by Candy | Feb 19, 2021 | Business, Featured, Taxes
According to Accounting Today, the IRS recently announced that they plan to increase audits on small business tax returns by 150%. The past few tax years have seen relatively low audit rates for pass-through entities, limited liability companies, sole proprietorships,...
by Candy | Feb 12, 2021 | Business, Featured, Taxes
The gig economy has come to include an even larger sector of the working population amidst the Coronavirus pandemic. With companies such as delivery services scrambling to meet the increased need for things like food and toilet paper due to quarantining households, an...
by Candy | Feb 2, 2021 | Business, COVID-19, Featured, Taxes
Congress passed the COVID-19 Economic Relief Bill on December 17th 2020 in light of the ongoing coronavirus crisis. The law includes a variety of financial assistance for both citizens and small businesses. Because the new economic relief measures included such a vast...
by Candy | Jan 26, 2021 | Featured, Taxes
Determining the statute of limitations (SOL) on your taxes can be deceptively complicated. Luckily, in their recent article “How the IRS Determines Statute of Limitations on Collections,” CPA Practice Advisor outlined general guidelines for how SOL is defined and...
by Candy | Jan 22, 2021 | Business, Taxes
Tax protocol is complex and unclear surrounding lawsuit settlement funds. Payments received from legal proceedings are usually taxable, and funds used in the legal process (such as attorney fees) are often not deductible. This varies on a case-by-case basis and can...
by Candy | Jan 21, 2021 | Business, COVID-19, Taxes
https://youtu.be/wIFXnAezZrA Are you an entrepreneur who’s been struggling to keep up with your income tax payments? Are you thinking you’re still going to have a problem in 2021? Many are used to the IRS offering blanket penalty abatement for things...