Do you owe Uncle Sam taxes for 2016, prior years, or a combination of both? Well, under some conditions the IRS may let you settle your debts for less than you owe. Nice! This is made possible thanks to the IRS’s “offer in compromise” program. Want to learn more about how to get Uncle Sam to show you some mercy? Easy! Read my new article titled Tax Tips: Yes, You Can … [Read more...]
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How tax-preparer penalties can increase your taxes
As a savvy taxpayer, you know that Uncle Sam has his eyes on you. What you may not know is that Uncle Sam is also watching your tax preparer. And closely. That’s right. The tax law makes tax preparers part of the IRS tax compliance workforce and expects them to do their job correctly and help enforce the tax laws. If they don’t, they face a wide range of costly penalties … [Read more...]
You have a friend at the IRS (really!)
Do you have an IRS problem that can’t seem to be resolved through normal channels? Then you should know about the free Taxpayer Advocate Service (TAS). If they take your case, this independent office within the IRS, will work to solve your issue. TAS can even order the IRS to act in your favor! So … before throwing up your hands and sobbing softly, read my new article … [Read more...]
Put safe harbor expensing to work now!
What are your new year’s resolutions for 2017? To lose weight? To exercise more? Here’s another resolution you should make and act on now. Put your safe harbor de minimus expensing in place! Why is it worth doing so immediately? Because Uncle Sam’s safe harbor eliminates the burden of … Tracking small-dollar cost assets in your books of account Depreciating … [Read more...]
How to avoid unpaid payroll-tax penalties
If you’ve failed to pay the payroll taxes you owe, you could be in serious trouble. You see, the IRS has a mechanism called “The Trust Fund Recovery Penalty” that can make you personally liable for the unpaid trust fund taxes, regardless of the kind of business entity you’re running! How does the IRS use the law to come down hard on payroll-tax debtors? And what can you do … [Read more...]