Business Tax Resolved

When it comes to paying your taxes, sometimes life throws you a curveball, and you can't pay the full amount right away. It's important to understand what happens in such situations and what options are available to you. First Off: The Bill If you can't pay your taxes in full when you file your return, the IRS will send you a bill for the amount you owe. This bill kicks off the tax collection process. It's not just the tax amount; it also includes penalties and interest that have accrued on your unpaid balance since the due date. Interest and Penalties Interest compounds daily, and there's a monthly late payment penalty, which can add up over time. So, it's in your best interest to pay your tax liability as soon as you can to minimize these extra charges. You might even consider alternative methods, like using a credit card cash advance or getting a bank loan, if their rates are lower than the IRS penalties and interest. Payment Plans If paying in full isn't...

Are you a high-income earner seeking professional tax services? The Internal Revenue Service (IRS) has just made an important announcement (IR-2023-172, Sept. 15, 2023) that should be on your radar. In its ongoing effort to enhance tax enforcement and compliance for large corporations, complex partnerships, and high-income earners, the IRS is looking to expand its workforce by hiring over 3,700 experienced professionals nationwide. This move is part of a broader initiative to ensure fairness in the tax system and target areas where there is cause for concern. The IRS's announcement highlights its intention to hire higher-graded revenue agents, specialized experts who primarily focus on audits. These professionals will be instrumental in addressing compliance issues related to high-income individuals and intricate tax matters, particularly those involving partnerships and large corporations.  Why is the IRS Taking This Step? The IRS's decision to bolster its enforcement capabili...

In a move to protect small businesses and taxpayers from scams and improper claims, the Internal Revenue Service (IRS) has put a temporary stop to processing new applications for the Employee Retention Credit (ERC). This pandemic-era relief program, designed to aid businesses during the COVID-19 pandemic, has come under scrutiny due to concerns about aggressive marketing and ineligible claims. The moratorium, which will last until at least the end of the year, allows the IRS to enhance safeguards and combat fraud while continuing to process existing claims with heightened scrutiny. Click this link to see the  IR-2023-169, Sept. 14, 2023 . A tax resolution specialist plays a crucial role in assisting small business owners facing Employee Retention Credit (ERC) related issues. These professionals have in-depth knowledge of tax laws and regulations, making them well-equipped to navigate the complexities of ERC eligibility and compliance. They can help business owners review their elig...

Introduction: Running a small business comes with its fair share of challenges, and one of the most daunting aspects is dealing with tax issues. From confusing tax codes to unexpected audits, the world of taxes can be overwhelming. That's where tax resolution specialists step in to guide and support small business owners through these complexities. In this blog, we'll introduce you to the role of tax resolution specialists and explain how they can help you navigate these tax-related challenges. Understanding Tax Resolution Specialists: Tax resolution specialists are professionals who are experts in tax law and regulations. Their main role is to assist individuals and businesses in resolving various tax-related problems, including unpaid taxes, audits, penalties, and disputes with tax authorities. They serve as advocates for their clients, helping them understand their rights and options within the intricate tax landscape. Common Challenges Faced by Small Business Owners: Small ...

When it comes to managing your small business, tax planning is a crucial aspect that can greatly impact your financial stability and success. By taking proactive steps, you can avoid future tax problems and ensure smooth sailing for your business. In this blog post, we'll discuss seven easy-to-understand strategies that can help you navigate the world of taxes and minimize potential issues. 1. Keep Accurate Records: Maintain thorough and organized records of all your financial transactions. This will help you accurately report your income and expenses, reducing the chances of errors that could trigger audits or penalties. 2. Choose the Right Business Structure: Selecting the appropriate business structure, such as sole proprietorship, LLC, or corporation, can significantly impact your tax liability. Research and consult a tax professional to determine the structure that best suits your business needs. 3. Regularly Monitor Tax Changes: Tax laws and regulations evolve over time. Stay...

When it comes to taxes, both federal and state obligations can seem like a maze of complex regulations and confusing paperwork. State tax issues are no exception, and they can often create a significant financial burden for individuals and businesses alike. Fortunately, tax resolution specialists are here to guide you through these challenges and help you find the light at the end of the tunnel. Understanding State Tax Issues State taxes are separate from federal taxes and are collected by individual states to fund various public services, such as education, healthcare, and infrastructure. Each state has its own tax laws, rates, and regulations, making state tax issues a bit of a puzzle to solve. Common state tax problems include unpaid taxes, unfiled returns, audits, and disputes over owed amounts. These problems can lead to penalties, interest, and even legal action. The Role of Tax Resolution Specialists Tax resolution specialists are experts in navigating the intricate landscape of...