| Hit Hard: Times are tough. And it's hitting small business | | | | messed up? Here are a couple of options: |
| harder than anyone else. Many corner stores are | | | | Try an Appeal: You have 60 days from when you get |
| forced to shut down. Even ones that have been in | | | | the notice from the IRS to file an appeal. If you don't |
| business for decades. How can your small business | | | | protest within the 60 days, the preliminary notice |
| take the pressure when the IRS is breathing down | | | | becomes final and the IRS will send out a formal notice |
| your neck, waiting for you to make one small mistake? | | | | and demand for payment. Remember, appealing will |
| Don't let the IRS intimidate you. Arm yourself with the | | | | buy you time. I've seen people file knowing they owe |
| knowledge you need to succeed. | | | | the debt. This will suspend the collections process for a |
| Fast Track to Failure: The biggest and easiest way to | | | | short period of time. |
| mess up with the IRS is neglecting to withhold payroll | | | | Know Your Rights: The Taxpayer's Bill of Rights II has |
| taxes. There's no excuse for this. And the IRS will not | | | | a law that helps small businesses that are just starting |
| take it lightly. The penalty for this equals the amount of | | | | out. As of 1996, the IRS can forgive penalties for failing |
| taxes owed! It's called the 100% Payroll Penalty or | | | | to timely deposit payroll taxes IF you are a first time |
| "Trust Fund Recovery." | | | | offender. Also, the IRS can abate penalties for sending |
| Everyone's in Trouble: When payroll taxes go unpaid, | | | | the payment to the IRS instead of depositing it with the |
| the IRS wants to hold as many people liable as | | | | right bank. |
| possible. Here are some of the people the IRS will go | | | | Watch your Back: If you have Check-Signing power |
| looking for: | | | | with a small business, you need to watch your back. If |
| -Business Owners | | | | you sign a check to pay the IRS, the IRS may come |
| -Managers | | | | after you for taxes if the business fails to pay one |
| -Bookkeepers | | | | year! And if you are a bookkeeper or an Accountant |
| -Accountants | | | | for a small business, make sure you double check |
| -Anyone with Check-Signing Power | | | | everything you do. You don't want to be held liable if |
| Help is out There: So what can you do if you already | | | | something goes wrong! |