How Do I Remove a Federal Tax Lien on My Property?

A federal tax lien is where the government has a legal claim against your property because you did not pay a tax debt. The purpose of the lien is to protect the government’s interest in all your property, including real estate, personal property, and financial assets. Tax liens are created automatically once the IRS assesses your tax liability, sends you a bill that explains what you owe, and you fail or refuse to Read More

Understanding the 4 Most Common Business & Occupation (B&O) Tax Classifications in Washington State

The Basics The Washington State Business & Occupation (or B&O) tax is a tax that is imposed against a person or company that is engaged in certain business activities. The tax itself is measured by the value of products, gross proceeds of sales, or the gross income of a business and is included in a business’ overhead. Unlike a sales tax, the B&O tax is not imposed on the purchaser or customer. In Read More

Taxing Tips for the Restaurant Employer

In the previous blog about employee tips, we noted that our city is host to many restaurants with tantalizing dishes and wait-staffs that strive to make patrons feel welcome and comfortable; and that we reward the experience at a fine dining establishment with a tip.  While that blog post focused upon taxing tip responsibilities for employees, this month, I’d like to discuss the taxing tip responsibilities for the Read More

The Pros and Cons of IRS Installment Plans

If you are an individual or business owner with significant tax debt that you are financially unable to pay, you may be eligible to enroll in an installment agreement with the Internal Revenue Service. An installment agreement is essentially a payment plan that enables you to pay off your taxes over time. To qualify, you must file all required tax returns and disclose all of your assets and cash to the IRS. This is Read More

Payroll Taxes: 5 Common Mistakes for Businesses to Avoid

For many business owners, payroll taxes come with the cost of running a company and are an unavoidable task each year. However, there are ways to make your life easier, and there are mistakes that can make the process that much harder. Let’s examine 5 of the most common mistakes that you can easily avoid:   Filing payroll taxes late - While it might not seem like missing the deadline for payroll taxes is Read More

Understanding Innocent Spouse Relief

Married couples get to enjoy a lot of key benefits when they file their tax return jointly, and it can even be a contributing factor as to why people decide to make their union legal in the first place. However, when one spouse decides to keep financial information from the other and misrepresents their situation when filing their taxes, needless to say, it creates a lot of problems. If you suddenly find yourself Read More

4 Factors an IRS Appeals Officer Considers During a Hearing

Owing money to the IRS can be a tough pill to swallow, but what can be even more challenging is the idea that they think you owe money when you actually don’t or when the IRS tries to collect the money from you unfairly without following its own administrative procedures.  If you’ve received a notification from the IRS that you have a debt to pay, or if the IRS has filed a Notice of Federal Tax Lien against you or Read More

A Step-by-Step Guide to the IRS Appeals Process

When you’ve worked diligently to complete your taxes and are satisfied with the results, it can be a shock to receive notification from the IRS stating that you actually owe more than you thought! If this occurs and you are absolutely sure that the IRS is incorrect in their calculations, you can choose to appeal their decision. The process to appeal isn’t complex, but must be followed correctly for the best 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

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