Many households deal with major debt, which usually comes from multiple sources. According to the snowball theory, it’s best to focus on — and conquer — the most problematic debt before moving on to other financial concerns. Often, financial experts recommend resolving credit card debt first. After all, many credit cards carry notoriously high-interest rates, […]
Payroll taxes are taxes paid on the wages and salaries of a business’s employees. The Internal Revenue Service (IRS) applies harsh penalties to employers who attempt to shirk payroll tax obligations, from fines or outright business closure to a criminal investigation and prison time for tax evasion. Why does the IRS care so much about […]
If you’ve just found out your small business owes substantial taxes to the Internal Revenue Service (IRS), it’s time to start planning for how to handle your tax liability immediately. Failing to do so could lead to even greater penalties and interest as well as the IRS putting a lien on your assets, seizing cash […]
Our client hired us in 2016 for a State of NY tax issue. At the time he owed the State of New York for a closed business in the amount of $100,000 give or take, including penalty and interest! The original assessment was $49,000. The State of New York has a personal tax assessment process […]
Putting off dealing with tax problems won’t make them go away, and it will probably make things worse. Possibly far worse. Most business owners don’t struggle with taxes because they set out to defraud the IRS. Some get involved in deals that go south and lead to massive cash flow problems. Others grow their companies […]