Watch Out for New IRS Scam
Watch Out for New IRS Scam The IRS has recently issued a warning about a new scam targeting unsuspecting taxpayers. In this deceptive scheme, taxpayers receive an official-looking letter claiming they are owed a tax refund. However, this seemingly good news is a cunning ploy to steal valuable personal information and hard-earned money. The…
Am I in Trouble Over These Payroll Taxes?
Am I in Trouble Over These Payroll Taxes? When the IRS hired thousands of new agents, officers, and support staff, the government had a specific plan in mind. What Businesses Are Included? One type of targeted situation is any business that is habitually late in reporting or paying its payroll taxes. It could be the business owner that…
Tax Law Offices is Now Hiring – Attorney (Remote)
Tax Law Offices is Now Hiring – Attorney (Remote) Tax Law Offices has an immediate opening for an attorney. Our growing dynamic law firm seeks an attorney. New licensees are welcome. Attorney will be responsible for handling a caseload assigned by the firm, as well as developing their own clients. The attorney must…
Bars & Restaurants – Do Cash Sales Make You a Target?
Bars & Restaurants – Do Cash Sales Make You a Target? Have you ever considered using the cash received from daily sales as your “secret profits” from the business? Or even if you pay your employees “cash under the table” or tip them out with the cash sales but never actually count the cash sales,…
A Word to Accountants Regarding Sales Tax in Restaurants
A Word to Accountants Regarding Sales Tax in Restaurants I take every opportunity to share with accountants and tax professionals my experiences from tax audits. Our tax return preparers and accounting professionals cannot be expected to know every detail about their clients. And so we share knowledge, best practices, and horror stories. Many times…
Part 3 – Can you Buy or Sell a Business Subject to Tax Liens?
Part 3 – Can you Buy or Sell a Business Subject to Tax Liens? This is the third article in our 3-part series on selling a business with tax liens. Federal Tax Liens can disrupt the sale of a business in multiple different ways. Sellers want a top-dollar sale price. Buyers want to invest…
Part 2 – Can you Buy or Sell a Business Subject to Tax Liens?
Part 2 – Can you Buy or Sell a Business Subject to Tax Liens? This is the second article in our upcoming 3-part series on selling a business with tax liens. Federal Tax Liens can disrupt the sale of a business in multiple different ways. Sellers want a top-dollar sale price. Buyers…
Can You Buy or Sell a Business Subject to Tax Liens?
Can You Buy or Sell a Business Subject to Tax Liens? This is the first article in our 3-part series on selling a business with tax liens. Federal Tax Liens can disrupt the sale of a business in multiple different ways. Sellers want a top-dollar sale price. Buyers want to invest in a solid,…
Do You Have to Report Gambling Winnings?
Do You Have to Report Gambling Winnings? Today we are going to talk about whether you must report gambling winnings on your taxes. It’s a simple question, but the answer is a little more complicated. Gambling winnings are reportable on your federal and state income. 1. Can You Deduct Your Losses Against…
IRS Wage Levy? Here’s What to Do
IRS Wage Levy? Here’s What to Do This could affect anyone that earns a paycheck. If you owe federal taxes and have not been able to pay, the IRS can enforce the collection. But if the IRS has garnished (or “levied”) your wages, this means that only part of your wages will be sent…