We often receive calls from clients looking to save money off of their IRS tax bill. They call with a larger tax liability, or small, and ask if they qualify for an offer in compromise. At times, they do. At times, we can save a significant amount of money off their IRS tax bill. At […]
Although little known among average Americans, United States v. Sertich holds great significance for business owners who withhold payroll taxes. Read on to learn more about the case — and how it impacts your business. Case Background In 2015, plastic surgeon and medical business owner Anthony P. Sertich Jr. were indicted for his failure to […]
A dreaded audit has come your way, and naturally, you’re freaking out. Panic is normal but will do you little good as you attempt to restore order to your life. Follow these suggestions to minimize the emotional burden of this ordeal: Determine Your Options Sometimes, the bulk of your IRS-induced anxiety involves a pure lack […]
The IRS threatens a variety of consequences for nonpayment of taxes. While penalties and interest may be the first course of action, liens and levies are distinct possibilities for large balances not paid over a long period of time. While these repercussions hold many similarities, they’re quite different in practice, as highlighted below. Levies Versus […]
Cash flow struggles lie at the heart of operations for many small and midsize businesses. These problems don’t just make it tough to pull a profit; they can lead to a variety of IRS concerns, as discussed below: Issues with Estimated Taxes The IRS deals with irregular business income, in part, by arranging for quarterly […]
Let’s face it: IRS Form 941 is downright confusing. Filed quarterly to report on withheld income and FICA taxes, this document outlines what, exactly, has been withheld from employee pay. Unfortunately, opportunities for errors are abundant, even among the most conscientious, detail-oriented employers. As an employer eager to avoid problems with the IRS, the prospect […]
Tax issues can quickly turn your life upside down. When the IRS comes knocking, it’s never wise to answer alone. An IRS enrolled agent can spell the difference between a devastating, anxiety-inducing ordeal and a manageable tax issue. Choosing to work with an IRS enrolled agent is the easy part; selecting one can be trickier. […]
According to a spokesperson for the IRS, 8.2 million Americans owe back taxes. Some take active measures to deal with the situation, but others assume they can hide out and avoid the IRS indefinitely. That’s not a wise approach for dealing with tax debt. The following are among the greatest mistakes you can make if […]
If you owe a balance to the IRS, you may be tempted to hold off on paying until collection on that balance is no longer possible. Unfortunately, if that’s your plan, you are in for a long wait. During that time, you risk interest payments, liens, levies, and a whole host of other devastating consequences. […]
You’re convinced that you’re behind on your taxes, but not sure what you owe. While any back taxes should be cause for concern, the urgency of the matter can vary drastically based on how much you owe. Thankfully, this doesn’t have to be a mystery; the IRS provides plenty of opportunities to determine what you […]