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UNEXPECTED TAX LIABILITIES & PENALTIES

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UNEXPECTED TAX LIABILITIES & PENALTIES

During the next week or so millions of taxpayers will suddenly find that they owe thousands of dollars more than they expected. This often happens when taxpayers take an early distribution from an IRA Plan or Pension Plan and are penalized 10% plus their “normal” tax. Every year this happens to unsuspecting clients. For example, just yesterday a client unexpectedly owed $25,000 of IRS state taxes and penalties. The client was not concerned, because the employer withheld taxes from the distribution. The problem in this situation is that the employer only withheld a nominal amount of IRS taxes, and zero for Ohio.

If you find yourself in the above situation, contact us immediately and describe your situation. We will then take appropriate action to ensure the accuracy and explore ways of how we can in some cases legally avoid the penalties saving you a significant amount of money. No tax penalty is too small to challenge!