Posts Tagged ‘filing taxes’

Obama Cracking Down On Tax-Cheat Contractors

Friday, April 23rd, 2010

On Wednesday January 20th, President Obama sent a loud and clear message to potential and current government contractors : if you wanna play, you had better pay.

Federal Agency Chiefs have been directed to bar companies delinquent in their taxes from receiving government contracts.

The IRS has also  been instructed to take necessary steps to assure companies are not lying about their tax status in their bids.

Stan Soloway, President of the Professional Services Council, doesn’t believe anyone should be surprised by the new order:

“What the President really did was take the next step in a process we’ve been going through for the last couple of years. What he did was basically say — ‘Look, we now have a law and we now have regulations that say we’re not going to give contracts to people who are delinquent in their taxes. What I want to do is make sure we have the system in place to see if it’s working’.”

Although he was also quick to note that the decision does not stem from a large amount of suspected tax fraud.  Nor does the order state that a company automatically becomes ineligible if it has a delinquency.

“Companies and institutions have all kinds of delinquencies, because they may be negotiating with the IRS or in an appeal process with the IRS, or what have you. This can go on for years. The idea of elevating it is . . . you [give] it to somebody who can make some assessment as to whether they are really done with adjudication process and just thumbing their nose [at the system], or are they actually in an active negotiation?”

Recession Blues: Pay Credit Card Debt or Pay the IRS?

Sunday, April 18th, 2010

Gas prices have risen over 18% nationwide this year, and the average cost of food has risen by nearly 5%— yet personal income levels remain flat.

Add this to the fact that average American households with at least one credit card have debt of $9200 with high interest, and many families find themselves in a tough predicament.

With higher costs to pay and no increase in income, some Americans are starting to eye the 39% that Uncle Sam takes (on average) from their paychecks.

When the economy is bad, there’s a great temptation not to file taxes at all.  But that’s a decision that comes with a tremendous price down the road.

If you don’t file, interest is compounded daily on what you owe – the quarterly federal short-term tax rate, plus 3%.  As of this writing, the IRS is charging 8% per year.

Non-filers also pay a .5% late payment penalty plus a 4.5% late filing penalty, for a combined penalty of 5% for the first month your return is late.  Every month that you don’t file – your penalties double…until 5 months when it caps at 47.5% (22.5% late filing penalty + 25% late payment penalty). To put that in perspective – if you owe $10,000 and you don’t file, after only 5 months you could owe over $14,500 in taxes plus penalties!

By all means, file your taxes, even if you can’t afford to pay the amount due, because every day you don’t file you’re getting charged the huge non-filing penalty.  Even if you don’t pay what you owe, at least you can stop getting charged the Non-Filing Penalty, potentially saving you thousands of dollars.

And, by filing your taxes and not paying them, you’ll at least go from Non-Filing to Non-Paying status.  This will at least put you in the position to work with an IRS Relief Attorney and negotiate with the IRS to possibly lessen the amount you owe.