Fun fact: Jason has extensive training in mountaineering skills and is even certified as an Emergency Medical Responder. In August of 2018 Sally accepted a Partnership, and heads up Pod C. In her spare time, she enjoys camping, tailgating at Air Force football games, and spending time with her two teenagers and husband. On top of the penalties, interest is also imposed on unpaid taxes and continues to accrue until the payment is made in full. He is a Tax Senior for WCG (formerly Watson CPA Group), and enjoys helping clients understand their tax returns and crunching the numbers. How does the IRS charge penalties and interest? Learn about when the penalty on overdue tax can be waived. Appeal rights are provided on … She loves reading and listening to audio books. Can I call my 1099 other income which avoids employment taxes? Company Debt 2018. Tax; Penalties; Interest; and any other amounts due to DOR. NIRC SEC. Hailing from Tucson, Arizona, Nate moved to Golden, Colorado, in high school where he played soccer. 2  Is it taxable income? Hannah grew up in Elizabeth, Colorado where she enjoyed riding horses, going to rodeos and fairs, and being outdoors. What you might not know is that sometimes it’s possible to have penalties abated (removed or reduced) from tax debt. What are the operational hassles of an S-Corp LLC? Even if you can’t afford your tax bill, it’s best to file and work out a payment plan. Interest is computed at the current rate of interest. RTC 19133 . Download CV here. She graduated from Southwest Minnesota State University in 2007 and chose the accounting profession because of her love for organization and problem solving! Why designate myself as a real estate professional? He is an Enrolled Agent with the IRS. The advance tax should be paid as per this schedule to avoid paying penalty interest. What is the penalty and interest on delinquent taxes? When she isn’t working hard at WCG, she enjoys watching movies, walking the dogs, and trying new recipes! But opting out of some of these cookies may have an effect on your browsing experience. She thought she wanted to be a teacher, but a creative bug bit her in high school while she was part of the yearbook staff. Her favorite subjects include Geography, History, and of course…Accounting! Michelle began her career in the United States Air Force where she was a Command Lead and Manager of Computer Operations. The penalty is equal to 20 percent of the portion of the refund that the IRS deems excessive. one that pays Excise Duty or betting and gaming duties, Your circumstances change in a way that affects your tax position. This brought her to WCG during tax season years ago and she never left! Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. The IRS regulates the minimum amount of fees, the calculations of penalties and interests, as well as the maximum cap. Penalty. In fact, she listens to them during her commute to and from work every day. We’ve helped 1000’s of directors navigate difficult financial circumstances. Determining the Tax Payoff Amount There is a way to calculate exactly how much money you’ll need to pay off. The IRS charges penalties to business owners who do not pay their self-employment taxes on time. Businesses and individuals must inform HMRC when changes occur that affect their level of tax or duty liability. She has received reciprocal CPA licenses in Idaho, Oregon, Rhode Island and finally Colorado when she moved “back home” – wow! For more information visit 830 CMR 62C.31A.1: Responsible Persons. When she does find a rare moment of peace, she enjoys cuddling up in bed and binge watching Netflix. To add to the fun, Jason also likes dirt biking, hiking the incline and cooling off with Ruby Red infused Whiskey mixed with diet sweet and sour (getting old stinks). What are some of the tax court cases for real estate professionals? He loves soccer, traveling and playing the stock market! It’s in your interest to understand how HMRC penalties are calculated and imposed to help your business avoid a nasty shock. Failure to Pay Penalty: This is computed at 0.5% per month (or 6% per year) with no limit. Are Educational Savings Accounts Worth It, Are There Tax Breaks for Going to College, Are There Tax Savings When My Employer Pays for My Education. Her self-proclaimed OCD, and love of spreadsheets, and number crunching led straight to the accounting world… and straight to WCG. His love for problem solving, math, science, and working with people brought him to the WCG team. Her love for animals continued into her teenage years, where she worked summers at the local natural history museum caring for snakes, turtles, and frogs, and working part-time at a veterinary clinic. Sally joined WCG (formerly Watson CPA Group) in early 2014 and became a licensed CPA in Colorado. - Civil Penalties. Interest on past due taxes accrues monthly from the date the tax is due until the date the tax is paid. Late PAYE penalties are calculated