Happy Holidays!!
Happy Holidays!! With so much focus on our Tax Matters practice, sometimes we forget just to stop to say THANK YOU! You have been a part of our year, no matter whether you’re a client, business owner, fellow accountant, or fellow lawyer. Our Tax Law Offices have enjoyed helping solve IRS tax problems for you and…
Using LLC’s to Get the Employee Retention Credit
Using LLC’s to Get the Employee Retention Credit It seems like everyone is talking about the Employee Retention Credit (ERC). First of all, what is the ERC? The ERC is a refundable tax credit for businesses that continued paying their employees while shut down during the pandemic. Businesses that had a large reduction…
What is Form-1099K? A Guide For Gig Workers
What to Do With Form 1099-K? Our 2-Minute Guide for Gig Workers Gig workers who use third-party payment applications like Venmo or CashApp may soon be seeing some changes. The IRS has recently reminded taxpayers that if they earned over $600 in income from selling goods or providing services, they may receive Form 1099-K….
Business Owners – Beware of Employee Retention Credit Scam
Business Owners – Beware of Employee Retention Credit Scam Business owners beware, you could become the victim of a new scam. Here is what you need to know. This new scam involves the Employee Retention Credit. The Employee Retention Credit (ERC) was created to encourage businesses to keep paying their employees during the Covid-19…
Completing Form 433-D Installment Agreement After IRS Audit
Completing Form 433-D Installment Agreement After IRS Audit First, let’s be clear: IRS audits are the worst!! After a tax audit, you may owe money to the IRS. Most people cannot pay off the amount due all off at once. In that case, the IRS offers a monthly payment plan called the Installment…
If You Pay Your Employees Under the Table Here Is What You Need to Know
If You Pay Your Employees Under the Table Here Is What You Need to Know If you are the owner of a business and you are paying your staff cash under the table, what consequences could you face if caught? First of all, you may think that no one will ever find out. (Maybe…
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…
Deadline is September 30th to Refund IRS Penalties
NEWS ALERT! IRS PENALTY RELIEF DEADLINE IS SEPTEMBER 30, 2022 Instant Penalty Relief for 2019 and 2020 Returns due to COVID Delays On August 24, 2022, the Internal Revenue Service (“IRS”) issued Notice 2022-36, which provides Penalty Relief to individuals and businesses who have filed, or will file certain 2019 or 2020 returns late. …
IRS is Hiring New Agents – Should You Be Worried?
IRS is Hiring New Agents – Should You Be Worried? President Biden recently signed into law the Inflation Reduction Act resulting in $80 billion (yes, BILLION) in funding for the IRS. The funding will go toward multiple purposes, but the most talked about is the hiring of thousands of new IRS agents….
How To Get the IRS to Pay for Your Travel Expenses
How To Get the IRS to Pay for Your Travel Expenses Is there a way to make the IRS pay for a portion of your travel expenses? Most business owners know you can take tax deductions for business-related travel expenses. But what does that really mean? Today we are going to…