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...
Michael Hogberg, EA
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,...
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,...
Important Reminders for Extension Filers: Prepare to File by September 15 and October 15, 2024
For individual taxpayers and businesses that requested an extension to file their federal taxes, critical deadlines are fast approaching. September 15, 2024, is the final day for S Corporations to file their extended returns, and October 15, 2024, is the last day for...
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...
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...
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...
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...
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....
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...