Issue link: https://read.dmtmag.com/i/115996
Trucking Law 101 by Jim C. Klepper - Attorney at Law 800-333-DRIVE www.interstatetrucker.com www.driverslegalplan.com In the IRS Bull's-eye Ea ch year, I try to inform truck drivers on ways to protect their money and property from the Internal Revenue Service. The first and best answer is to pay your taxes in full on time every time. If that does not happen, the IRS has their "ways" to make sure they get their pound of flesh or the last drop of blood from the turnip. My first piece of advice is to incorporate your truck if you are an owner operator. Incorporation not only protects you from liability of lawsuits but it puts a wall between you and the IRS. If you are a company driver and your income is from W2 wages from a carrier, you have a lot less protection from the IRS. Suppose you have been unable to pay your taxes, what can you expect? First you can expect a letter notifying you the IRS has not received your tax payment or tax forms and giving you a very short time window to send in your tax forms and ALL the taxes you owe. This first notice letter is like a "trip wire" or outer ring of a bull's eye. It says "Hey, this guy is not paying" to the IRS so you are put on their "list". If you are unable to file or pay at this time, you need to contact them by phone or letter so they can "help" you. Suppose you received the notice letter 10 trucking law 0413.indd 1 and still have not contacted the IRS nor filed your tax forms and paid your taxes within the short time window they gave you. What comes next from the IRS is another letter with stronger wording letting you know you are required to file tax forms even if you do not owe any taxes that unpaid or underpaid taxes will result in "late fees" plus monthly interest. You are given another very short time window to comply and again informed to contact the IRS if you are unable to file and pay your taxes now. You better start listening by this time because now you have moved from the bull's eye outer ring into www.studentdriverplacement.com April '13 3/13/13 2:14 PM