With the new tax laws, people seem to be more confused than ever about what they should and shouldn’t do. Certain fundamentals still hold true, however. You must still tell the truth on your tax returns. Some tax payers fudge the numbers on purpose, and others...
Identifying Effective Tax Help Solutions
Year: 2018
5 tips for preparing your small business for an IRS audit
If you recently received a notice from the IRS that they plan to audit your small business, you may be panicking. Take a deep breath. With good planning and a little help, you can get through this.The IRS conducts three types of audits: correspondence audits, office...
Reviewing changes for the tax reform law
2018 will be the first fiscal year the Tax Cuts and Jobs Act of 2017 will come into effect. As we approach the halfway point to Tax Day, the IRS released a statement reminding small business owners to learn about how the changes from the new tax laws will impact their...
Online retailers may now have to pay tax on online sales
A recent U.S. Supreme Court ruling has many small online retailers panicking. The high court ruled that states are now allowed to collect tax from online sellers who sell to consumers in their state. In other words, if a Seattle resident orders from an online store...
What small businesses cannot do to qualify for new tax break
With the announcement of the 20 percent income tax break, many small businesses in Seattle are changing their tactics quickly to qualify for it. They go to their accountants who suggest potentially risky ideas that coincide with the new law and could be beneficial in...
Solutions for mounting tax debt
Debt is stressful and can negatively impact daily life. Screening calls in fear of creditors and ignoring mail as it compiles is no way to live. Tax debt only gets worse if you ignore it. Plan to eliminate tax debt with the following potential strategies.Pay down...
7 examples of reasonable causes for IRS penalty abatement
When federal tax obligations are not met, whether by accident or intention, hefty fees and/or penalties may occur. The good news is the IRS will take into consideration an array of reasonable causes for failure to file a tax return or late payments. If an individual...
A tariff bill could have wide-ranging impact on U.S manufacturing
Before Donald Trump was president, he garnered headlines by promising to return product manufacturing to the United States. He visited North Carolina and singled out a local company, Leviton Manufacturing. The company, a maker of light switches and electrical outlets,...
You filed for a tax extension. Now what?
Taxpayers received a little extra time to file their taxes this year. The usual federal tax deadline is April 15th, however, due to the weekend and Emancipation Day, taxpayers received an extra two days to file this year. Additionally, the IRS website experienced...
IRS ending voluntary disclosure for foreign assets
The Internal Revenue Service (IRS) announced an end to the Offshore Voluntary Disclosure Program (OVDP). The program will end on September 28, 2018, leaving tax payers six months to voluntarily disclose foreign financial assets. Business owners with undisclosed...