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re: IRS shuts down mom and pop dressmaker
Posted on 7/9/17 at 10:04 am to Jbird
Posted on 7/9/17 at 10:04 am to Jbird
Don't get me wrong, everyone should have a healthy disdain for the IRS and the way it conducts itself.
Still, when I read an article like this, I start to wonder what details are being left out. How did a small mom & pop shop amass $31,400 in tax debt?
Still, when I read an article like this, I start to wonder what details are being left out. How did a small mom & pop shop amass $31,400 in tax debt?
4
Posted on 7/9/17 at 10:16 am to RuLSU
quote:
I start to wonder what details are being left out. How did a small mom & pop shop amass $31,400 in tax debt?
Lol really? That's nothing, 31,400 is a lot of debt???
Posted on 7/9/17 at 10:17 am to RuLSU
quote:
How did a small mom & pop shop amass $31,400 in tax debt?
Happened to me once, what happens is they look at your previous years and if they see you owed them 90k in taxes one year and the next year you owe them say 60k, they assume you scammed them and don't look at the shitty economy or your sales numbers. All kinds of paperwork that if it ins't filed correctly they just say it isn't filed at all. Just a guess though.
Posted on 7/9/17 at 10:28 am to RuLSU
quote:
Still, when I read an article like this, I start to wonder what details are being left out. How did a small mom & pop shop amass $31,400 in tax debt?
Likely reported more earnings than the required taxes paid.
This is a good reason to have CPAs file your business and income taxes. The IRS tend to not scrutinize filings done by CPAs.
Posted on 7/9/17 at 11:32 am to RuLSU
quote:
Still, when I read an article like this, I start to wonder what details are being left out. How did a small mom & pop shop amass $31,400 in tax debt?
It's really not that hard to do. If you incorrectly file or fail to file a few times, the penalties and interest can stack up very quickly.
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