First Steps to Resolve Payroll Taxes
RESOLVE PAYROLL BACK TAXES WHERE DO YOU BEGIN? This blog has three tips on how to begin your payroll tax resolution. Payroll tax liability can be a huge problem for businesses. Especially when payroll taxes accumulate for several months (or years) without being paid to the federal or state governments. It starts with…
How to Help Your Boss(3 Ways to be the MVP)
How to Help Your Boss with Tax Issues (3 Ways) This article is to help employees of companies with owners who are overwhelmed. This especially applies if you work for a struggling business that is having trouble keeping enough cash flow. Some of the signs of a struggling company may be: Payroll is often slow,…
Am I Taxed on the ERC Refund?
Am I Taxed on the ERC Refund? Here are three ways this frequent question about an Employee Retention Credit refund is asked: “Do I have to pay taxes on the ERC refund? “ “Does the amount become added back into my income? “ “Is the government going to tax me on a…
3 Things to Know If You Get Paid Cash Under the Table
3 Things to Know If You Get Paid Cash Under the Table Getting paid under the table may seem like a win-win situation. You don’t have to keep track of your income, and even better, you don’t have to report your income to the IRS. If you don’t report your income, then you don’t…
The IRS Shredded 30 Million Tax Returns – What Does This Mean For You?
The IRS Shredded 30 Million Tax Returns – What Does This Mean For You? An article last week in the Journal of Accountancy and a few other sources told us that IRS just shredded 30 million unprocessed tax returns. That’s 30 million. Now that’s not good news for those who filed those tax returns….
IRS CP 2000 Notice – Respond Like a Pro
IRS CP 2000 Notice – Respond Like a Pro Today we’re going to talk about the IRS CP 2000 Notice, specifically for accountants whose clients have received one. However, this is good for individuals who have received the same notice. Either way, you don’t want to miss out on this information. What…
What happens if the IRS rejects my Offer-in-Compromise?
What happens if the IRS rejects my Offer-in-Compromise? Potential clients who have already filed Offers-In-Compromise often want to know what will happen if the IRS rejects their Offer-in-Compromise. This is our Morning Coffee Series, and we’ve got some information about that. What if IRS rejects an Offer-In-Compromise filing? The good news is…
Dealing with Illinois Tax Collection Agency for Small Tax Debt
Dealing with Illinois Tax Collection Agency for Small Tax Debt If you find yourself asking, can I discharge these taxes?, read more about helpful solutions below. Illinois Department of Revenue granted several small collection firms the legal right to collect tax. In many cases, once the tax is assigned to a private collector, you may…
Deadline Nov 21 — Stimulus Payments for College Students
College Students May Still Qualify for Economic Impact Payment The Internal Revenue Service confirmed last week that eligible college students who are self-supporting and who do not need to file a tax return may still receive the Economic Impact Payment (EIP). November 21 is the registration deadline to receive the benefit payment before the end…
The Best Way to Remove IRS Tax Liens
HOW DOES A FEDERAL TAX LIEN AFFECT ME? A federal tax lien is an instrument used by the IRS. The Illinois Department of Revenue and other state tax departments have similar liens. This federal IRS tax lien is not just a document. Instead, it is a claim of IRS’s financial interest in all assets…