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St. Louis Tax Law Blog

Are you a small business owner who can't afford your tax bill?

Federal taxes are due on April 17 this year, but those extra two days won't help small business owners fix a looming tax bill. If you haven't set aside enough to pay your business's income taxes, what can you do?

Don't panic. Realize that you're not the first business owner to make this mistake. There are reliable ways of dealing with the problem. Here are a few good tips.

Failure to pay employee payroll taxes

As the owner of a Missouri business, one of the most burdensome tasks you must oversee is the paying of taxes to the federal government. You may deal with sales tax, property tax and income tax, as well as taxes that are specific to your product or service. However, the IRS may be most concerned about receiving your share of payroll tax.

Since your company deducts these funds from your employees' paychecks, the IRS considers failure to turn over those payments among those most egregious of all tax crimes. The penalties for failing to pay federal payroll taxes can be quite severe unless you can prove you were not responsible for the payments or the mistake.

It may not feel like it, but taxpayers do have rights

Are you among the many Missouri residents who feel as though the IRS holds all the cards? No one likes paying taxes, but most everyone (perhaps resentfully) understands that it's a necessary evil. The problem is that it feels as though the IRS has unlimited power to wreak havoc on your life if you can't pay your tax bill.

The IRS has the right to put a lien on your property, garnish your bank accounts and even come into your home and seize property. What about you, though? Don't you have any rights as a taxpayer?

Haven’t paid taxes in years? Take action now

Before he became a near household name, Anthony Bourdain had tax problems. For more than 10 years, the well-known chef, author and television host failed to pay his taxes in a timely manner. Like most people in that position, he was concerned. But, then a career shift he took also woke him up about finances.

The punk rock chef and celebrity contacted the IRS, paid his back taxes, and never looked back. With proper guidance and advocacy, anyone can tackle their back-tax issues.

Trump prepares to nominate new IRS Commissioner

The Internal Revenue Service is set to have a new leader at its helm-and for the first time in several years, the candidate will have a background in tax law. Several news outlets have reported that President Trump is allegedly preparing to nominate California-based tax lawyer Charles Rettig to serve as the commissioner of the IRS.

Missouri governor to cut taxes by $800 million

The national tax overhaul of last year implemented significant tax cuts for private citizens and corporate entities alike. Not to be outdone, Missouri governor Eric Greitens has announced a plan to slash tax rates statewide. If the governor’s proposal is successful, Missouri taxes could be reduced by an estimated $800 million.

Governor Greitens outlined his new tax proposal in a speech on Monday in St. Louis. Flanked by Republican representatives Tim Remole of Excello and Craig Redmon of Canton, the governor revealed the details of his intended overhaul.

Delinquent taxes could affect your ability to travel

Tax debts can affect more than just your finances—they can also affect your ability to travel. If you have outstanding tax payments, you may find that they can have a significant effect on your passport. The IRS has released a new notice that details how your tax debts may impede your future travels.

The IRS and State Department have recently been cracking down on the passports of delinquent taxpayers. So, should you cancel your vacation plans if you have unpaid tax debts? Not necessarily. Let’s take a look at whether your passport can be affected by your delinquent payments, and what you can do about it.

How to pay taxes on cryptocurrencies like bitcoin

Over the past year, cryptocurrencies like Bitcon and Ethereum have soared in popularity. Once an underground trend known only to a select few investors, cryptocurrency is now better known than ever. But as more people choose to invest in Bitcoin and other cryptocurrencies, they are encountering an issue that they probably hadn’t thought about: How to pay taxes on it.

Because virtual currency is still a murky topic for many people, its tax implications may seem confusing. Making a mistake when paying taxes on cryptocurrency could result in financial penalties. If you own shares in bitcoin or you are thinking of investing in cryptocurrency, it is important to know how it is taxed.

Tax avoidance vs. tax evasion

Everyone has to pay taxes, and everyone usually tries to pay as few taxes as possible. There are a few legal ways to use the tax code to one’s advantage. This is generally considered tax avoidance, and it is not necessarily a bad thing. There are also a few illegal ways to exploit the tax system—and this crosses the line into tax evasion.

So what are the main differences between tax avoidance and tax evasion? Well, one is perfectly lawful and is often encouraged. The other could land you in jail. To help you better understand the two, we will look at the differences between tax avoidance and tax evasion.

Owe the IRS? Here are a few things you should know

Owe back taxes to the IRS? You may feel as if the sword of Damocles is constantly hanging over your head. If you have a delinquent tax return, you are eventually going to have to face it down and pay the required amount. The Internal Revenue Service can be an intimidating entity, but you are not powerless against it. When the time comes to deal with your delinquent taxes, there are a few helpful things that you should know.



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