7 Things Not to Do During an Audit

We get it. Tax audits can be nerve-racking, to say the least. And while there is a lot of information out there on what is appropriate to do, there isn’t much on what not to do. So allow us to outline some of the things you should never do during an IRS audit. 1. Do…

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6 Different Ways to Resolve Outstanding Tax Debts

Getting a notice from the IRS that you owe back taxes can be intimidating. Usually, though, the IRS is willing to work with taxpayers who want to resolve tax debt. The Fresh Start Program makes payment options available to people who didn’t qualify previously. The program offers repayment choices including installment plans, Offers in Compromise,…

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When Is It Time to Become an S Corporation?

For most new businesses and business owners, keeping it simple is key. After all, launching a new business requires attention to detail and doing many things right. For that reason, most new businesses start out simply as a sole proprietorship or a Limited Liability Company (LLC). As a successful business matures, however, the savvy owner…

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Important Tax Dates and Deadlines to Remember

The filing season for 2017 federal income tax is upon us, with a number of deadlines fast approaching. In the meantime, first quarter 2018 estimated tax deadlines are also right around the corner, with the new federal tax law potentially having a profound impact on your 2018 taxes and beyond. To avoid paying penalties and…

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What to Do if You Missed the Tax Deadline

So you missed your federal tax filing deadline. Maybe you had a good reason, a personal or family emergency for example. Or maybe you just plain forgot. Whatever the reason for failing to meet the deadline, you now have to deal with the consequences. Here’s what to do next and why there may be hope…

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Working from Home? Claim Your Home Office Deductions

Some of us are just too lazy to drive/ride to work every day, so we prefer to set up office at home. Well, jokes apart, some of the small business that operates right out of their homes qualify for deductions. But the fear of audit keeps them away from any such declarations. But in all…

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Steps to Avoid an IRS Worker Classification Audit

Any small business must hire more people as the business grows and thrives. At the initial stage when work is sporadic, it may make sense to hire contractors like a web designer to create an online presence or a bookkeeper to manage business accounts. But as work piles up, it may require hiring a full-time…

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TIGTA Reports Billions of Dollars of Uncollected Taxes

Despite having thousands of employees and information matching programs in place, the Internal Revenue Service has not always been able to follow up with every instance of a tax discrepancy. However, a recent report from the Treasury Inspector General for Tax Administration (TIGTA) advises the IRS to take further measures to help lessen the “tax…

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An Expert Guide to US Payroll Taxes

U.S. Payroll Taxes — The Taxes No One Expects…  While everyone is well aware of the impact of business income taxes, the sleeping giant of payroll taxes (also known as employment taxes or trust fund taxes) often catches business owners and employees by surprise. This guide will give you an overview of what payroll taxes…

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