Ordinary and Necessary Business Expenses Explained

In these turbulent and difficult economic circumstances, nearly every business owner is leaving no stone unturned looking for ways to save money. Federal laws passed such as the Families First Coronavirus Response Act and the CARES Act contain numerous provisions that aim to help out individuals and businesses alike.  As an entrepreneur, you can also strive to make sure that you are using every tax-saving method Read More

IRS Response To Covid-19

Do you owe back taxes to the IRS?  Are you working to resolve your matter with an IRS payment plan or settlement?  Are you facing IRS collection actions such as garnishments and levies?  Are you one of the many people who are facing financial hardship due to the current COVID-19 pandemic?  If so, you may be wondering if the IRS will give you a break during this time of national crisis and staggering unemployment Read More

Mistakes the IRS Can Make

If you have ever made an error on a tax return, you know first-hand how interested the IRS will become in ensuring that you rectify the situation. Sometimes, however, the shoe is on the other foot. When the IRS does make the occasional mistake with a taxpayer, it can turn into a headache that doesn’t resolve in a timely manner. To help you understand your obligations and rights as a taxpayer, we have outlined a few Read More

What You Need to Know About the July 15 Tax Deadline & COVID-19 Stimulus Payments

COVID-19 has changed life in the U.S. and stalled the economy.  Businesses are closed and people are forced to “stay-at-home” in order to keep everyone safe.  No wonder that Congress and the IRS have taken measures to help those people who have been impacted.  Two of these measures are the IRS’ postponement of Tax Day and the COVID-19 Stimulus Payments. On March 21, 2020, just two days after the IRS extended the Read More

Common Reporting Mistakes Made with Offshore Bank Accounts

U.S. citizens and permanent residents engage in financial activity overseas for a variety of reasons. Despite the stigma surrounding offshore bank accounts and other assets held overseas, they are completely legal and not exclusively used by the ultra-wealthy for tax evasion. Sometimes, citizens might have familial or other personal connections to individuals in foreign countries and want to keep an account Read More

The Advantages (and Disadvantages) of IRS Installment Agreements

Do you owe back taxes to the IRS? If so, you’re not alone. According to a recent report, an estimated 1 in 5 people who file returns for 2019 expect to owe the IRS and last year 24% of the people who filed tax returns owed money to the IRS. Taxpayers who are unable to pay all the taxes they owe at the time of filing can be in for some nasty surprises. Unpaid taxes can come with big problems including wage Read More

4 Payroll Tax Mistakes Business Owners Can Make

You wear many hats and have many responsibilities as a small business owner. While pursuing your ultimate goal of making your business profitable and sustainable, it’s normal that some duties and obligations get allocated to the backburner. Paying attention to payroll taxes for your employees can be one of these obligations, but running afoul or federal and state tax law can land you in hot water with governmental Read More

IRS Bank Levies: When “Yours” Becomes “Theirs”

When you were a kid, you probably had a piggy bank. As you filled it with your treasured coins, you understood that, once the piggy swallowed your hard-earned allowance, the money was safe inside until you decided to take it out and spend it. Ah, the naivete of youth. As a tax-paying adult, it’s important to understand the concept of a bank levy. Think of it this way: the IRS snatches up your piggy bank and all Read More

Fast Facts: The IRS Fresh Start Program

Don’t you wish you could hit the “reset” button on your unpaid taxes? If you could just go back to when they were first due and avoid all those expensive fees, penalties and interest, wouldn’t life be so much easier? With the IRS Fresh Start Program, you can do just that and more! Read on to find out more about this debtor-friendly program and don’t forget to schedule your free consultation with the legal team at Read More

Explaining Offers in Compromise

What if you find yourself unable to pay your full tax burden to the Internal Revenue Service? Or, let’s say you are able to, but paying your tax liability in full would create an extreme financial hardship on you. What can you do about that?  Fortunately, the IRS offers something called an Offer in Compromise that may be available to you if you find yourself in these types of situations. If you are indeed eligible Read More