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...
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....
No matter the size of the operation, all forward-thinking business owners employ the services of a Certified Public Accountant (CPA). As a business grows and becomes more profitable, the amount of money handled increases. The intelligent step is to find a CPA to...
There is a certainty to paying taxes as Benjamin Franklin famously expressed, “In this world, nothing can be said to be certain, except death and taxes.” Author Ann Landers said comically, “A person doesn’t know how much he has to be thankful...
You may have heard Ben Franklin’s famous saying,” ‘In this world nothing can be said to be certain, except death and taxes.” Business owners may not be able to avoid paying taxes entirely. However, there are ways to reduce your tax liability. ...
Recent Comments