1. Closing A Business with Payroll Tax Debt (Can You Really Do That?)

    Closing A Business with Payroll Tax Debt (Can We Really Do That?)  Clients regularly seek my advice closing their companies when faced with back taxes and interest. In many cases, they want to walk away from the failing business and the unmanageable text debt. One of the most common problems that these companies face is wrestling with payroll taxes. Payroll tax complicates business closures. We'v…Read More

  2. When is the 2017 Tax Filing Deadline?

    When is the 2017 Tax Filing Deadline? The normal deadline for individual tax returns is extended to Tuesday, April 18, 2017. Individual tax returns are due this year on April 18. Because April 15 falls on a Saturday, the date would normally be extended until the next non-holiday business day. (This is the “Weekend Rule”.) But Monday, April 17, 2017, is Emancipation Day, a legal holiday recogni…Read More

  3. $325K Discharged Taxes after IRS Audit

    Location: Schaumburg, Illinois Background: IRS audited a financial services professional. The government discovered there was additional, misreported income, and considered examining future years. Because a substantial amount of business income was misreported, there was a finding of over $250,000 in additional IRS federal tax, penalty and interest, for multiple years. IRS collection began immedia…Read More

  4. How Smart Home Healthcare Agencies Fix IRS Problems

    Hundreds of home healthcare agencies have tons of legal problems. We know that licensing compliance, Medicare and Medicaid audits, and state reimbursements are huge obstacles. Right now, let’s focus on how they avoid IRS tax problems. Two Main Tax Issues with Home Healthcare Providers Payroll Back Taxes Cash is short. On pay day, the owner says, “Just write pay checks for the net amount. We’…Read More

  5. What’s Wrong with IRS Offer-in-Compromise

    What’s Wrong with IRS Offer-in-Compromise For most tax practitioners, OIC tax reductions have only been available for individuals, and not for businesses. About 2/3 of their Offers are rejected by IRS. Of those offers accepted, even more crumble because of failed payments. Let’s start over. Large-dollar reductions of tax liability with the IRS Offer-in-Compromise (OIC) program can actually hap…Read More

  6. 3 Basics the Smartest Tax Preparers Know About Bankruptcy

    Tax Preparers always manage to know something about everything in business. Take it from an experienced IRS tax attorney, extensive business knowledge is part of the tax profession. But what about bankruptcy for clients? You already heard that it’s bad for business! Right? And that bankruptcy is not even relevant to your clients? Any, isn’t bankruptcy like … financial ruin? Like a “last re…Read More