Is That Letter You Received From the IRS Legitimate?

Dealing with the Internal Revenue Service (IRS) can ignite panic in even the calmest individuals. Your money is at stake and plenty of people have had nightmare dealings with the IRS over their taxes. When you receive a letter in the mail claiming to be from the IRS or related to an IRS matter, those panic signals can go off right away. What did I do wrong? Did I forget something in my taxes? Did my tax preparer Read More

Don’t Miss Out on the Employee Retention Tax Credit

If you are a small business owner, you need to know about the Employee Retention Tax Credit (ERC).  It is a refundable tax credit that businesses can claim on qualified wages, including certain health insurance costs, that it paid to employees in 2020 and 2021.  The ERC was enacted originally by The Coronavirus Aid, Relief, and Economic Security (CARES) Act as an encouragement for small businesses to keep Read More

Getting Out of Trouble With the IRS Through First-Time Penalty Abatement

In an ideal world, everyone would maintain a strictly transactional relationship with the Internal Revenue Service (IRS). We pay our taxes, we file our tax returns on time, and we move on with our lives. This all changes when we end up coming up short on our tax bills or fail to file on time, however. The IRS will come after what they are owed when they are aware you owe them. Failing to act quickly can result in Read More

Preparing Yourself for the 2023 Tax Season

With the flip of the calendar, we’re officially into 2023. There’s ample opportunity in the new year to put ourselves in a position to take advantage of the many opportunities 2023 has to offer, but we also have to keep in mind it’s almost time to look back on 2022 when tax season gets underway. Each year, the IRS guidelines around tax returns change in some fashion. We want to make sure you’re prepared for those Read More

Protecting Your Bank Account from the IRS After Receiving Final Notice

You may have heard stories of the IRS and the agency’s seizing of personal assets to satisfy unpaid tax debts. This is referred to as an IRS levy, which is similar to an IRS lien. Fortunately, you will receive several letters from the IRS before the agency attempts to seize your property.  However, if you do receive either Letter 1058 or an LT11, Final Notice of Intent to Levy, the time to take a wait-and-see Read More

The IRS is NOT adding 87,000 new ‘armed’ agents. Here’s what’s really going to happen

There has been quite a bit of confusion regarding both the context and likely results of the IRS’ recent monetary windfall. On August 16, 2022 President Biden signed into law the Inflation Reduction Act of 2022 which is designed to curb inflation by reducing the deficit, lower prescription drug prices, and invest into domestic energy production while promoting clean energy..  One item that received much Read More

Getting Your Finances Right Before the End of the Year

Don’t look now, but we’re already nearing the end of 2022. Another whirlwind year for many of us – reinforcing the importance of staying focused and taking care of what we can control. That’s precisely why we want to address a few year-end financial tasks you can knock out to set yourself up well for 2023. It’s important to make time for friends and families during the upcoming holiday season, so use this post as Read More

How Does Income Garnishment Work?

The IRS always gets what it’s owed, one way or another. If you owe back taxes to the IRS and you do not set up a payment plan with them, it’s likely that your wages will be garnished. When this happens, the IRS seizes a set amount of your income every pay period before it even hits your bank account. While this does take care of your debt, it can also leave you with little to get by on from check to check. Learn Read More

How Do I Know If My Business Is In Tax Trouble?

Checking in with your business finances on a regular basis can help you predict tax issues. You don’t want to get tangled up with the IRS or end up with financial problems so large that you cannot overcome them. While it can be humbling or even anxiety-inducing to take a hard look at the numbers, it should be a regular part of your to-do list. If you suspect you may already be facing tax issues, it’s time to talk Read More

Tax and Recordkeeping Tips for Businesses With Seasonal and Part-Time Employees

Some businesses see surges during different parts of the year while others may only be open during parts of the year. These businesses will hire seasonal employees to cover the limited time they are needed. Whether you’re hiring seasonal or part-time help during this time, it’s important to know the different recordkeeping and tax procedures that apply to these employees. We previously talked about recordkeeping Read More