There are many options available for Taxpayers who owe debts to the IRS. Despite the temptation to just bury your head in the sand and ignore the letters piling up with scary legal jargon and huge dollars amounts, inaction is the worst possible response in… Read More »Guide to IRS Offers in Compromise
Throughout the COVID-19 pandemic, the IRS has attempted to work with small business taxpayers to enable them to optimize cash flow and weather the storm. One such way was by allowing the deferral of payment of social security taxes for self-employed individuals. These individuals were… Read More »How Self-Employed Individuals can repay deferred Social Security Taxes
2020 has changed a lot of things for every single one of us, from Brooklyn to Beijing. If you’re still trying to do “business as usual” with an unchanged model – maybe the same one you opened up with in 2020, then your days are… Read More »“Business as Usual” is No More
Oftentimes businesses close, whether by choice or circumstance. With that in mind, we present the flip side of our last article, Tax Tips for New Businesses. In these times, there are still a handful of requirements of businesses and self employed individuals in order to… Read More »Tax Tips for Closing a Business
Starting a new business is both an exciting and stressful time. One benefit to come from the ongoing pandemic is the influx of new businesses being started by people due to employment changes and other lifestyle decisions. Ensuring you are handling all tax responsibilities will… Read More »Tax Tips for New Businesses
For many years, one of the most confusing and difficult aspects of dealing with the IRS has been the processing of amended tax returns. Starting today, however, taxpayers can file the form 1040-X electronically, reducing potential errors and speeding up the processing of amended returns. … Read More »IRS Amended Return electronic filing now available
With the IRS back in service and seeking any additional revenue available, you may be on the receiving end of a piece of their mail correspondence. Most of us have been there – just the IRS logo in the corner of the envelope makes your… Read More »What to do if you receive a letter from the IRS
The IRS has begun reopening offices after shutting down for months due to COVID-19. While the pandemic will remain in our lives for the foreseeable future, the agency and the business world are getting back to whatever sense of normal activity they can find. One… Read More »IRS Tax Enforcement to Ramp up in July
You took the leap and started your business. You’re finally starting to gain your footing and feel comfortable in your new environment. However, being the business owner now also leaves you with the responsibility of reporting & withholding taxes on any required eligible employees. Failing… Read More »Filing Form 941 – Quarterly Employer Federal Return
As the worldwide crisis continues due to the impact of COVID-19, the main concern should obviously remain the health and safety of you and your family. Outside of that, however, you should focus on your financial picture in order to ensure the stability and lifestyle… Read More »Three Reasons to Act on IRS Debt during COVID-19