Payroll taxes are a significant element of any business’s tax obligations, representing a crucial and often complex element of your company’s financial responsibilities. Ensuring timely and accurate payment of payroll taxes ensures your business operates within legal boundaries and maintains good standing with the IRS. As vital and standard as all of this is, it’s easy to get lost in the day-to-day business or make errors that can accumulate over time. Relying on the experience of an attorney to fine-tune your payroll processes isn’t just good practice; it’s a protective measure against poten ..read more

Dealing with unpaid employment taxes is often a nightmare for any business owner. You never meant for it to get to this point, but the financial strain, mounting stress, and potential legal repercussions can quickly spiral out of control. As your business falls behind on employment taxes, a cascade of problems ensues: Cash flow interruptions, difficulties in managing receivables, and a barrage of IRS notices. And that’s just the beginning; soon bank levies, federal tax liens, and a tarnished credit score compound the situation. We hear from clients and business owners who ask “Can’t I just sh ..read more

Thousands of taxpayers hear from the Internal Revenue Service (IRS) every year about mistakes they made when filing. You are given the opportunity to correct these mistakes and remedy your tax situation before penalties make your situation worse. But, what about when the IRS makes mistakes? Ultimately, IRS revenue agents and revenue officers are human. Human error is an element of life of which we are all well aware and for which we are able to prepare. So, what are some mistakes we frequently see from the IRS and how should you handle them? ​​Lost or Misplaced Tax Returns or Other Documents ..read more

What are you currently withholding from your paycheck? Tax withholdings represent the amount of federal income tax taken out of your paycheck each pay period in preparation for your federal tax bill. Most people do the standard withholding to which their employer defaults. Should you consider changing this number? How might that help you down the line? Adjusting Your Tax Withholding Adjusting your withholding represents an opportunity to ensure you don’t have a surprise tax bill in the future. Employers set a default percentage for this, but they don’t know your exact circumstances outside of ..read more

Dealing with the IRS can be a pain for even the most seasoned professionals. You want to focus on what matters to yourself, your family, and your business, but the constant back-and-forth over your taxes can slow you down. This is especially true for individuals who end up overwhelmed by their tax debt and are forced into a repayment plan. When the IRS gives you a required monthly payment amount for a repayment plan and you can’t afford those payments, you need to submit Form 443-A. We previously talked about how to avoid these forms, but when you’re out of options it’s important to understan ..read more

Some taxpayers find themselves on edge about the potential of an audit from the Internal Revenue Service. Concerns about whether they did their taxes right and how an audit could impact ongoing finances naturally leave some wondering when the IRS might come calling. We want to alleviate some of those concerns and help taxpayers in Washington understand the audit process better. We previously talked about steps to take when you are audited by the IRS, but preparation and understanding the audit process allow you to avoid costly mistakes and get out of trouble. Various types of IRS audits There ..read more

The IRS wants what they think is theirs. You want to keep what you think is yours. So, how can those two intentions coexist when what the IRS thinks is theirs and what you think is yours is often the same thing – your money? There are ways to protect your finances and keep them away from the IRS. No, we aren’t talking about tax evasion. We’re talking about legitimate, legal tactics that you can use to protect your hard-earned cash from IRS claims. Understanding Form 433-A When the IRS is investigating your finances and attempting to collect a debt, you will often be asked to fill out Form 433 ..read more

Picture this – There’s a knock at your door. You open up to find an Internal Revenue Service officer standing there asking you about unpaid taxes. What now? This has become a reality for many families now that COVID-19 restrictions have disappeared and IRS officials are getting out in the field to collect from taxpayers. It’s important to understand this possibility and be prepared for what you should (or shouldn’t) be saying or doing when an IRS officer comes to your home unannounced. How Do I Know They’re Legitimate? These door-to-door visits prompt concerns of scammers trying to go to some ..read more

Dealing with the Internal Revenue Service (IRS) can ignite panic in even the calmest individuals. Your money is at stake and plenty of people have had nightmare dealings with the IRS over their taxes. When you receive a letter in the mail claiming to be from the IRS or related to an IRS matter, those panic signals can go off right away. What did I do wrong? Did I forget something in my taxes? Did my tax preparer fly through my taxes and miss some important details? Before you panic, it’s essential to first verify that what you received in the mail is genuinely from the IRS. We have seen these ..read more

If you are a small business owner, you need to know about the Employee Retention Tax Credit (ERC).  It is a refundable tax credit that businesses can claim on qualified wages, including certain health insurance costs, that it paid to employees in 2020 and 2021.  The ERC was enacted originally by The Coronavirus Aid, Relief, and Economic Security (CARES) Act as an encouragement for small businesses to keep their employees on the payroll and off unemployment compensation.  It is a recognition by Congress of how vital small businesses are to our economy. When it was first enacted ..read more