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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I was recently interviewed by My Business Magazine for an article titled “Tools of the Tax Trade” - about how technology can help us take control of tax documentation.
Taking Control of Your Business Finances - and Protecting Yourself From IRS Audit Penalties

Cool new products like the Neat Co.’s NeatReceipts handheld scanner has helped many taxpayers by making it easier and less time-consuming to keep track of thier expenses. NeatReceipts
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The IRS is implementing tax-related provisions of this new program as quickly as possible. I recently blogged about how this new economic stimulus law could affect your tax bill, and how heightened tax compliance efforts could impact small businesses.
The IRS has outlined key highlights of the plan as follows:

COBRA: Health Insurance Continuation Subsidy. The IRS has extensive guidance for employers, including an updated Form 941, as well as information for qualifying
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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,Â
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Please join me on Wednesday, December 31 at 10:00 AM (PST) on Blog Talk Radio for a live 1-hour installment of Business Matters - Where Your Small Business Matters. I will be discussing more year-end tax tips for small businesses with host Regina McRae, owner of Grandma’s Secrets, New York’s only dessert delivery company. This is a great show for anyone who runs their own company because Regina discusses important
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Tune in to Strictly Business on BlogTalkRadio.com on Thursday, December 4 at 12:00 PM to learn about what you can do if you are a business owner or individual struggling to overcome your tax burdens.
Stop looking over your shoulder in fear of the IRS! Obtain the knowledge to be proactive in finding solutions to break free from the crushing burden of financial woe.
I will be discussing some insider secrets of
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The filing deadlines, regarding the 2008 tax year, for small businesses are as follows:
April 15, 2009 for sole proprietors that are reported on a Schedule C or Form 1040
April 15, 2009 for LLCs and Partnerships
March 15, 2009 for corporations that file Form 1120 or 1120S
If you need to file for an extension, keep in mind that an extension of time to file is NOT an extension of time to pay.
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Please check out my guest article featured on The Wandering Tax Pro. I love contributing to this special series that features the best-of-the-best tax advice on the web.
TWTP’s Robert D. Flach is a tax expert who scours the web for great articles on personal finance and other blogs or resources that would be of interest to tax professionals. So please wander over there to read about “My Best Tax Advice
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