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How to Give a Power of Attorney to Your CPA to Deal With the IRS

Posted in Tax News on September 29, 2011

Today’s routine is similar to many other days until you started opening your mail.  In today’s mail is a notice that you are being audited by the IRS. Now what do you do?  Give your CPA a Power of Attorney.

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How to Get an IRS Civil Penalty Waived and Keep Your Small Business

Posted in Tax News on September 21, 2011

Recently, we were able to get a $49,000 IRS civil penalty waived for one of our Connecticut business clients.  If we failed to get this penalty waived, this business would have closed its doors.

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How to Claim a Casualty Loss on Your Income Tax Return

Posted in Tax News on September 1, 2011

Hurricane Irene hit the eastern coastline hard this past weekend.  In the south, Irene was originally designated as a “Category 3” hurricane.  The highest rating and most violent is a Category 5.  Irene was subsequently downgraded to a Category 1. …

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Why a Growing Business Should Elect Subchapter S Filing Status

Posted in Tax News on August 4, 2011

The primary reason to make the Subchapter S filing status election is to have a single federal income tax when the business is eventually sold.  If the corporation is not an S corporation and the company assets are sold, there…

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Why Every Week is "Shark Week" for the Self-Employed in Connecticut – Updated

Posted in Tax News on July 29, 2011

This week is Shark Week on the Discovery Channel.  Last year, we told you how every week is “Shark Week” for the self-employed in Connecticut.  Now, a year later, there is even more blood in the water.

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