Trust Fund Recovery Penalty: A Hidden Threat to Business Owners

The Trust Fund Recovery Penalty (TFRP) is a little-known but dangerous risk for business owners, particularly those handling payroll taxes. It holds individuals personally liable for failing to remit withheld taxes, such as income and FICA, to the IRS. Even if payroll issues stem from cash flow problems or unintentional mistakes, business owners, bookkeepers, or […]

Do Taxes Apply to Foreign Accounts Held Before Entering the U.S.?

If you’re planning to move to the United States and have foreign bank accounts, you may wonder if U.S. tax laws apply to those accounts. The short answer is yes—foreign assets, including accounts held before entering the U.S., are subject to U.S. tax reporting requirements once you become a resident. The right tax attorney in […]

Reducing the Chances of a Business Tax Audit

An IRS audit can be a significant concern for any business.  While the Internal Revenue Service (IRS) selects some returns randomly, certain red flags can increase your chances of being chosen. To ensure your tax filings are accurate and minimize the risk of an tax audit, schedule a consultation with a skilled IRS audit attorney […]

A Proper Response To a Notice of an Audit

While receiving an IRS audit notice doesn’t necessarily mean you’ve done something wrong, it’s crucial to respond promptly and appropriately. At the Law Office of Max Benkel, we provide guidance and defense in dealing with these audits, drawing on decades of experience. Here’s a clear, step-by-step guide to handling an IRS audit: Step 1: Review […]

Qualifying for Currently Not Collectible Status

If you find yourself overwhelmed by IRS debt and unable to pay due to financial hardship, achieving Currently Not Collectible (CNC) status might provide the relief you need. The Law Office of Max Benkel, has extensive experience assisting clients with securing this status, providing a reprieve from IRS collection efforts. What is Currently Not Collectible […]

Are Issues With Tax Debts More Common Among Certain Age Groups?

Tax debts are a common financial issue for many people and businesses, but some age groups face them more often. At the Law Office of Max Benkel, PC, understanding these demographic nuances is key to tailoring our approach in offering effective legal solutions. Younger Adults and Tax Troubles Younger taxpayers, often just entering the workforce […]

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