Categories: IRS
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 tax return, you need to disclose these…
Categories: IRS
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 some year-end down time may help filing next year that much easier. Here are…
Categories: IRS
No business owner or individual wants to deal with an IRS tax audit. As the year comes to a close, it’s a good time to review your financial records as you prepare to close out 2020 and file taxes early next year. Here are five things you can do to protect your business and possibly…
Categories: Federal Trust Recovery Penalty
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 – and you willfully fail to do this – you can be held personally liable…
Categories: IRS
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 have their taxes withheld in paychecks….
Categories: IRS
Red Flags That May Trigger an IRS Audit The word “audit” is sure to strike fear in most individual taxpayers and business owners. After all, nobody wants to receive a letter from the Internal Revenue Service (IRS) stating their tax returns and financial matters are being investigated. While you can’t predict exactly when the IRS…
Categories: California Tax Law
Voluntary Plan for Disability Insurance (VDPI) When it comes to California tax returns, there are a lot of questions about what expenses are deductible and what are not. One area that is often asked about is the Voluntary Plan for Disability Insurance (VDPI). Let’s look at what the VDPI is and whether it’s considered deductible…
Categories: IRS
How IRS Will Collect Owed Money Not much invokes fear like filing your taxes and realizing you owe the Internal Revenue Services (IRS) money. While the amount you owe can sometimes feel overwhelming, it’s important you at least make an attempt to pay it. If not, the IRS Collections will get involved and attempt to…
Categories: IRS
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 from the IRS and you’re going to respond to that letter. It’s generally for one…
Categories: IRS
How Do I Handle an IRS Audit? 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 penalties. That being said, if you are facing…
