Archive for the ‘Small Business Taxation’ Category

Tax Policy Study Shows More Americans Paying Taxes

Monday, September 9th, 2013

About this time last year one of the biggest tax news stories centered around a 2009 Tax Policy Center (TPC) report that showed 47 percent of citizens were not paying taxes. According to a Don’t Mess with Taxes, Kay Bell in an article titled: “More Americans are paying federal income,” recent analysis by TPC (a joint venture of the Urban Institute and Brookings Institution), and shows that the 47% group
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Five Tax Help Tips to Keep IRS Audits at Bay

Friday, August 16th, 2013

Tax Defense Partners helps people resolve their tax problems and counsels clients on ways they can stay compliant and prevent future IRS tax issues. An article by Forbes titled “5 Steps to Keep the IRS Out of Your Hair” gives sound advice to taxpayers, reminding them to be proactive about preventing tax issues especially ones that have the potential to trigger an IRS audit.
Here are the top five tips Forbes
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IRS Tax Tips: Home Office Deduction-Simplified

Monday, July 29th, 2013

The IRS has released its summertime tax tip bulletin “Simplified Option for Home Office Deduction” that will be welcome news for those who work from home. According to the IRS, starting this year, they have made the option to figure the business use of your home much simpler to use and a time-saver because it requires less paperwork and record keeping. Important Note: the IRS clearly states that the simplified option
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IRS Tax Tips for Small Business Recordkeeping

Monday, June 10th, 2013

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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Online Sales Tax Issues May Become a Reality

Tuesday, April 23rd, 2013

Last year I wrote an article titled, “The E-Commerce Conundrum: Taxing Virtual Businesses and Their Investors and the Law”, to point out potential IRS tax problems facing e-commerce businesses. I did this because state lawmakers were introducing legislation that forced them to collect and pay state taxes. Fast-forward to today and it looks like online businesses may in fact be mandated to do just that.
A Web Pro News article titled,
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IRS Audits Greater in Five Major U.S. Cities

Friday, April 19th, 2013

I wrote a post for the Tax Matters blog post about a recent report that revealed higher IRS audit rates in five major metropolitan areas. The culprits: small businesses attempting to tax dodge. An article by the Los Angeles Times titled “Los Angeles, San Francisco top cities for tax dodgers, study says” cites a new study from the National Taxpayer Advocate that analyzed IRS data of five metropolitan areas: San
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IRS Tax Relief with the Cohan Rule

Monday, December 10th, 2012

Taxpayers facing IRS debt problems due to unfiled tax returns are not alone; a typical Tax Defense Partners non-filing client has between 4-7 years of unfiled tax returns.  The good news is that even if they have no documents, we can still file the missing tax returns and begin the process of getting these taxpayers into tax compliance. This is possible due in large part to vaudevillian entertainer, George M.
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Potential Tax Problems for New E-Commerce Rules

Tuesday, October 9th, 2012

Several months ago, I wrote an article explaining some of the challenges facing e-commerce titled “The E-Commerce Conundrum: Taxing Virtual Businesses and Their Investors and the Law.” At that time, e-commerce businesses were feeling pressure from state legislatures to collect and pay state taxes and grappling with the new 1099-K form and reporting rules.
A recent Reuters article Online sellers scrambling to understand new IRS 1099 form reports that the IRS
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National Debt Cannot Be Solved by Taxing the Rich

Wednesday, July 25th, 2012

Taxing America’s most wealthy citizens will not even come close to accomplishing the goal of balancing the budget. It’s actually a joke to even suggest that it would.

Small Business Tax Relief-Health Care Tax Credit

Wednesday, April 4th, 2012

Countdown to tax day: 13 days
Small businesses look for ways to save money and especially this time of year as they evaluate their tax credits and deductions to make sure they get the tax relief they need. Yet for those employers who provide health insurance for their employees, they may not know they are eligible to claim a healthcare tax credit that could save them money.
A March 2012 IRS bulletin
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5 Things You Need to Know About Business Tax Relief

Friday, March 30th, 2012

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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TaxMan Discusses Tax Gap on the Big Biz Show

Tuesday, March 13th, 2012

On a recent episode of the TaxMan on the Big Biz Show, I discussed the topic of the “tax gap” that many self-employed and small business people out there should become aware of as they prepare their tax returns for the April 16 deadline. Since many are unfamiliar with the subject matter, listed are the four key questions and answers every individual and small business personal should know about the
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Five Tips to Resolving Payroll Tax Problems

Thursday, February 23rd, 2012

Payroll Tax Problem Question:
Our business has done well financially until a year ago when some of our best customers got behind on their payments to us; the crushing blow came when one closed its doors before we could to collect. We are still behind and the loss in income has weakened our business finances so much, we cannot afford to make the payroll tax payments. I’m really worried about
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Business Tax Tips: New Form 1099-K Reporting

Thursday, February 16th, 2012

Business owners preparing for tax day, take note. A Reuters article entitled IRS Clarifies 1099-K Reporting for 2011 Taxes reported recent IRS clarification for how to report the new 1099-K forms on your 2011 tax returns.  The Housing Assistance Tax Act of 2008 created the Form 1099-K to help the IRS keep better track of electronic payments.  Because most business entities receive payments electronically, it’s more important than ever they
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Ask the Certified Tax Specialist – Small Business Back Taxes

Friday, February 10th, 2012

Question:
I have several years of unfiled tax returns and owe around $25 thousand dollars in back taxes to the IRS for my small business. I know I need to take care of this huge burden but I’m overwhelmed, what help is out there get me out of this mess?
Answer:
First, addressing your IRS tax issues right now is the first step towards finding the tax relief you need. There is a
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