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Employee Retention Credits (ERC) Update
We have recently fielded several calls and emails regarding Employee Retention Credits (ERC). We sent out information back in February of 2021 regarding the ERC for...
It’s Time to Think About End Of The Year Giving
It's that time of year when most people are thinking about gift-giving. From Black Friday (the day after Thanksgiving) to the end of the year, we give our families...
Confused About the New IRS Rules When Accepting Payments Through Venmo or PayPal?
Before 2022, small businesses and sellers using platforms like Venmo or PayPal only had to report earnings on their taxes if they had 200 transactions and at least...
Back to School Tax Tips – Tax Deductions 101
As our loved ones head back to school at all levels, it's hard not to think about money. The cost of supplies, books, tuition, and transportation are among the few (but...
IRS First-time Penalty Abatement Demystified
You may have heard of a first-time penalty abatement (FTA) waiver. When taxes haven’t been filed or paid, the IRS allows an “abatement” that removes penalties applied...
Reduce Your Tax Liability With Tax Credits
There are two ways to decrease your tax liability. The first way is to increase your tax deductions and the second is to pay attention to tax credits. What are...
Can’t Afford To Pay Your Federal Income Taxes This Year? You May Be Eligible for an Offer in Compromise from the IRS
An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service (IRS) to settle a taxpayer's tax liabilities for less than the total...
Keeping You Up To Date Regarding IRS Delays
The Taxpayer Advocate released their report on the state of the IRS, National Taxpayer Advocate 2021 Annual Report to Congress. You may find that this is an...
What You Need to Know Before Starting a New Business
You want to start your own business because you believe in the "American Dream" and see an opportunity for success and prosperity. Although you may be aware that...