The IRS is serious about tax evasion. You may have been putting off filing your taxes because you thought it wasn’t necessary, but the IRS will not hesitate to penalize any who don’t pay up on time. They realize that by failing either of these two ways they could lose hard-earned money from their budget…
Not every day is a good day to be in business. The taxes we have been dealing with for years can make it difficult and stressful, but there are ways around them if you know what they all mean! A little preparation could save your company from an audit or worse – legal trouble later…
You don’t have to be a victim anymore.This morning I got this message you see above. This taxpayer had $5618.49 withdrawn from his bank account.How is he supposed to live on $45 in his account?The thing is the IRS and the State of California don’t care if you can survive. They just want you to…
In our files, we show that you have a self-employed business that you file on Schedule C of your Form 1040. As you likely know, in times of economic dislocation such as the COVID-19 pandemic, the self-employed get no special government help. For example, you generally do not receive benefits that employees get, such…
Now that most tax refunds are deposited directly into taxpayers’ bank accounts, the dream of opening your mailbox and finding an IRS refund check is all but a thing of the past. However, since the IRS now does most of its auditing through correspondence, an IRS letter can likely increase your heart rate and, in…
The PayPal loophole is going away in a little over six months from now. You may remember the strategy where you can avoid giving 1099s to contractors and vendors when you use PayPal or a similar service as your payment platform. With this strategy, you push the reporting requirements to PayPal. Current federal law requires…
It’s time to take some kind of action. You’ve been cooped up from COVID, you’ve had to deal with downsizing, layoffs, “essential workers” (or the lack thereof), and, quite frankly, like a LOT of us, I’ll bet you’re sick of it. So no matter how this last year affected you, what are you waiting on? …
True confession: every time a client calls or emails me with those faithful words “I’m being audited!” I cringe a little. Not because I’m afraid of the IRS, or even because I worry about the return they filed, but simply because. It’s like seeing a police car behind you suddenly turn on their lights, even…
I want to ask you to think about something you might not have considered in a long time: Do you like the work you do? Before you answer, re-read that line – “do you like the work you do…” – because it means far more than “the job you have…” Think about it, and then…
