The Gartzman Law Firm, P.C. https://www.gartzmantaxlaw.com The Gartzman Law Firm, P.C. Wed, 28 May 2025 05:05:12 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 What happens if you miss a payroll tax deadline? https://www.gartzmantaxlaw.com/blog/2025/06/what-happens-if-you-miss-a-payroll-tax-deadline/ Mon, 02 Jun 2025 05:04:52 +0000 https://www.gartzmantaxlaw.com/?p=50232 Missing a payroll tax deadline might seem like a simple oversight. However, to the IRS, it’s a serious matter. Whether you run a business or manage payroll for one, missing these deadlines can have severe implications.  Below is some key information on payroll tax deadlines.  Penalties start instantly Once a payroll tax deposit is late, penalties start to apply. The…

The post What happens if you miss a payroll tax deadline? first appeared on The Gartzman Law Firm, P.C..

]]> Do you have to pay taxes on your side hustle? https://www.gartzmantaxlaw.com/blog/2025/05/do-you-have-to-pay-taxes-on-your-side-hustle/ Mon, 19 May 2025 17:19:29 +0000 https://www.gartzmantaxlaw.com/?p=50228 The gig economy is more popular than ever. It’s a great way to pursue your passion while still having the steady income and benefits a regular full-time job provides. However, the government wants its share regardless of how you make money. Don’t forget the self-employment tax The IRS requires that you report all of your income, even if you don’t…

The post Do you have to pay taxes on your side hustle? first appeared on The Gartzman Law Firm, P.C..

]]> Over $50k in tax debt? Find out if you qualify for IRS relief. https://www.gartzmantaxlaw.com/blog/2024/12/over-50k-in-tax-debt-find-out-if-you-qualify-for-irs-relief/ Fri, 27 Dec 2024 18:52:44 +0000 https://www.gartzmantaxlaw.com/?p=50206 All taxpayers know how complicated it is to file taxes correctly, especially if you are a business owner or have multiple sources of income. One mistake can lead to grave consequences, and if you’re not careful, you could end up owing more taxes than you can pay. The Internal Revenue Service (IRS) typically uses more aggressive collection tactics for higher…

The post Over $50k in tax debt? Find out if you qualify for IRS relief. first appeared on The Gartzman Law Firm, P.C..

]]> What types of accounts do you need to report in your FBAR? https://www.gartzmantaxlaw.com/blog/2024/11/what-types-of-accounts-do-you-need-to-report-in-your-fbar/ Fri, 22 Nov 2024 15:36:30 +0000 https://www.gartzmantaxlaw.com/?p=50199 Under the Bank Secrecy Act, you must file a Foreign Bank Account Report (FBAR) if you have foreign financial accounts that go over $10,000 at any point during the year. This includes the total of all these accounts. This applies to any U.S. citizen, resident or entity who owns financial accounts in other countries, even if they do not generate…

The post What types of accounts do you need to report in your FBAR? first appeared on The Gartzman Law Firm, P.C..

]]> Can you inherit tax debt from a loved one? https://www.gartzmantaxlaw.com/blog/2024/11/can-you-inherit-tax-debt-from-a-loved-one/ Fri, 22 Nov 2024 15:31:34 +0000 https://www.gartzmantaxlaw.com/?p=50193 Yes, inheriting tax debt from a family member or loved one is possible. However, you generally do not have to shoulder the financial stress of paying off a huge tax debt out of your own pocket. Inherited tax debt often becomes a genuine concern only if the amount is too big for the estate to pay off. Who pays for…

The post Can you inherit tax debt from a loved one? first appeared on The Gartzman Law Firm, P.C..

]]> When payroll goes wrong: Protecting yourself from personal IRS liability https://www.gartzmantaxlaw.com/blog/2024/10/when-payroll-goes-wrong-protecting-yourself-from-personal-irs-liability/ Tue, 22 Oct 2024 07:30:58 +0000 https://www.gartzmantaxlaw.com/?p=50189 Managing a company’s finances is a major responsibility. But what happens when a simple payroll tax oversight spirals into a massive IRS dispute? The fear of personal liability can be paralyzing as you wonder if your career – and financial future – are at risk. Understanding IRS payroll tax disputes The Internal Revenue Service (IRS) takes payroll tax compliance seriously. When…

The post When payroll goes wrong: Protecting yourself from personal IRS liability first appeared on The Gartzman Law Firm, P.C..

]]> What are the potential outcomes of a tax audit? https://www.gartzmantaxlaw.com/blog/2024/10/what-are-the-potential-outcomes-of-a-tax-audit/ Thu, 10 Oct 2024 11:32:57 +0000 https://www.gartzmantaxlaw.com/?p=50187 Receiving a tax audit letter from the Internal Revenue Service (IRS) can be unsettling. You’ve worked hard to build your business, and facing an audit can be overwhelming. What will the process entail? This blog post outlines the possible outcomes of the audit. After reading, you can better understand what to expect and take steps to ensure a smooth resolution.…

The post What are the potential outcomes of a tax audit? first appeared on The Gartzman Law Firm, P.C..

]]> Preparing for an IRS audit: A guide for consultants and independent contractors https://www.gartzmantaxlaw.com/blog/2024/08/preparing-for-an-irs-audit-a-guide-for-consultants-and-independent-contractors/ Tue, 27 Aug 2024 19:37:06 +0000 https://www.gartzmantaxlaw.com/?p=50170 The prospect of an IRS audit can be daunting as a consultant or independent contractor. However, with proper preparation, you can go through this process confidently. Understanding how to prepare for an IRS audit and what steps you should take to ensure a smoother experience is essential. Below are tips you can follow: Maintain accurate records To ensure a successful…

The post Preparing for an IRS audit: A guide for consultants and independent contractors first appeared on The Gartzman Law Firm, P.C..

]]> Trust Fund Recovery Penalty: A Hidden Threat to Business Owners https://www.gartzmantaxlaw.com/blog/2024/08/trust-fund-recovery-penalty-a-hidden-threat-to-business-owners/ Mon, 05 Aug 2024 20:52:42 +0000 https://www.gartzmantaxlaw.com/?p=50166 As a small business owner, you wear many hats in your venture. You are the CEO, CFO and HR manager all rolled into one. But this power comes with significant responsibilities. One of your most critical responsibilities is managing your business’s payroll taxes. Failure to do so can result in a hidden threat that can devastate your business and personal…

The post Trust Fund Recovery Penalty: A Hidden Threat to Business Owners first appeared on The Gartzman Law Firm, P.C..

]]> Do taxes apply to foreign accounts held before entering the U.S.? https://www.gartzmantaxlaw.com/blog/2024/08/do-taxes-apply-to-foreign-accounts-held-before-entering-the-u-s/ Mon, 05 Aug 2024 20:51:04 +0000 https://www.gartzmantaxlaw.com/?p=50165 Foreign bank accounts have long been synonymous with the ultra-wealthy in the United States. For decades, those with the most resources used reporting and tax loopholes as a way to diminish their personal taxable holdings. However, the Internal Revenue Service (IRS) has updated its policies to require the disclosure of foreign assets, including foreign bank accounts. Those who decide to…

The post Do taxes apply to foreign accounts held before entering the U.S.? first appeared on The Gartzman Law Firm, P.C..

]]>