Small businesses can’t afford to fall behind on taxes.  In tough times, it’s more common for small businesses to do so, but the timing to fall behind on taxes is worse now than ever before.  The IRS is hitting small businesses hard – resulting in levies, inability to get loans and more.  In The Wall Street Journal, reporter Marshall Eckblad’s article, “Firms Squeezed on Tax Bills” explains.
According to the article:
“The
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In a recent article by Laura Saunders of the Wall Street Journal called Small Businesses Fight IRS over Data, the news that the IRS is asking companies they are auditing to hand over electronic records that they store in their business software programs.  (Source: a letter from an agency official to the American Institute of CPAs).
According to the article the fear from the American Institute of CPAs “fears this will
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Tax Day has come and gone.  Now what do you do with all those files of documents you used to prepare your return? Payroll information, business expenses, and various other documents take up vast amounts of space in the typical small business file cabinet. Do we really need to keep it all? And for how long?
I was recently interviewed by Christopher Null, who explored these questions on Intuit’s Small Business
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Are you a small business owner or an independent contractor? If yes, did you know that the IRS is stepping up their enforcement just so that they can go after taxpayers like you more aggressively? The IRS assigns a higher priority to the collection of payroll taxes than personal income taxes.
Don’t let the anxiety of a potential IRS audit keep you up at night. Let us take the stress off
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Need information on starting and keeping your own business? Join me and TRS President Brian Compton along with KFI’s Bill Handel on Saturday, February 27th for M.Y.O.B: Mind Your Own Business 2010 at Orange Coast College.
This event is FREE and open to the public!
Saturday, February 27,  2010 /9:00am to 2:00pm
Location: Orange Coast College (2701 Fairview Rd., Costa Mesa, CA)
Bill Handel will be on hand to provide marginal legal advice during
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Some lawmakers have asked the IRS to stop imposing what they say are excessive penalties on small businesses that use questionable tax shelters.
These businesses are being hit with big fines – an unintended consequence of a law aimed at corporations that use the shelters to avoid taxes. The IRS penalties, which can reach $300,000 a year, are automatic under the law.
The 2004 law setting up the automatic penalties was designed
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While Geithner has told Congress that there will be no income tax increases until 2011, his recent proposal to Congress requested additional funding for improved IRS collection operations and increased scrutiny of tax returns.
We’re already seeing the IRS cracking down on both small businessess and individuals with increased tax audits and aggressive collection tactics including bank levies.
Anyone who owes back taxes in this down economy will need to know how
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A recent Los Angeles Times article examined the resentment that’s brewing among Americans who feel that there is a double standard applied to delinquent taxpayers, which appears to favor powerful people like recent Cabinet nominees.
The most highly criticized nominee has been Treasury Secretary Tim Geithner, who owed $34,000 in back taxes and didn’t pay all of it until Obama nominated him.
His excuse? Geithner told the committee that he prepared his
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I recently blogged about the federal budget forecast for a $1.8 trillion deficit. There is close to a $400 billion tax gap each year.  This means that taxpayers paid $400 billion less than they should have.  Collecting  these funds through more aggressive collection tactics by the IRS will be politically more appealing than raising taxes – so taxpayers beware!
Closing the tax gap will require greater IRS enforcement for individuals as
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Bloomberg News columnist John M. Berry makes some interesting points regarding President Obama’s new task force created to close the tax gap by focusing on closing loopholes, streamlining tax code and generating revenue.
“It may not accomplish much,” he says.
Highlights from the article include:
With April 15 fast approaching, stronger enforcement and a lot more resources for the Internal Revenue Service should head the administration’s to-do list.
The tax code could be undoubtedly
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The American Recovery and Reinvestment Act includes approximately $300 billion of net tax cuts. The new stimulus act includes tax provisions that may impact you and your small business. You will want to familiarize yourself with the plan’s new tax relief provisions.
Several key tax provisions include:

New 5-year net operating loss (NOL) carryback rule.
Deferral of certain income from the discharge of indebtedness
Extension of the existing bonus depreciation rules, which allows businesses
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Check out my small business tax tips on AccountingSolver.com: Don’t Let Payroll Taxes Sink Your Small Business.
There are plenty of ways to bring down the wrath of the IRS, but failing to file and pay payroll taxes is one of the swiftest and most efficient ways to close your doors. Trouble with payroll taxes can be the downfall of otherwise successful small businesses. I’ve been picking the brain of tax
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NOTE: TELE-SEMINAR SCHEDULED FOR FEB. 18 HAS BEEN RESCHEDULED AND WILL NOW TAKE PLACE ON WED, MAY 13.

I’ve blogged about this before, but it’s important to mention it again: Small business owners are the largest source of uncollected taxes.
During this economic downturn, we are also seeing lots of people who are laid off or are no longer employed, going out on there own. They’re reinventing themselves, setting up home-based businesses,�
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I was recently interviewed by Business Pundit blogger Lela Davidson. She asked me lots of great questions about small business taxes and how to avoid being an IRS target. I provided her with insight into important tax issues facing new businesses and how to avoid the big mistakes that many small business owners make.
There are many things small businesses can do to avoid getting audited. But if you still find
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Far too many business owners and individuals are looking over their shoulders in fear of the IRS. I appeared as the guest tax expert on Strictly Business on BlogTalkRadio.com earlier this month to share some insider secrets of tax relief with business owners and individuals struggling to overcome their tax burdens.
I discussed some of the tax resolution strategies we employ with the program’s host Anna D. Banks, a business coach
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