One of the prominent areas of my legal practice is taxpayer representation—and one component involves representing clients in tax examinations (audits) by the IRS and state departments of revenue. Fortunately, most taxpayers have never had a tax return examined by the IRS. But because IRS activity is picking up, I thought it might be useful… [Read More].
One of the most tedious and cumbersome tasks that many small business owners undergo in the new year is filing Forms 1099-MISC and Forms 1099-NEC. These forms are commonly required to report rent paid to landlords and compensation paid to independent contractors for the previous year. As a general rule, payments of $600 or more… [Read More].
Year-end can be one of the most stressful times of year for small business owners. Most people experience some amount of stress during the holiday season, but for small business owners, there are additional bookkeeping, accounting, and tax planning concerns. Much of this stress is caused by the fact that options decrease when the year… [Read More].
Most small businesses require the services of more than one person to operate effectively. Even sole proprietors may need support from a virtual assistant, a webmaster, an accountant, or an attorney to help the business thrive. However, in some cases, a business owner may seek outside services on an ongoing basis, from these or other… [Read More].
Cryptocurrency has become an increasingly popular topic in recent years, and as a small business CPA and Attorney, it is becoming more prevalent within the tax situations I handle for my clients. Crypto investing has also become more mainstream, and even risk-averse clients are beginning to take notice and invest small sums in Bitcoin and… [Read More].
Let’s be honest—most taxpayers do not want to pay higher taxes. However, recent polls show that Americans want the government to do more, such as implementing long-overdue improvements to infrastructure (i.e., roads, bridges, and water systems), providing a living wage to federal employees/contractors, improving our immigration process, establishing better security at our borders, and ensuring… [Read More].
The IRS can collect tax that may be owed only after an assessment is made. That assessment of tax can be based on one of two events: 1) the taxpayer can voluntarily file his return as required or 2) the IRS can issue a Substitute for Return (SFR) based on information that has been reported… [Read More].
Many taxpayers believe that tax planning is only for the wealthy. In fact, a large number of moderate-income taxpayers view the cost of hiring a CPA or Tax Attorney as an expense that comes off their bottom line, thereby reducing their income. However, what I have seen over the course of my career is that… [Read More].
Deciding to hire an authorized representative (Attorney, CPA, or Enrolled Agent) to assist you with your IRS matter is often a huge stress reliever for a taxpayer that is faced with a pending examination, collection issue, or notice inquiry. But does that mean the taxpayer’s job is now done? In most cases, the answer is… [Read More].
What does it mean to be a “compliant taxpayer”? A compliant taxpayer is one that is in good standing with the existing tax rules and regulations. In a general sense, this includes the following: Meeting all filing requirements Paying all amounts due and owing to taxing authorities on a timely basis Reporting all includable income… [Read More].