We Focus on Your Tax Problems, So You Can Focus On Your Business
The IRS can garnish your Social Security benefits and other federal payments to satisfy your tax debt. Because the IRS also takes the position that you have a fixed determinable right to receive future Social Security benefits, the levy will continue until the tax debt is satisfied, and the levy will NOT expire when the collection statute of limitation expires.
The IRS started sending Letter 6419, “2021 Advance Child Tax Credit Payments”, in late December 2021. Taxpayers should refer to these letters when preparing their tax return,. They should also compare the payment total in their IRS letter with their bank statements to see if they agree.
The IRS publishes Audit Technique Guides on their website that provide valuable insight on how the IRS conducts retail industry audits. The guides are also helpful for business owners and tax professionals in developing financial best practices for their businesses.
Many clients contact our office when they receive a notice informing them that the IRS has assessed additional tax, penalties, and interest to their tax return from one, two, or even three years ago. Sometimes there is a dispute as to whether the additional tax is...
Federal and Ohio income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021
During his presidential campaign, Joe Biden proposed repealing the step-up in basis for capital gains. Income tax law has always provided that the value of inherited assets, like a family business, is “stepped up” to its fair market value when the owner dies. So, if...
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...
