This year is finally coming to a close, and 2017 is right around the corner. This means, for many people, setting out the inevitable New Year's resolutions. They could be fairly standard, involving personal goals like working out more, losing weight, eating better or putting steps in place to secure … [Read more...] about As the New Year dawns, resolve to become tax compliant in 2017
As a small business owner, you know you are required to withhold payroll taxes from your employees' pay checks, hold onto the taxes and pay them to the government. But what happens when you have an unexpected business expense, and no money to cover it? You might consider "borrowing" the money from … [Read more...] about What happens if you use payroll taxes for other business expenses?
If you owe taxes to the IRS and are overwhelmed by the amount, chances are, you've considered using the services of a tax relief company. These companies often advertise that they can slash your tax bill, using phrases like "pennies on the dollar" and offering free consultations. While there are … [Read more...] about Are tax relief companies worth it or is the risk too great?
Recently, the IRS was brought before a congressional subcommittee where they discussed the standards for seizing the assets of small businesses. After the hearing, the IRS changed its policies. Why did congress feel they must investigate this policy? More than 700 small businesses had their … [Read more...] about Getting back seized assets from IRS: It happened!
There is a fine line between a small business cheating themselves on their taxes and the IRS. One is a misjudgment in claiming legal deductions while the other is a compliance issue that could result in an audit. Even small businesses must maintain a level of compliance regarding their taxes and, … [Read more...] about It’s tax season: Is your small business compliant?
When you are the target of an IRS audit, it is likely that you are going to have some strong feelings about it. Most of those feelings will not be good. Stress and worry are generally a big part of being audited, often because you really do not know what to expect, how to handle the questions you … [Read more...] about Hey IRS! You took it, but that money doesn’t belong to you