As a small business owner, you are likely to be the recipient of one of these requests for information at some point in the lifecycle of your business.
Selling Business Assets That are Subject to a Tax Lien: What You Need to Know
When you fall significantly behind on a government tax bill, whether that tax bill is attached to your company or personal taxes, Uncle Sam looks for other ways to collect. One method includes staking a claim in your business interests. Not only can the government put a tax lien on… [Read more]
Outlandish Tax Cheats
Many taxpayers hedge their bets when filing their tax returns but most of us are careful to pay our fair share and stay on the sunny side of the IRS. Not so for these eight Americans who thought they could get away with cheating IRS. Read on to see how… [Read more]
Remedy For Failing To File 1099s
If you’re thinking back on the previous year and realizing there are 1099 forms you did not submit, here are the steps you can take to remedy the situation and possibly avoid having to pay fines on your errors. Reach out to your tax attorney and share the information of… [Read more]
Which Form Should I Use to Amend My Business Tax Return?
If you’ve made an error on your business’ or organization’s tax return, the federal government requires you to send in an amendment to correct and update your filing. It’s important to make these corrections as soon as you can, in case the IRS audits your business — whether at random,… [Read more]
What To Do If You Couldn’t Pay Your Business Tax On Time
Even if you pay your estimated quarterly taxes every three months, you may still owe more taxes than expected for the full year. In some cases, this happens because your business earned more than you initially estimated it would. While unexpectedly high revenue is usually good news, it may not… [Read more]
What Are Back Taxes and How Do They Affect My Business?
Back taxes occur when business or personal taxes are not filed and paid in full by their due date each year. They continue to accrue interest for as long as they remain unpaid, and many can incur a number of additional penalties as well. Here are some of the serious… [Read more]
6 Tax Code Updates for 2018 That Could Affect You
Millions of Americans overpay on their taxes each year, simply because they don’t understand how the system works. Since new tax reforms were passed in December 2017, it’s more important than ever to understand how the tax system could affect your finances. With updates to everything from the dedufctions you… [Read more]
Get a Head Start on the New Tax Laws for the 2018 Season
The April 2019 deadline for filing your 2018 taxes probably seems far in the future, but if you start preparing for the filing process now, you’ll save yourself a lot of stress closer to the deadline. Here’s a handy guide to the new tax laws, the paperwork you need, and… [Read more]
6 Mistakes to Avoid When Filing Your 2018 Taxes
Understanding tax rules is complicated. In 2018, the launch of the new tax reform means that US citizens now have a host of unfamiliar rules and regulations to keep up with — beneficial or not, any change in the rules can increase the stress involved with tax season. Already, millions… [Read more]
