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Friday, April 29, 2011: 2:07 pm
More from moco55
|I am sorry to see this of any business. It's a horrible economy and the little business guy gets hit hard. I believe this is Martinsville's oldest business and would hate to see it close. Mae Gano was such a lovely person.|
Friday, April 29, 2011: 2:14 pm
More from pearl
|After reading this article, my heart is filled with compassion and chagrin. I visited the suggested website to see a list of all the businesses who are struggling to pay taxes and the list in overwhelming. The article states that "there is no link between the economic recession and the amount of sales taxes collected." Therefore, McFarland is admitting to the tax agency collecting disproportional taxes. We are currently paying taxes to pay for 3 collection agencies to collect taxes against struggling businesses. |
I am going to try and support our local businesses so that this does not happen to them. Please read the list. You may be surprised to learn that your favorite business is on this list.
|Melissa Schiff CPA|
Saturday, April 30, 2011: 9:56 am
More from Melissa Schiff CPA
|I have no direct knowledge of this case, but would like to share a very common and often horrific tax scenario.|
I work with the Indiana Department of Revenue every day. Based on my experience, I would wager that many warrants are filed on "DNF" forms. This means that the business failed to actually file. IDOR (Indiana Department of Revenue) requires that certain forms are filed even when not tax is due. Failing to file will result in the IDOR deciding how much is owed. The IDOR system then proceeds to add penalties and interest to the figure they determined and send demand letters. If the issue is not resolved, the system automatically advances thru the warrant status. This will not only lead to business closure but can also proceed to arrest and related legal fees.
Our office is contacted 2-6 times a month by non-clients who are caught in this nightmare. We can fix it relatively quickly due to our experience with the IDOR operations. Typical taxpayers have a much harder time clearing their account. Unfortunately, we also hear of many taxpayers that were scared into paying taxes they did not owe for fear of this happening to them. No taxpayer should every face paying a bill they donít owe because of fear, especially in this economy.
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