Do you owe taxes because of the Employee Retention Credit? You’re not alone—and you’re not at fault. Thousands of businesses across the country are being hit with unexpected IRS audits, massive back-tax bills, and penalties after claiming the ERC—often through third-party...
There are so many ways to define patriotism and paying taxes is one of them. Each financial year, you are required to file your taxes without fail. Looking at the implications of failing to pay such as loss of property, heavy financial penalties, and sometimes prison...
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...
A person represented by counsel may be required to attend an interview if summoned to do so. An Administrative Summons is issued under authority of IRC section 7602. Thus, even a taxpayer who is represented by a Power of Attorney, may nevertheless, be summoned to appear to give...
At the conclusion of an audit, a Revenue Agent or Tax Compliance Officer will write up their report with a Notice of Deficiency Waiver. Once you sign this form, you are allowing the IRS to assess and collect the tax. A Taxpayer should never sign this form if they disagrees with...
If the IRS requests a meeting with a Taxpayer, should the taxpayer and a representative attend? Should only the representative attend? Should neither attend? Under no circumstances should a taxpayer attend on his or own. Rarely should a taxpayer attend with a Representative –...
If a business is an LLC and is a disregarded entity (or one where an individual elects to be taxed as a sole proprietorship) does the IRS have to assess the Trust Fund Recovery Penalty (TFRP) in order to collect from the individual Taxpayer? The answer is it is going to depend...
The IRS will liberally abate first time penalties; this includes both failure to pay, IRC 6651(a)(2) & IRC 6651(a)(3).  and failure to file penalties, (IRC 6651(a)(1) , IRC 6698 & IRC 6699 on both income and payroll tax debts and returns. Failure to Deposit Penalties...
Taxes are pretty complicated, and as we have already seen through our other blogs they can get pretty crazy. And, although we have spent a little time on the weird side of taxes, now we thought we’d give you a look into some of the strangest tax deductions ever attempted....
If you’re newly married and it’s time to file your taxes, you may ask yourself: Should we file jointly or separately? The best option is... up to you. There are many benefits to filing jointly, and this is usually the best way to go. But there are circumstances in which you may...