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How to Pay Estimated Income Taxes and Avoid IRS Penalties

Posted in Tax News on October 27, 2011

Taxpayers must pay their taxes “as they go.”  For many taxpayers, their income taxes are withheld from their paychecks.  For taxpayers that don’t have any withholding, they will need to make estimated tax payments.

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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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Can You Take Any Tax Breaks From That Vacation?

Posted in Tax News on August 17, 2011

Let’s say you want to combine a vacation with your business travel and possibly deduct a few expenses on your tax return.  Can you do this and not have the IRS look unfavorably at these deductions.  Yes, some business travel…

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