When you’re dealing with an IRS audit or threatening letters and collections based on outstanding tax liability, it’s easy to feel powerless. What can you do when a federal agency has it out for you?

One of the great things about living in the United States is that our government recognizes that people have certain rights that can never be taken away. Our Constitution describes these rights in the Bill of Rights, which are the first 10 amendments to the Constitution. So, no matter how bad your tax situation seems, no matter the amount of tax debt, and no matter how aggressive the IRS’ tactics feel, remember: you have rights!

Your strategies to deal with your tax problems should begin with that knowledge. In this article, we’ll outline some of your key legal rights when you’re dealing with a tax issue.

Read more

The coronavirus pandemic has impacted our economy, businesses, and lives in unprecedented ways. Many businesses found themselves in an uncertain position as we began to feel the full effects of the shutdown.

To try and prevent economic disaster, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020. The law provides more than $2 trillion in relief to protect Americans from the economic impact of the virus.

As part of this program, businesses can apply for and receive support for the cost of payroll, overhead, and other business expenses. However, because the COVID-19 crisis and the resulting supportive programs are so unprecedented, many people are unclear how these relief efforts will impact business taxes next year. In this blog, we’ll break down what you need to know.

Read more

Did you know that family businesses create 78 percent of new U.S. jobs and employ 60 percent of our national workforce? Family businesses are an essential part of our economy, and a family business can be a special thing — in more ways than one.

When it comes to taxes, family businesses have some unique considerations. While most of the differences are benefits for the family business owner, the extra rules can seem confusing. And if you make a mistake, you could end up facing fees, penalties, or even a tax audit. In this blog article, we’ll try to help by answering some of the most common questions about tax treatments and employment tax rules for family business owners.

Read more

Whether your small business is thriving or going through a rough patch, you always want to maximize your revenue streams while decreasing potential losses. One great way to help ensure positive cash flow is to make sure you’re taking advantage of every available income tax deduction at your disposal, especially as we all attempt to navigate these challenging times.

Keep reading to discover 10 small business tax deductions that can help your business weather the storm and pay less in taxes.

Read more