tax preparation

Employment Taxes Amid COVID – Part 3

Parts 1 and 2 of previous blogs on this topic discussed the deferral of employment tax deposits and payments for the year 2020 and the effects that this deferral may have on the employer (Deferral of employment tax deposits and payments through December 31, 2020 | Internal Revenue Service (irs.gov)). Part 3 will continue this […]

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Employment Taxes Amid COVID – Part 2

Part 1 discussed the deferral of employment tax deposits and payments for the year 2020 (Deferral of employment tax deposits and payments through December 31, 2020 | Internal Revenue Service (irs.gov)). The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows the employer to defer the employer’s share of the social security tax for

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Business Taxes are Dependent upon Business Structure – Part 2

As discussed in an earlier blog, there are five business structures recognized by the Internal Revenue Service (IRS) (Business Structures | Internal Revenue Service (irs.gov)). Partnerships and Limited Liability Companies have been previously discussed. Sole Proprietorships (Sole Proprietorships | Internal Revenue Service (irs.gov)) will be discussed in this blog. A sole proprietor is an individual

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Challenging an IRS Collection Action

Is the Internal Revenue Service (IRS) always correct when assessing taxpayers’ tax returns? Of course not. Since IRS agents are human, they can make incorrect decisions or mathematical mistakes. How do you reverse their mistakes? A Collection Appeal allows taxpayers to challenge IRS’s actions regarding the collection of past taxes which may include the placement

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Free Your Bank Account with a Bank Levy Release

As stated in earlier blogs, the Internal Revenue Service (IRS) has several different tools for collecting a tax debt. Another tool is the Bank Levy. Here, the IRS freezes your bank account and collects whatever money is being held in that bank account. If you do not have enough money to pay your tax debt

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How Installment Agreements Can Help

Even the best of intentions does not always materialize. You completed and filed your federal income tax return, but suddenly you realize that you do not have the money to pay the tax amount due. Now what?! Do you not file the tax return? Do you send the tax return without money? Lucky for you,

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