Our Recent Articles and Resources
Don’t End Up Behind Bars: The Importance of Working with a Trusted Tax Expert
Tax compliance is more than just a routine obligation—it’s a safeguard against mistakes that could upend your life and business. Yet, every year, stories emerge of business owners and individuals who take shortcuts, trust the wrong advisors, or engage in outright fraud, only to find themselves facing prison, staggering fines, and reputational ruin. Let’s explore three cautionary tales from...
Year-End Tax Planning: Protect Your Business and Maximize Savings
Takeaway: Getting a clear view of your tax position before the year ends provides clarity, reduces stress, and positions your business for continued success. With the guidance of a dedicated tax advisor, you can turn tax season into a strategic opportunity rather than a source of worry. Don’t wait—start planning today to take advantage of proactive, compliant tax strategies that protect and...
VOTE! – Like your tax bill depends on it!
Today is Election Day—an invaluable opportunity to collectively influence policies that shape the financial landscape for business owners and individual taxpayers alike. As you consider tax strategies for the coming year, remember that voting also plays a critical role in shaping the environment around these strategies. Consider this another tax planning tactic in your toolbox. This election...
Proactive Tax Planning is Essential for Business Owners
As the end of the year approaches, business owners may find themselves tempted to hold off on tax planning until tax preparation season. But waiting until it’s time to file returns is a mistake that often proves costly. Strategic planning throughout the year, particularly as issues arise, provides opportunities to reduce your tax burden and ensure compliance with IRS regulations. Tax planning...
Received IRS Letter 11? Here’s What You Need to Know and How We Can Help
If you’ve received IRS Letter 11, the Final Notice of Intent to Levy, the IRS is preparing to take serious action to collect unpaid taxes. This letter is a clear warning that your wages, bank accounts, or other assets may be levied (seized) if you don’t act fast. While this can feel overwhelming, you have options, and our tax firm is here to help you protect your financial future. What Does IRS...
The Importance of Properly Classifying Workers and Paying Employment Taxes
Properly classifying workers, withholding the correct taxes, and timely filing and paying employment taxes are fundamental responsibilities for any business owner. Failing to do so can lead to serious legal consequences, as evidenced by a recent IRS Criminal Investigation (CI) and Department of Justice (DOJ) case involving a New Jersey business owner. A New Jersey man recently pleaded guilty to...
How Long Should You Keep Tax Records? A Guide to Record Retention
The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep records that support an item of income, deduction, or credit shown on your tax return until the period of limitations for that tax return runs out. The period of limitations is the period of time in which you can amend your tax return to claim a credit or...
The 4th Quarter Is Here!
Is Extending Your Tax Return the Right Move? As we continue to progress through the year, many taxpayers are relying on extensions to file their returns by October 15. While extensions can be useful for some, they may not always be in your best interest. Filing an extension delays the completion of your tax return, which can delay your financial planning and decisions. Waiting until the last...
Lessons from a Recent Court Injunction: Protect Yourself from Unscrupulous Tax Preparers
A recent case in Ohio highlights the risks of working with dishonest tax return preparers and the severe consequences they face for manipulating tax filings. In this instance, an Ohio tax return preparer and his businesses were permanently barred from preparing federal tax returns for others after a court found evidence of fraudulent activity. This case serves as an important reminder to...
Lessons from a Recent Tax and Loan Fraud Case: Avoiding Costly Mistakes
A recent case in Arizona highlights the severe consequences of misusing federal assistance programs and falsifying tax filings. This case serves as a critical reminder for business owners and individuals of the importance of honesty and accuracy in all dealings with the IRS and other federal agencies. By understanding the mistakes made, others can avoid falling into similar traps that lead to...
IRS Online Accounts and Identity Protection PINs: Guarding Against Identity Thieves
In an era where cybercriminals are becoming increasingly sophisticated, safeguarding personal and financial information is essential for every taxpayer. The IRS has introduced several tools to help protect taxpayers from identity theft and fraud, one of which is the Identity Protection Personal Identification Number (IP PIN). Together with the IRS Online Account, the IP PIN serves as a crucial...
IRS Warns of New Red Flags for Incorrect Employee Retention Credit (ERC) Claims
As businesses continue to navigate the financial relief options made available during the COVID-19 pandemic, the IRS has recently issued a new set of warnings regarding incorrect claims for the Employee Retention Credit (ERC). This pandemic-era credit was designed to support businesses that kept employees on their payroll during government-mandated shutdowns or periods of significant decline in...
IRS Reopens Voluntary Disclosure Program for Employee Retention Credit (ERC) Claims: Act Now to Correct Mistakes and Avoid Penalties
The IRS has reopened its Voluntary Disclosure Program (VDP) for a limited time, giving businesses that made improper Employee Retention Credit (ERC) claims a crucial opportunity to come forward and correct their mistakes. This program, which runs through November 22, 2024, offers a path for businesses to resolve erroneous claims and avoid potentially severe consequences such as audits,...
Crowdfunding Contributions and Distributions: Key Tax Guidelines to Know
Crowdfunding has become an increasingly popular way for individuals and businesses to raise money online for a variety of purposes. Whether it’s to launch a business, cover medical expenses, or fund a creative project, many turn to platforms like GoFundMe, Kickstarter, and others to solicit contributions from the public. However, the tax implications of receiving money through crowdfunding can...
Failure to Pay Employment Taxes and File Personal Returns: A Lesson in Compliance
A recent indictment in West Virginia serves as a powerful reminder of the serious consequences for business owners who fail to meet their tax obligations. The case highlights the risks of neglecting both employment tax responsibilities and personal tax filings. While everyone understands the importance of filing personal tax returns, business owners have additional responsibilities to ensure...
Rollovers as Business Start-Ups (ROBS): Compliance and Risks
In the world of entrepreneurship, finding ways to fund a new business venture can be challenging. One strategy some individuals consider is the "Rollover as Business Start-up" (ROBS) arrangement. This method allows prospective business owners to use retirement funds to pay for business start-up costs, offering a potential solution to financing issues. However, while ROBS arrangements are not...
Understanding Estimated Taxes and How to Pay Them
For many taxpayers, particularly those who are self-employed or have significant income not subject to withholding, paying estimated taxes is a crucial aspect of managing their tax obligations. Understanding estimated taxes and how to pay them can help you avoid penalties and ensure you stay on track with your financial responsibilities. Here’s a comprehensive guide to understanding and managing...
Tax Strategies for Small Business Owners
Running a small business comes with a host of responsibilities, including managing your tax obligations. Implementing effective tax strategies can help you minimize your tax liability, maximize deductions, and improve your overall financial health. Here are some key tax strategies for small business owners to consider. Choose the Right Business Structure The structure of your business...
How to Amend Your Tax Return
Mistakes on your tax return can happen, but the good news is that you can correct them by filing an amended return. Whether you’ve discovered an error, omitted information, or received new tax documents after filing, here’s a guide on how to amend your tax return. When to Amend Your Tax Return You should consider amending your tax return if you need to: Correct Errors: Fix mistakes in income,...
How to Prepare for a Tax Audit
Facing a tax audit can be intimidating, but with proper preparation and understanding, you can navigate the process smoothly and confidently. A tax audit is an examination of your tax return by the IRS to ensure the information you provided is accurate. Here’s how to prepare for a tax audit effectively. Understand Why You’re Being Audited The IRS audits tax returns for various reasons,...