51 PM
If you have received an IRS Notice of Deficiency, also known as CP 531 or Letter 531, then you need to act quickly or you'll lose rights. Ignoring this notice will also start the IRS collections process. Liens, Levies, and other harm to your finances could start pretty quickly after this notice is issued. It is important to know your rights and exercise them.
I am a tax attorney in Minneapolis, Minnesota. I represent taxpayers before the IRS and state tax authorities all over the country. I help with tax debts, tax audits, payroll tax issues, and criminal tax matters. The most … (1 comments)
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united states tax court: Minneapolis, MN: IRS Notice of Deficiency - Why Did I Get This?
- 05/31/21 11:55 AM
The Notice of Deficiency comes from the IRS through either registered or certified mail. This is a very important notice and it comes with a 90 day notice of your rights. This is why many tax attorneys call this the "90 day letter." It is also known as Letter 531 and CP 531. While you might think that nothing good ever comes registered or certified mail, how you handle this letter might be the first steps towards solving your tax problem.
I am a tax attorney in Minneapolis, Minnesota. I represent taxpayers before the IRS and state tax authorities all over the … (1 comments)
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The Trust Fund Repayment Penalty is a penalty that makes an individual personally responsible for the tax debt of a business. Maybe a Revenue Officer has interviewed you or asked you to fill out a form. But, shortly afterwards you receive IRS Letter 1153. This is notice that the IRS considers you responsible for making sure that the business pays the tax. Since the business didn't, you are on the hook for the whole balance. But is the IRS wrong? Are you responsible?
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