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Another Tax Season has come and gone. Here are the 5 Lessons Learned from this Tax Season.
Congress passed the American Taxpayer Relief Act on December 31, 2012. It’s clear that no one voting on it read it, much less understood it. The timing of this legislation was not good. Due to the late passage of this bill the IRS was … Continue reading »
The Internal Revenue Service (“IRS”) has many tax penalties for taxpayers that fail to meet certain requirements.
Some of these penalties are:
* Failure to File
* Failure to File on Time
* Failure to Pay
* Penalty on Underpayment of Estimated Tax
It’s possible an IRS penalty can be waived. Possible being the key word. Just … Continue reading »
A new client came to us late last summer.
She dropped off a notice from the Internal Revenue Service (“IRS”). It indicated her and her husband owed $267,892 of back taxes, penalties and interest. I don’t know about you, but that’s a lot of money to me.
As we reviewed the paperwork she provided, it quickly became apparent she did not declare the sale of … Continue reading »
The New Year’s celebrations are over.
The New Year’s Resolutions are starting. We’ll see how long they last.
Many people feel income taxes are going up. I’m confident they are for the higher income earners.
It’s time for business owners to file their 1099′s.
Here are 5 Easy Steps to do this:
Form 1099 is due to any independent contractor who is unincorporated and you pay $600 or more to in a year. Additionally all payments for legal services must be issued a 1099 regardless of whether the … Continue reading »