on a percentage basis of the amount that is late in the relevant tax month. Use our penalty and interest calculator to determine late filing and late payment penalties and interest. If you can’t pay your balance in full on April 15, try to pay whatever you can manage as soon as possible. Call Greg! Her love for math and numbers guided her into the accounting profession and to WCG! The Massachusetts interest rate for overpayments is equal to the federal short-term rate (which changes quarterly) plus two percentage points, simple interest. When she’s not at work, Michelle enjoys reading, spending time with her loved ones including her four-legged family member, cooking, watching movies, and dark chocolate. If you pay your taxes late, the penalty is generally 0.5 percent of your unpaid taxes per month. Colorado has no shortage of places to explore and she hasn’t been bored yet. Growing up, she played softball, tennis, and golf and spent many summers road-tripping with her grandparents in their RV. She doesn’t let that go to her head though and continues to work for WCG as a Tax Senior preparing corporate and personal tax returns on Tina’s team (Pod A). In her time away from the office, you can find Melody reading a book, watching a movie, or enjoying a motorcycle ride with her husband. Latesha is newly married(congrats!). Reduced by the “failure to pay” penalty amount for any month where both penalties apply 3. Amy’s son is 13 and my daughter is 9 (as of 2019). Growing up she enjoyed playing tennis and softball and riding horses. Looks like he is in the right place! She also fills her free time with concerts, hiking, reading, watching football, and cooking! Just like the failure to pay penalty, interest is charged from the original due date of the tax return based on the balance due. Necessary cookies are absolutely essential for the website to function properly. If the S-Corp taxation is what I ultimately want, should I form an LLC or C-Corp? Rest assured that this person is amazing, and will be a wonderful addition to your WCG team! Her creative side shines with her hobbies including her monogram/embroidery business, Sew Peachy Monograms, and collecting cookbooks and cooking. They make her happier than anything else. For example, the penalty for not filing on time is 5%/month of the tax amount owed, plus interest, versus a late payment penalty of 0.5%/month, plus interest. Extension Penalty. I have many years of administrative experience and look forward to many more at WCG. Can I deduct mortgage interest paid on my foreign home? Does voting through an absentee ballot mess up my bona fide foreign residency? 25% of the total tax amount due, regardless of any payments or credits made on time. They have four kids, two boys ages 17 and 18 and two girls, ages 22 and 23. In 2006, although audit rates on individual income tax returns hovered around 1 percent, the … What amount can I deduct for foreign earned income exclusion? How should I respond to an IRS notice or letter? If the tax debt is still outstanding on or after Jan. 1, 2016, the amount of interest and penalties you’re charged increases in … She went back to college while also being a stay-at-home mom to pursue a degree in accounting. Tina Watson became a Certified Public Accountant in 2003. Can I deduct the loss on my primary residence? Are there downsides to the real estate professional designation? Learn about when the penalty on overdue tax can be waived. Fun fact: Whitney has recently reached her goal of being able to do 2 pull-ups and is now onto her next goal of 3! If a penalty is incurred by an individual or business due to a lack of reasonable care, the level of the penalty will depend on why the error was made and how much extra tax was due. This amount will not exceed 25%; Minimum late filing penalty – If you are late by 60 days the minimum penalty is $135 or 100% of the unpaid taxes. If you acted reasonably and in good faith, the IRS might abate your penalties but typically not interest. Michelle became a Partner of WCG Inc. in the fall of 2019. 1. Interest will accrue for back taxes owed to the IRS. Make sure you have him on speed dial for your next outdoor adventure! Growing up he loved playing sports and video games, riding his bike, and watching movies. He came to the accounting world because he wanted to help people, specifically business owners, get the most out of their worlds. He graduated from The University of Houston with a BA in Accounting and received his CPA license in 2017 while balancing working at his father’s corporate tax firm. He moved to Colorado Springs in March 2017 with his beautiful and loving girlfriend of 5 years and his crazy cat. The penalty for failing to file is 4.5 percent of your taxes due for each month that your return is late. Is there a way to avoid Self-Employment tax? This website uses cookies. The user accepts the information as is and assumes all responsibility for the use of such information.