Question: My father is retired and volunteers about 40 hours per week at the church doing maintenance. He was told my a business owner to open an LLC and get a letter from the church for his work to used as a tax deduction. Is this really plausable since they LLC wouldn’t be generating income? How would this effect his personal taxes? Is there a way to actually do this? Thank you. Continue reading…
Tax Return Failure to File and Failure to Pay Penalties
We have prepared delinquent returns for many clients. When the client gets the tax bill, the client is astonished on the amount of penalties and interest charged. We usually tell clients that if you owe taxes from four years ago, you can double it to estimate how much is owed today.
Continue reading…
Tax Question – Help on Paying Back Payroll Taxes
Question: I owe back IRS payroll taxes. I am planning to sell some assets to help pay off the taxes. How do you recommend I pay the taxes? Continue reading…
Payroll Tax Help Question
Question: What is required to do payroll for my corporation? Continue reading…
Business Tax Question – Business Deductions?
Question: I do not know all the business write-offs. Also, I do not know what is and what is not a business write-off. Can you provide some guidance? Continue reading…
Tax Help Question – IRS Notice
Question: I owe taxes and received an IRS notice. It says Intent to Levy. I am freaked out that the IRS will take my paycheck and empty my bank account. What does the letter mean? Continue reading…
Tax Return Forms
What are the primary tax return forms and when are these forms due? If you are looking for an answer to these two questions then read further. We will provide you a high level overview on the main tax return forms.
How is a Limited Liability Corporation (LLC) Taxed?
You filed Limited Liability Corporation (LLC) paperwork to the state for your business. It was easy to do and now you have a business. Now what? The tax obligations for your new business LLC will depend on a few factors.
Trust Fund Penalty – Rules for DBA and Single Member LLC
Generally, the IRS has to assess trust fund penalties to make individuals in a corporation personally liable for unpaid payroll taxes. The word “corporation” has meaning in tax law. If the business is not considered a corporation, then the owner is automatically personally liable for unpaid payroll taxes. Read this blog for more information on the trust fund recovery rules for DBAs and Single Member LLCs. Continue reading…
Trust Fund Penalty – How long to assess?
The IRS has limited time to assess trust fund recovery penalties. Generally, the IRS has three years from the filing date of the employment tax returns to assess the trust fund recovery penalty. This seems simple but it does require further explanation.
Continue reading…