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 amount owed. The taxpayers who can fully pay the liabilities through an installment agreement or...
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 interesting read. Many of the forms required to complete the 2021 Income tax returns for small...
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 achieving success in a new business is hard work, you may not know that despite the good ideas...
After you file your taxes process all of your W-2s and 1099-Cs, you feel a sense of relief. That is until you receive correspondence or a notice from the Internal Revenue Service (IRS). Don’t panic because the IRS sends many types of notices and letters....
Preparing year-end reports ought to be the “crowning point” of every business’ financial year. With proper planning, solid accounting practices, and expert financial reporting assistance, the process should be readily embraced and not avoided....
Small Business changes imposed by the coronavirus have been difficult to endure to say the least. Everything that we knew as “normal” went away and now, we must face the transformation of today’s habits and create a new “normal”. The...
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