July 2016 Archives

Tax negligence vs. tax fraud: the difference means a lot

It may seem that the difference between tax negligence and tax fraud are trivial. However, these are legally two very different types of illicit actions that taxpayers may commit when filling out their tax returns. Accordingly, they have different definitions and carry different penalties under the law.

What effect is the 5-cent bag tax having?

Sometimes, authorities impose a tax not just to raise revenue, but to attempt to control the public’s behavior toward a perceived public good. One common example is special taxes on cigarettes. Such taxes are usually intended to encourage smokers to quit, though they also tend to be revenue generators as well.

What to do if the IRS hits you with a tax lien

If the IRS has put a tax lien on your company, it can be very difficult to continue doing business. You may lose control of your accounts receivable, and suddenly be unable to obtain credit. Your business might not grind to a complete halt, but a tax lien can be a serious drag on your ability to function and grow.

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