As a business owner, you are responsible for everything including recordkeeping – a task that small businesses sometimes don’t do very well. The IRS has released a very helpful recordkeeping FAQ webpage for small business and the self-employees that emphasizes the benefits of and reasons for good recordkeeping. Here are six practical FAQ’s the webpage highlights:
· Why should I keep records?
· What type of records should I keep?
· How long
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As Tax Day April 15th draws near, I will be reaching into archive blog posts to gather useful and informative posts that can help taxpayers avoid IRS issues and find tax relief. Today’s topic: small business tax audits.
In a previous post and TaxMan episode for the Big Biz Show, I discussed how small business owners often make themselves targets for harmful tax audits citing a tragic story of business owners
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It’s Friday, and that means it’s time for a round-up of tax news we reported on this week. Here are some tax related stories that were particularly interesting:
Tax Help Tips
Eleven Tax Changes to Know before Filing
Now that tax season is here, I wanted to let people know that the recent changes to the tax code could affect their wallet! A Forbes article provided the eleven important changes that
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Happy Friday! It’s time for a review of this week’s mixed bag of tax relief topics:
Currently Not-Collectable Status – Status 53
A new video from the Tax Man series explains how Currently Not-Collectable Status works for taxpayers having trouble with tax debt repayment because their current expenses are higher than their income. Currently Not-Collectable Status gives these folks time (sometimes up to two years) whereby they are not obligated to
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The purpose of the Tax Man series is to explain IRS practices and tax relief solutions that are implemented to help taxpayers get out from underneath tax debt issues. One solution is the “Currently Not-Collectable” or Status 53 as defined by the IRS.
In a recent Tax Man video, Tax Team member, Parham explains that the “Currently Not-Collectable” Status often works for taxpayers whose expenses are higher than their income and
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Payroll tax issues are some of the most complicated and serious IRS tax issues business owners face. Payroll taxes are considered a trust tax meaning employers hold them in trust until they are collected from employees and sent to the IRS. Therefore, non-payment of the trust tax is considered a federal crime resulting in some of the toughest IRS penalties including prison; a fact that one North Carolina is now
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Let’s recap recent IRS tax relief stories that made news headlines:
The IRS Offer in Compromise Program can help taxpayers get their financial footing back
Our post this week highlighted the fact that many Americans are struggling to pay their bills much less their tax debt. However, no matter bleak the tax situation, taxpayers need to know they have options beginning with consulting a qualified tax professional. Our tax expert analyzes previous
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Starting a business can be an exciting and overwhelming endeavor. If you are ready to take the plunge and start out on your own, make sure you factor tax strategy into the planning phase. The last thing you need as you run your business is backwards work with tax troubles.
Some of the best tax help is right at your fingertips via the IRS website, irs.gov. Through its Publication 583, titled
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Happy Friday. It’s time round up a busy week of tax news. Let’s get started.
Tax Fraud continues to be the number one tax issue facing the IRS. This week, however the Agency found itself in the hot seat after a government report revealed that the IRS allowed millions in fraudulent returns to be processed without detection. On Wednesday, the Treasury Inspector General released a report critical of the IRS sighting
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In this latest episode of the Tax Man series, Tax Team member Anna answers a client question about payroll taxes and bankruptcy. Sadly, many small businesses are facing the dilemma of whether they should keep their doors open or shut them for good. Today’s post (below video) is meant to help prevent IRS problems with information on payroll tax liabilities, bankruptcy and five tips that can help business owners stay
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This week’s tax relief news has been quite exciting especially for Tax Resolution Services.
Here are some of the highlights:
Tax Resolution Services-2012 Stevie Award Finalists for Business
I am extremely proud to announce that both Brian Compton and I have been selected as 2012 finalists for the 10th Annual Stevie Awards. Brian was selected for Executive of the Year for Accounting, Banking, & Financial Services and I am a finalist for Maverick
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Small business is no stranger to payroll tax problems, but when a city becomes a victim, it makes headlines. An article from WTOK.com Channel 11 entitled IRS Says York Failed to Make Payroll Tax Payments reported that a representative from the Internal Revenue Service traveled to York, Alabama to meet with city officials to discuss their specific tax issue: unpaid payroll taxes.
It appears that the city administrator, Tim Sweezey and
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Happy Friday! The common theme in last week’s news was aimed at giving tax relief advice to those who did not make the tax filing deadline of April 17.
Here are some of the highlights:

The IRS just released a video entitled Employee or Independent Contractor? aimed at getting employers to properly classify their workers as either an employee or independent contractor. Improper classification can result in steep IRS penalties but many
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The IRS just released a video entitled Employee or Independent Contractor? that gives guidance to unsure employers interested in properly classifying their workers as either an employee or independent contractor. Improper classification can result in steep IRS penalties for both employer and worker with many business owners getting into trouble simply because they don’t know the difference. Understanding this distinction can help a business owner avoid an IRS audit.
The IRS
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It’s no secret the IRS is cracking down on small businesses with unpaid payroll taxes and past due employment taxes. If you are in need of business tax relief, here are 5 things you need to know:
#1: Understand the gravity of your situation. The IRS views unpaid payroll taxes and unpaid employment taxes as theft, and they carry severe consequences. Aside from penalties (33% plus interest at 16
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