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business tax issues Archives

What to know about the IRS' ability to collect back taxes

Most business owners understand that they must file a federal income tax return on or before April 15 of each year; and if they don’t, they may be subject to penalties and interest. Indeed, those who believe that they will have a large, unaffordable tax bill may not want to file their taxes. But what happens when a refund is expected?

Legislators think tax debt collectors may be disingenuous

It’s no secret that the IRS is now turning to private debt collection companies to follow up on certain categories of past due tax debt. Indeed, there was a certain amount of controversy attached to this plan when it was introduced last year, but it appears that legislators now understand the gravity of how private debt collectors can negatively affect consumers.

IRS trying to enforce tax rules against pot companies

It remains to be seen whether (or when) medicinal marijuana will be legalized in Tennessee. It is also possibly light-years away from allowing recreational use of the drug, like a handful of states have. But one thing is certain. The federal government does not want companies involved in the marijuana trade to realize any tax deductions.

Should you use an accountant or a tax attorney?

As we have noted in a number or our posts, dealing with tax issues can be an arduous process, regardless of whether it is dealing with an IRS lien notice or determining exceptions to one’s tax bracket.  In resolving these issues, it may be hard to decide who would be helpful with your problem: an accountant or a tax attorney.

The problems with taxes in Puerto Rico

As the economy has improved over the past few years, much has been said about catching tax cheats and making them pay their fair share to Uncle Sam. Much of the news focuses on corporations doing inversion deals so that taxable income stays overseas, as well as tracking down individuals stowing away millions in offshore accounts.

How real estate investors can save on next year's taxes

For accountants and CPA’s tax season commonly begins in the months before the income tax filing deadline (i.e. right after New Years in January). But for most businesses, it begins at the beginning of their fiscal year. This beginning may vary, but one thing is for certain; tax planning is a year-round exercise.

What can I do if I haven't filed my return?

If you are concerned about what will happen next if you didn’t file your federal income tax return on April 18 (last Tuesday), you are certainly not alone. Given the legendary power of the IRS, it is understandable that people facing this issue will be afraid of what lies ahead. But just like any horror movie, it is the fear of the unknown that can be debilitating. And naturally, things tend to go from bad to worse when you do nothing.

What you should know about 'The Wealth Squad'

This week is the home stretch when it comes to preparations for the federal income tax filing deadline (which is this coming Monday, April 18). Of course, businesspeople want to pay only as much as they legally owe in taxes; and if they can avoid paying additional taxes, they will.

How to protect yourself if you can't pay your tax bill

With the new trailer for the remake of Stephen King’s “IT” being released this weekend, it is a reminder of how fear of the unknown can control our lives. The same could be said for how the potential penalties for failing to pay federal income taxes could make our lives miserable. After all, the power of the federal government to collect on back taxes is legendary. Many famous actors, singers and musicians riches reduced to nothing because of back taxes.

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