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10 Ways Your Business Can Profit From Tax Reform
Nоw thаt tаx rеfоrm has раѕѕеd, іt'ѕ tіmе tо dо what ѕmаrt buѕіnеѕѕ оwnеrѕ аnd mаnаgеrѕ dо: рut аѕіdе thе роlіtісѕ аnd mаkе thе mоѕt оf thе орроrtunіtу. Wе аrе rеѕроnѕіblе fоr grоwіng оur соmраnіеѕ аnd nаvіgаtіng оur buѕіnеѕѕеѕ tо tаkе аdvаntаgе оf whаtеvеr lеgіѕlаtіоn соmеѕ...
Tax Reform and Your Business
The first few months of the year are typically a great time to gather financial documents and receipts to prepare for the impending tax season and the year ahead. This year, the Tax Cuts and Jobs Act (TCJA) that passed in late December, has business owners caught off guard. It...
IRS Streamlined Installment Agreements Expanded!
The IRS has just issued new rules expanding the streamlined installment agreement. A new program was announced that will run through September 30, 2017. Under the test program, the IRS doubled the dollar limit applicable to streamline installment agreements from $50,000 to...
Increased IRS Installment Fees
The IRS has dramatically increased the fees on installment agreements. Effective January 1st, 2017, the fees for regular installment agreements have gone from $107 tp $225 and the fees for Direct Debit installment agreements has gone from $52 to $107. The fees for direct debit...
Alter Ego and the Business Person Who Owes Taxes
Many taxpayers or business people incorporate or set up an LLC to provide limited liability for their personal assets from their business activities. When a taxpayer owes back taxes, he or she will often pay their personal expenses out of their corporation or LLC because the TP...
Penalty Abatement and Obamacare –Do You Pay the Penalty if You do Not have Health Insurance?
Obamacare will not be repealed outright. The public will not politically stand for it. President Trump may end the insurance requirement through Executive Order which will, however, render the law toothless and unenforceable. The IRS has announced that it will no longer require...
Private Debt Collections Are Back By The IRS
The Internal Revenue Service announced that it is beginning in the spring with private collection of federal tax debts. The new program enables designated contractors to collect on the government’s behalf, outstanding tax receivables. These designated contractors will work on...
S Corporations & the NonFiler
A very common situation for a non-filer is an S corporation that has not filed in a number of years. To activate the corporation and put it in good standing can involve substantial fees. First, a taxpayer will have to pay substantial franchise tax fees and penalties for failing...
Trust Fund Recover Penalty
A trust fund recovery penalty is assessed against a person who is responsible for failing to pay payroll taxes. The trust fund recovery penalty is the portion of the employee’s check that is withheld for income taxes and social security. The IRS takes a shot gun approach to...
How To Settle Your Taxes
When it comes to tax collection, the IRS isn't the only government agency that you need to worry about. The Department of Justice can be involved in getting court judgments on tax payers and collecting back taxes. Generally, the tax situation has to be pretty serious for the...