To those who owe the IRS, you are not alone, approximately 30 million taxpayers are in the same position. Having said that, sooner or later, the IRS will reach out to you and you must be prepared. Whatever you do,…
If you received a stack of IRS mail and have enough courage to open it, you can’t miss those extra bold letters with the amount you owe. Now, you are making progress. The next step is to figure out what to…
United States citizens or residents who are shareholders, directors, or officers in some foreign corporations are required to file Form 5471. For those who own more than 10% of the shares of a foreign corporation, Form 5471 is filed with…
It’s hard to believe that we are already into July. Even with the tax deadline for filing your return and making a payment to the IRS (if you owe) being extended to July 15, 2020, it still seemed like it…
If April 15 always seems to sneak up on you, get out in front of this year’s tax deadline and file your tax return early. Here are a few top reasons why you should… 1. Reduce your stress. When you wait…
The new budget bill passed by Congress on December 20, 2019 impacted both retirement and 529 Plans. Many are still waiting for further guidance from the IRS on several details of the bill. However, we compiled a short list of…
What Are The Consequences of Not Paying? As a business owner it is important to know if you should be paying sales tax and the consequences if you are not. These taxes can vary depending on the state. Overall a…
Transferring ownership of your property to a family member is a fairly straightforward process. It can be achieved in three simple steps: Of course, certain tax implications and stipulations come with transferring your property. This is especially true via a…
Defining Your Business & Paying Business Taxes If you are a new business owner there are various taxes that you may need to pay, but the first step is defining your business. There are many different taxes to take into consideration,…
As An Owner Of An S Corporation What Should My Salary Be? When trying to determine your S corporation shareholder salary, there should be one word that comes to mind: reasonable. If you want to avoid issues with the IRS be…