BBWO: BLACK BUSINESS WOMEN ONLINE

Please ladies don't let uncle sam be the boulder in your path to success! If Oprah can learn to read HER ledger(s)... so should you! It's not as simple as hiring an accountant or attorney to handle your business taxes because your signature is required on all of those documents so even if you extended power of attorney to someone YOU are the responsible party. YES you and every officer of the corporation or member of the LLC are the ones that will be penalized to the fullest extent of the tax law.   Although per the state by-laws you may be secured from lawsuits and certain liabilities depending on your entity of choice, there is no law that protects you from uncle sam if you haven't filed your business/personal tax/information returns timely or/and made Federal Tax Deposits or fully paid any balance due on your taxes.  Revenue Officers/Agents ABSOLUTE DO make unscheduled house and business visits if for whatever reason you've neglected to comply with your tax issues via phone/mail. There are millions of cases in the queue of the Internal Revenue Services compliances divisions just waiting to be worked. *Don not pay your bills for the business or personal bills(even mortgage etc) with Trust Fund monies that were withheld from your employees fore IT IS ILLEGAL and if you are found guilty of doing so (being responsible and willful) you will be assessed a huge penalty on your social security number! That's right personal tax liability because of doing bad business which will in turn call for possible seizure of your personal assets{bank account funds in the states & abroad, vehicles, houses, both tangible and intangible assets}.  visit: http://www.irs.gov/smallbusiness for more detailed information.  

Views: 17

Reply to This

Become A Money Magnet

Sponsors & Support

Advertisements

Your Banner Here - Advertising on BBWO

 

Advertisement

Your Banner Here - Advertising on BBWO

 

Back to Business Virtual Conference

© 2020   Created by LaShanda Henry.   Powered by

Badges  |  Report an Issue  |  Terms of Service