What Can I do if I Can’t Pay My Small Business’s IRS Debt?

If you owe income taxes from your self-employment or because of your small business -- be it a sole proprietorship, partnership, S-corp or some other small-business organization that files taxes on your individual return – you might find that your tax liability exceeds your ability to repay, or at least your ability to repay immediately. [...]

By |2018-03-16T21:09:52-04:00|Uncategorized|Comments Off on What Can I do if I Can’t Pay My Small Business’s IRS Debt?

Avoid Paying the Obamacare Penalty

You might have heard that the Republicans’ Tax Cuts and Jobs Act has repealed the individual mandate created by Obamacare. Unfortunately, the mandate is still in effect for the 2017 tax year, so filers who did not buy insurance are still subject to the penalties. This “shared responsibility” payment will be 2.5% of your household [...]

By |2018-02-08T17:13:54-04:00|Uncategorized|Comments Off on Avoid Paying the Obamacare Penalty

Properly Classifying Your Workers: Employees or Independent Contractors?

Small businesses frequently hire people to work for them. Whether these hires are classified as employees or independent contractors impacts whether an employer must withhold income taxes and pay unemployment, Social Security, and Medicare taxes. Improperly classifying employees as independent contractors is an area of concern for the IRS, so small business owners should carefully [...]

By |2018-02-08T17:00:05-04:00|Uncategorized|Comments Off on Properly Classifying Your Workers: Employees or Independent Contractors?

These Red Flags Might Invite an IRS Audit

It’s many people’s worst nightmare: you receive a letter from the IRS informing you that information you submitted “does not agree” with information the IRS has received from other sources. What you have just been told is that you are being audited. Although the IRS audits less than 1% of all tax returns, these red [...]

By |2018-01-19T18:58:20-04:00|Uncategorized|0 Comments

3 Pitfalls of Negotiating With the IRS Yourself

A tax attorney is a terrific asset to have when dealing with the IRS. Nevertheless, we live in a do-it-yourself culture, and some people might think that they can negotiate effectively on their own behalf without having to pay an attorney. Before going the DIY route, taxpayers should consider some of the following pitfalls people [...]

By |2018-01-19T18:58:20-04:00|Uncategorized|0 Comments

Will Bankruptcy Eliminate My Tax Debt?

People in financial trouble often file for bankruptcy. Bankruptcy is a legal protection that halts collection efforts on existing debts and can allow debtors to wipe out debts completely or reorganize their finances to pay off those debts, perhaps at a reduced amount. But do these bankruptcy protections apply to tax debts? The answer is, [...]

By |2017-10-13T01:51:04-04:00|Uncategorized|0 Comments

How Can I Enter Into a Payment Plan With the IRS?

The Internal Revenue Service has online applications to enter a payment plan to pay your tax obligations. Depending on your particular tax situation, you might have several options, including a short-term agreement, in which you pay your taxes in 120 days or less, or a long-term agreement, under which you take more than 120 days [...]

By |2017-10-13T01:42:46-04:00|Uncategorized|0 Comments

Owing Back Taxes to the IRS is a Common Problem

A spokesman for the Internal Revenue Service said in 2009 that more than eight million Americans owed $83 billion in back taxes, including penalties and interest. That is more than $10,000 for each of the eight million taxpayers encompassed in that estimate. The number of people who owed back taxes is considerable, and the amount [...]

By |2018-01-19T18:58:20-04:00|Uncategorized|0 Comments

Options for Settling Your Tax Debt

There is perhaps no more hated organization in the United States government than the IRS. Nobody likes the tax man but on top of that, years of brutal budget cuts have left the IRS’s customer service department a shell, leading to a miserable experience for anyone on the outside trying to deal with the organization. [...]

By |2018-01-19T18:58:21-04:00|Uncategorized|0 Comments

Revocable Vs Irrevocable Trusts

Revocable Vs Irrevocable Trusts Trusts are a useful legal tool that many men and women rely on to safely transfer or store assets. However, many people only have a shallow understanding of trusts if any at all. Simply stated, a trust is a legal agreement between three separate parties: A trustor, trustee, and beneficiary. A [...]

By |2020-09-16T07:02:23-04:00|Uncategorized|0 Comments