Payroll Tax Deposits —
Since Federal law requires the payment of income tax; employers are required to help collect their employee’s taxes by withholding a portion of each paycheck and sending the collected amount to the government on a regularly determined schedule. In between the payments to the government, the employer holds the payroll taxes in trust, thus the trust fund recovery penalty is assessed if such taxes are not paid.
Penalties —
Two kinds of penalties are assessed by the IRS: First, a Failure to File penalty, which is the most expensive, and, Second, a Failure to Pay penalty.
Petition —
When you file a form with the United States Tax Court that requests a hearing in order to contest an IRS tax assessment.
Power of Attorney (IRS Form 2848) —
The legal form giving an authorized individual (Certified Public Accountant, Enrolled Agent, or Tax Attorney) authority to represent you before the Internal Revenue Service. For any professional to represent you before the IRS, they must have Power of Attorney.
Primary Residence —
Your primary home or place of residence where you live most of the time. A taxpayer can only have one primary residence at any given time.
Protracted Installment Agreement —
An Installment Agreement that extends beyond the time period allowed under the accepted guidelines issued by the IRS.
