Need Help? Contact Us Today!
Categories: IRS
Help, I’m Being Audited During a Pandemic! Receiving an audit notice from the IRS is scary. But receiving one in the midst of a global pandemic, and at a time when your business may already be feeling the effects of that, can be even more overwhelming. Here are five things to do if you find...
Categories: IRS
What are the Penalties for Late Payment of Payroll Taxes? I’m often asked by business owners what will happen if they are late paying payroll taxes to the Internal Revenue Service (IRS). Employers should be collecting payroll taxes for every employee (with the exception of independent contractors). They are typically calculated as a percentage of...
Categories: IRS
Do You Have to Pay Taxes on Profit from Selling a House? I’m often asked by homeowners about potential taxes they may owe when they sell their house. Many individuals wonder if they make a profit, do they owe part of that profit to the Internal Revenue Service in the form of capital gains taxes....
Categories: IRS
Understanding IRS International Compliance: The Streamline Program Understanding the IRS international compliance problems can be daunting. Some people are born in another country, have family members in another country, somebody passes away. Now they have a bank account or a piece of property that’s in their name. There are certain requirements when you file your...
Categories: IRS
Will the Government Think I’m Guilty if I Hire a Tax Attorney? One of the most common questions I get when someone reaches out to me for help is will the government agent, or agency, think I’m guilty because I hired a tax attorney? Will they think I’m hiding something or trying to run away...
Categories: IRS
Do These 4 Things Now to Make Filing Taxes in 2021 a Simple Process It’s not quite the end of 2020 and tax season may seem like quite a way off. However, there are things you can do now to prepare to file taxes in 2021. Taking an hour or two when your business has...
Categories: Federal Trust Recovery Penalty
What is the Federal Trust Fund Recovery Penalty and Will You Be Hit With It? If you’re a business owner and you have not heard of the Federal Trust Recovery Penalty, you may want to start paying attention. If you are a responsible for withholding, accounting for, depositing or paying specified taxes including employment taxes...
Categories: IRS
Should I Make Estimated Tax Payments? One question I hear often is whether a taxpayer needs to pay the Internal Revenue Service (IRS) estimated tax payments throughout the year. Estimated tax payments—also known as quarterly tax payments—are typically made for the current tax year by individuals, including sole proprietors, partners and businesses that do not...
Categories: IRS
The Four Types of IRS Audits *The following article was updated in March 2024* IRS audits can be a scary thing for some business owners. There are generally four different types of IRS audits: correspondence audits, office audits, field audits, and program audits. An IRS correspondence audit is exactly that; you receive a letter...
Categories: IRS
How Do I Handle an IRS Audit? *The following article was updated in March 2024* There are few things that provoke such fear in a person than receiving an audit notice from the Internal Revenue Service (IRS). While getting audited can be a scary prospect, it doesn’t mean you necessarily have to face major financial...
