IRS Penalties
How to Cure the Top 3 Problems of Business Owners The 3 most common concerns that I hear from business owners are not what you might expect. Self-employed people want to “get their finances in order”. And that can mean a few different things. This could mean more savings, better cash flow, or improving their…
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Do Tax Liens Affect Your Credit Rating? This is a trick question. The Positives: Tax liens currently do not affect your credit score. Because of the Equifax case back in 2018, the credit bureaus stopped including tax liens on credit reports as derogatory history. Note: Before 2018, yes, tax liens definitely were…
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IRS’s Top 3 Targets for Small Biz Owners (2024) Let’s talk about the Top 3 Targets the IRS is very concerned about coming into next year. Spoiler alert: each is related to payroll. #1 – Worker Classification (Form 1099 or W-2) You may have workers for whom you report earnings on Form…
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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…
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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…
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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…
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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…
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IRS Problem: From Hot Mess to Hot Success Dealing with the Internal Revenue Service (IRS) can be an overwhelming experience, as illustrated by a recent case handled by Tax Law Offices. The client arrived at their doorstep with a chaotic situation – erroneous tax returns, a staggering tax liability of $65,000, and a tangled…
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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…
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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,…
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