Blog Archives

4 Reasons NOT to Wait for Your K-1

Subchapter S corporations (“Sub S”), partnerships, limited liability companies (“LLC’s”) and estates and trusts issue form K-1’s. This form documents the stockholders, partners, members or beneficiaries share of their profit or loss from the entity.  Don’t wait for this form


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5 Easy Steps to Take When Being Audited By the IRS

You open your mail and you get the notice.  You are being audited by the IRS.  Now what do you do?  First, relax.  Then follow these 5 Easy Steps.   1) Read the Notice I know this sounds basic but


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

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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How to Save $267,892 of Income Tax, Penalties and Interest

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


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What Not To Wear…To an IRS Audit

On TLC’s What Not to Wear Stacy and Clinton give a ‘make over’ to some lady that is, well…not dressed so well… Taxpayers that are being audited need to make sure they are putting their best foot forward right at


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