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When to Borrow Against Your 401(k) Plan

Posted in Tax News on June 23, 2013

While you don’t necessarily want to borrow against your 401(k) plan, there might be some situations when you would consider it. 401(k) Plan Loans The Internal Revenue Service (“IRS”) allows employers to allow employees to borrow against their 401(k) plan.…

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Why You Need Form W-9 Now to Complete Form 1099 Later

Posted in Tax News on June 16, 2013

1099 Filing Requirements Businesses have a responsibility to file Form 1099-MISC to all unincorporated businesses that they pay more than $600 to annually.  An unincorporated business is a sole-proprietorship, partnership or a Limited Liability Company (“LLC”).  In addition to having…

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How a Small Partnership Can Get The Failure to File Penalty Waived

Posted in Tax News on May 26, 2013

Face it, no one likes to get letter from the Internal Revenue Service (“IRS”). This is particularly true when you are being assessed a penalty. The IRS has many different penalties.  One penalty they have is the failure to file…

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5 Lessons Learned From Tax Season

Posted in Tax News on May 5, 2013

Another Tax Season has come and gone.  Here are the 5 Lessons Learned from this Tax Season.  1) Don’t Pass Tax Legislation on December 31 Congress passed the American Taxpayer Relief Act on December 31, 2012.  It’s clear that no…

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How to Get an IRS Tax Penalty Waived

Posted in Tax News on April 21, 2013

  The Internal Revenue Service (“IRS”) has many tax penalties for taxpayers that fail to meet certain requirements. Some of these penalties are:

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