A Brief Look at Washington State Business Taxes

Tax Costs of Doing Business in Washington State Today, I'd like to discuss four main taxes with which business owners in Washington State must contend. B & O Tax While Washington doesn’t have an income tax, businesses are subjected to a Business and Occupation (or B & O) tax.  This tax is a gross receipts tax measured on either the value of products, the gross proceeds of sale, or a business’s gross Read More

Drawing Unwanted Attention: 8 Red Flags That May Trigger an IRS Audit

Two words often strike fear in the hearts of tax paying individuals: IRS audit. It’s often perceived that an audit is completely random, but in reality there are several red flags that trigger the IRS to take a second look. Keep in mind that these issues do not necessarily guarantee an audit, but rather might increase your chances. It’s never a good idea to falsify information to avoid these items, so it’s best to be Read More

IRS Tax Refunds

Show me the refund! Tax time is here, but this year you’re prepared.  You’ve filled out the forms and filed your returns in a timely manner, pondering future purchases while eagerly awaiting your refund check. But you’ve grown bored with waiting and want to know when you will be getting your tax refund. No worries, we have answers to some of the most commonly asked questions regarding IRS refunds. How can I Read More

Piercing the Corporate Veil: When the IRS Can Seize Personal Assets to Cover Business Tax Liabilities

Small business owners often put their blood, sweat, and tears into making sure their company remains operational and successful. Sometimes it isn’t enough, and the company has to close. When this happens, owners might be under the impression that they aren’t responsible for their unpaid business debts, but that’s not always true. Having a business isn’t a free pass to acquire debt and then not pay it off or Read More

Understanding Spousal Tax Liability

When married couples file taxes, there are a few assumptions that are naturally made by both parties. You assume that the information on your paperwork is accurate for both of you, and that all of your income during the year is represented on your return. It’s also a given that, as a couple filing jointly, both of you will be responsible for paying any tax due. But what if your spouse does something without your Read More

An Introduction to the IRS’ “Currently-Not-Collectible” Tax Program

Tax time is certainly looked at as one of people’s least favorite times of the year. While it’s a headache for some, it can be truly stressful and upsetting for others. Imagine living paycheck to paycheck, barely able to make ends meet, and then finding out you owe the IRS thousands of dollars. A situation like this might seem hopeless, but there is a light at the end of the tunnel. The IRS has created a program for Read More

A Brief Q&A on U.S. Tax Court

For most Americans, filing their taxes with the IRS each year is a straightforward process that ends once the amount of taxes owed to the government is paid. However, some taxpayers become engaged in a dispute with the IRS when they are notified that they owe much larger amounts of taxes than what their own calculations represent. When a dispute arises with the IRS, taxpayers have the option of presenting their case Read More

The IRS Isn’t Perfect: 5 Ways the IRS Can Incorrectly Determine Tax Liability

We often think of the IRS as an ominous entity who is out to take as much of our money as they can. However, despite our frustration with this important government entity, we still tend to take their statements and determinations at face value without question, when in reality the IRS is run by people just like you and me who are very capable of human error. The IRS can most certainly make mistakes, and although it Read More

The Truth About Taxes: Exposing 4 Myths About IRS Audits

When tax season rolls around, few things are scarier than the risk of being audited. Whether you’re a business owner or a hard working employee, the thought of an audit can sometimes keep people from filing their annual return, or at the very least cause serious anxiety and procrastination. There are a lot of myths regarding IRS audits, and they often paint a very inaccurate picture of how the system actually works. Read More

How Can I File My Back Tax Returns? I Have No Records.

Our Firm often encounters individuals and businesses who have not filed income tax returns for many years.  Oftentimes, someone went through a traumatic event, such as the death of a spouse, and did not file a tax return for that year.  Or business owners may have had a dispute, and one owner may have taken all of the records, making it difficult for the other owner to file a tax return. However, the consequences Read More