Tax Workouts

By: Jamie L. Harris If you or your company is dealing with tax debt, getting resolution of the debt can seem overwhelming, especially when penalties and interest are considered.  Typically, whether you are dealing with the state or federal government, payment plans are available.  Sometimes, penalties can be waived as

Read More

Interest Rates and Tax Claims

By: Laura Day DelCotto I learn something new every day, so it keeps this life fun. Somehow, I don’t remember ever specifically focusing on 11 USC §511 in all these years of confirming plans.   With interest rates moving so often this year (and in the wrong direction from borrowers’ perspective),

Read More

Payroll Tax Liability of Business Owners

By: Dean Langdon As a business owner, you probably know you can be personally liable if federal employment taxes aren’t paid. But just being a business owner doesn’t mean you are automatically responsible.  For federal withholding taxes you must be a person who is required to remit the taxes and

Read More

Personal Liability on Trust Fund Taxes

Employers are obligated under the Internal Revenue Code (“IRC”) to withhold federal income and social security taxes from the wages of their employees, and to hold such taxes in trust for the United States. See 26 U.S.C. §§ 3102, 3402, 7501. These withheld sums, often referred to as “trust fund”

Read More
Taxes, Tax Increase, Kentucky, Frankfort, General Electric

Death Spiral: The Taxes Conundrum

Death Spiral: The Taxes Conundrum By: Laura Day DelCotto, Esq. Connecticut just raised taxes…. Again.  The state’s two- year $40.3 billion budget includes a projected $1.5 billion increase in tax revenues. The top individual tax rate increased from 6.7% to 6.99%.  A “temporary” 20% surtax on corporate taxes became permanent,

Read More

Does Bankruptcy Cover Tax Debt?

By Jamie L. Harris Does bankruptcy cover tax debt? This is a very common question. If you are facing tax debt and have been unable to get a payment agreement with the taxing authorities or have defaulted under an existing payment agreement, Chapter 13 bankruptcy may be an option for

Read More

“I’m not paying payroll taxes”

By Jamie L. Harris One of the major common financial mistakes that I see business owners make is failure to pay employment taxes. As many businesses are facing limited cash flow, too often payroll taxes go unpaid as business owners opt to pay other debts. The payment of such taxes

Read More

How Can I Stop a Garnishment?

A pending garnishment can be very stressful. After all, we are talking about your money and how you pay your bills, eat, and live. If a creditor sues you and obtains a judgment against you, then after entry of the judgment, the creditor may proceed to garnish your wages or

Read More