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What Kind of Tax Relief (If Any) Can Small Businesses Expect in 2021?

Small business owners have been praying for an end to 2020. Unfortunately, the first few months of 2021 will be anything but easy. Still, entrepreneurs are hoping for better days as the COVID vaccine is rolled out. Tax relief may also be around the corner, as we explain below: PPP Funding and Deduction Changes While […]

Faking Death to Avoid Paying the IRS: Is It Possible?

You’re drowning in debt and desperate to get out of paying the IRS. When a mountain of debt takes over and you face repercussions such as liens, levies, or even jail, solutions that once seemed outrageous begin to feel realistic. Hence, the surprising frequency with which taxpayers reference the possibility of faking their own death. […]

Getting an IRS Penalty Waiver: What You Need to Know

In an effort to address the unprecedented burden of COVID and its financial fallout, the American Institute of Certified Public Accountants (AICPA) is advocating for the creation of a new tax penalty waiver. IRS Commissioner Charles Rettig may be skeptical of blanket penalty relief, but a few viable options are available for select individuals and […]

All About IRS Form 56: Notice Concerning Fiduciary Relationship

As a trustee or executor, you may be required to complete a variety of tax documents, including IRS Form 56. Keep reading to learn how this form works and why it’s so important. What Is Form 56? Officially referred to by the IRS as a “Notice Concerning Fiduciary Relationship,” Form 56 lets the agency know […]

Your Colorado Business Has Multiple Debts, Including Money Owed the IRS: How to Stop the Bleeding

Debt is a common concern for Colorado entrepreneurs. Nationwide, a noteworthy Experian study reveals that the average small business owner holds a whopping $195,000 in debt. These obligations often come from multiple sources, including the IRS. When dealing with business debt, it can be difficult to know where to begin. Keep the following in mind […]

What Happens if a Spouse Who Owes Back Taxes Dies?

Tax debt is an inherently stressful matter for any couple, but it becomes far worse when your spouse passes away. Depending on your situation, you could be liable for your spouse’s debt. Keep reading to determine where you stand and which steps you can take to resolve the issue. Who Is Liable For Your Spouse’s […]

Will You Go to Jail For Not Paying IRS Employment Taxes?

Unpaid employment taxes can prompt a variety of harsh consequences. Typically, these involve fines, although, in severe situations, liens may also be assessed. Upon receiving notices of unpaid taxes, however, many business owners fear even worse repercussions, such as possible jail time. Keep reading to learn when and under what circumstances such fears are realistic: […]

What Does an IRS Letter 903 Mean — And What Should You Do About It?

Payroll taxes can be a major hassle for business owners, to the point that they often get neglected when other concerns arise. The IRS is rarely far behind, however, and these days, the agency is especially keen to take action as it deals with significant shortfalls. The 903 letter, in particular, represents a renewed effort […]

Why It’s Important to Stop the Bleeding When You Owe the IRS — And What You Can Do

IRS issues have a way of snowballing, with seemingly minor problems quickly spiraling out of control if they’re not tackled right away. But while many taxpayers see their IRS issues blow up seemingly overnight, others experience a slower buildup involving an increasing level of stress and financial damage as time goes on. This slow onset […]

The Payroll Tax Holiday: Fact Versus Fiction

A recent IRS notice prompted major controversy with its allowance for a suspension on employer withholdings. Commonly referred to as the payroll tax holiday, this suspension remains poorly understood among the many people it purports to benefit. What’s more, a lot of reports on both sides of the issue exaggerate the reality of this tax […]