employment tax

Employment Taxes Amid COVID – Part 1

It is not necessary to say that this past year has been a particularly trying one. COVID has upended the entire world, especially the business one. Businesses long established as the foundation of the American economy have found themselves to being greatly diminished or have disappeared forever, such as Sears, Fry’s Electronics, and Soup!antation eatery. […]

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Business Taxes are Dependent upon Business Structure – Part I

All businesses must pay taxes. However, not all business taxes are the same for every business. The type, amount and form used in paying taxes is dependent upon the type of business entity. When someone starts a business, he or she must decide what business structure the business is to have. There are five business

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Businesses and Taxes

Businesses and Taxes

According to the Small Business Administration’s Office of Advocacy, 99.9% of all the businesses in the United States are small businesses, translating into a total of 31.7 million businesses spread throughout the nation. There are 60.6 million small business employees which translates into a total of 47.1% of all employees working throughout the nation. Businesses

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interview

The Dreaded Trust Fund Penalty Assessment Interview – continued

Previous blogs regarding employment tax resolution have covered the payroll taxes, Trust Fund Recovery Penalty (TFRP), Trust Fund Penalty Assessment and an introduction (Part 1) to the Trust Fund Penalty Assessment Interview. We will now continue discussing the interview. As I stated earlier, the Trust Fund Penalty Assessment Interview is a tool that the Internal

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Business Taxes: Paying Yourself – Corporate Officers & Partners

According to the IRS Page Paying Yourself, as of February 26th, 2021, the procedures for compensating yourself for your efforts in carrying on a trade or business will depend on the type of business structure you elect. Below are topics that frequently arise when new business owners ask the Internal Revenue Service questions about paying

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Employing Spouses

Business Taxes: Employing Spouses – One employed by another

In our recent posts in the Bullseye Tax Relief Business Taxes blog post series we’ve been discussing the different IRS tax implications associated with the different scenarios in which one employs or works with their family or spouse. To learn more about employing family members, check out our posts Business Taxes: Employing Family and Business

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