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The IRS Trust Fund Recovery Penalty – Business Tax Debt and Personal Liability
Payroll Tax Debt can become a nightmare for a taxpayer who gets behind. In addition to the potential penalties to a corporation, LLC, or partnership for unpaid taxes that we reviewed in our previous blog, there is also the potential for personal liability. Today, we...
How to Work from Home More Often
If you agree that “there’s no place like home,” then you may also have a wish to work from home more often. In many cases, you can, and here are some tools you need to get started. If the products and services your business sells can be sold or delivered digitally,...
Richardson TX – Why Cash Strapped Businesses Need to Make Payroll Tax Deposits
When business owners come into our Richardson TX tax office with a payroll tax debt issue, it’s often more complex than a typical IRS 1040 tax debt problem. Payroll Tax Debt not only may involve risk at the corporate or LLC level, but both owners and possibly other...
When Business Taxes Become Personal Liabilities
In the upcoming months, many small businesses will struggle to survive. In order to survive difficult times, business owners often need to make decisions on what they should and shouldn’t pay. Sometimes, it comes down to making decisions that have no good answers....
Plano TX – The Stimulus Payments. What are They and Who Qualifies?
Over the next week or two, I hope to write several blogs about the CARES ACT. The Cares Act was passed by Congress and signed into law by the President on March 27th. It contains a number of initiatives, with the goal of providing financial relief, to both individual...
Have IRS Debt? Learn about changes in IRS Due to the Coronavirus!
Yesterday (March 25th, 2020) the IRS announced a People First Initiative, where the IRS announced that their priority would be helping taxpayers through uncertain times versus collection actions. These would include providing various payments relief and postponing...
Mobile Accounting? It’s Here, Now
That's right: The future is here! Now that it's officially 2020, it may be time to jump on that accounting app bandwagon if you haven't already done so. The exciting news is you can actually do a lot of your accounting tasks from your phone instead of your computer....
New Tax Deadline Is Official — July 15, 2020
Both the IRS and Treasury have announced that the deadline to file AND pay your individual federal income tax for the tax year of 2019 has been extended to July 15, 2020. Many states have extended their deadlines as well; please check with us to determine the deadline...
Plano TX – Under Threat of an IRS Levy? Here’s what the IRS CAN’T take.
When a Taxpayer owes income taxes to the federal government, the IRS does not immediately levy the taxpayer and take everything that they own. The IRS will typically send the taxpayer a number of notices. If the taxpayer doesn’t respond, the IRS may send a “Notice of...
Six Tips to Grow Your Business in 2020
Looking for fresh, effective ways to grow your business in 2020? You've come to the right place. In today's market, it can be difficult to stand out from the crowd, gain new customers or clients, and increase your company's revenue. Note: We said difficult, not...