We Focus on Your Tax Problems, So You Can Focus On Your Business
If you receive a 1099-C for a forgiven loan that you co-signed, you should contact the lender and explain that the 1099-C was issued in error, and ask them to issue a correction. If the lender refuses to correct the 1099-C, you should seek the assistance of an experienced tax professional to ensure your return is prepared correctly.
Understanding the tax responsibilities that come with starting a business venture can save you time, money, and aggravation, and help set you up for success. Here are six tips for new business owners. Choose a Business Structure The form of business determines which...
The IRS recently updated 2020-2021 per diem rates to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home on or after October 1, 2020.
The IRS recently unveiled its “Dirty Dozen” list of tax scams in 2020, and one of the items is a concern we encounter frequently: Offer-In-Compromise (OIC) mills. Some “tax relief” companies have misleading radio and television advertising campaigns that offer...
The Internal Revenue Service (IRS) is reopening its operations following its shutdown in March due to the COVID-19 emergency. The IRS generated more than 20 million notices during the shutdown, but the mailing of these notices has only recently begun. As a result,...
As part of the Coronavirus Aid, Relief, and Economic Security Act (“the CARES Act”) the IRS has announced important guidance on the rules for Required Minimum Distributions (RMDs) from IRAs and other retirement plans for tax year 2020. RMD Waiver: You can elect to NOT...
