How to Answer the IRS Letter CP2000
How to Answer the IRS Letter CP2000 With the Letter CP2000, the IRS wants to audit 100% of people who have not reported all income. Using its new tech tools, the government can now choose many more people to be audited. The CP2000 letter is the IRS’s official notice that you are under audit…
The Sneaky 20% Accumulated Earnings Tax on Your Profits
The Sneaky 20% Accumulated Earnings Tax on Your Profits If your business is successful, this could cost you another 20% (maybe more) of your profits. This article relates to profitable businesses that have accumulated some savings. This Accumulated Earnings Tax (“AET”) is usually discovered in IRS tax audits. Be aware that the IRS…
Can You Believe This? The Newest on Fake Charities!
Can You Believe This? The Newest on Fake Charities! This post is to help anyone. I want to especially advise our seniors, and friends who may be challenged with speaking English. These matters. There are charity causes created by disease, weather, disaster, and even war that are actively seeking help from the public. And…
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…
Frozen Refund? Options While Awaiting IRS Employee Retention Credit
Frozen Refund? Options While Awaiting IRS Employee Retention Credit Refund Updates: You may have an IRS Employee Retention Credit (ERC) refund application on file. In September 2023, we were advised by the IRS that the government stopped processing applications during the remainder of 2023. Part of the reason for this moratorium on ERC refund…
If the Government Shuts Down, Do I Still Have to Pay Taxes?
If the Government Shuts Down, Do I Still Have to Pay Taxes? First Thing: How Does a Government Shut-Down Affect the IRS Without an approved budget to, in part, fund the governmental operations, the U.S. government operations may become suspended effective October 1, 2023. This would be the 4th of these events in…
IRS Employee Retention Credit Freeze 2023
IRS Employee Retention Credit Freeze 2023 IRS has placed a “moratorium” (or freeze) on the Employee Retention Credit application processing for the remainder of 2023. This means that IRS has frozen handling all new Forms 5884-A submitted for the ERC. Until further notice, this ERC application freeze remains through December 31, 2023. Why…
Can You Repay Yourself Tax-Free from Business
Can You Repay Yourself Tax-Free from Business Question from Business Owners: If you made a loan to your new business, can you pay yourself back tax-free? In other words, are you going to be taxed when you pay back the cash that you invested into your small business. What About Me? Did…
Tell Me About the Employee Retention Credit
Tell Me About the Employee Retention Credit Tax Law Offices is starting a three-article series on Employee Retention Credit. This will be great information for anyone thinking about applying. Here is what we will cover: Basic qualifications and criteria to apply How to pick the best company to apply with What happens…
Tax Law Offices is Now Hiring – CPA or EA (Remote)
Tax Law Offices is Now Hiring – CPA or EA (Remote) Tax Law Offices has an immediate opening for a Certified Public Accountant or Enrolled Agent for our growing, dynamic law firm. New licensees are welcome. CPA/EA will be responsible for handling a caseload assigned by the firm and developing their own clients….