It may prohibit your ability to travel abroad, if you have seriously delinquent tax debt. This is based on information obtained from IRS data. In 2011, the Government Accountability Office determined that by using passports to its advantage, it could actually get nearly $66 billion from unpaid taxes. Almost 225,000 taxpayers could be affected. Congress was called upon to... continue reading →
Most professional tax preparers use computer tax software to prepare tax returns. Some of these software packages are good, others not so much. Most of the good programs will help red flag deduction that might prompt an IRS audit on a client income tax return. Even so, there is no replacement for experience and common sense. Most audit red... continue reading →
Employers that retain payroll services should be advised of IRS regulations, and changes, as they relate to payroll service companies. The Treasury Inspector General for Tax Administration (TIGTA) recently sent a report to the IRS, citing improvements needed to safeguard and protect employers that use payroll providers. A TIGTA Audit Report No. 2015-40-023 states, Processes Are Needed to Link Third-Party... continue reading →
You can face serious consequences if you do not know the difference between an employee and an independent contractor. It could cause you to unknowingly misclassify your workers. Business & Financial Solutions has educated companies and employees on the issues affecting both sides of the working relationship. We have helped prevent and/or solve problems with IRS. Form SS-8 is used... continue reading →
Business & Financial Solutions is a professional firm and our goal is to simplify your life. To assist in our goals we have comprised a list of common assumptions that lead too costly tax mistakes when filing income taxes. Tax mistakes can mean much more than just a computation error. The tax code is long and complex, so it’s... continue reading →
It may be better to owe taxes in April than to get a refund, and for the 2017 tax filing season, it’s especially important. There will be a holdup on refunds, for income tax filing this year. The Internal Revenue Service today issued a warning of 2017 tax refund delays for certain taxpayers. They urge folks to adjust their... continue reading →
Business & Financial Solutions has been preparing taxes and helping individuals and businesses for over 16 years. We resolve IRS tax problems for clients throughout the United States. Our firm employs licensed tax preparers, enrolled agents and CPAs. Additionally, our employees are duly qualified to represent business and individual when dealing with the IRS. We also assist you with... continue reading →
Innocent Spouse Relief from Tax Debt Owed When a marriage has problems, finances are almost always at the top of the list as contributing factors. This blog refers to finances particularly, where spouses file a joint tax return, which the both sign as taxpayers. If the information provided on the tax return is false or inaccurate, the IRS has... continue reading →
Successful entrepreneurs are those who “dream during the day with their eyes wide open.” They take risks, work long hours, make important sacrifices for their goals. They also turn obstacles into opportunities. And small businesses have to deal with small business taxes. Yet, it is important that business owners make good decisions, based on a well thought out plan... continue reading →
Debt cancellation in Box 2 of Form 1099-C automatically becomes Taxable Income on Line 21 of Form 1040. However, you can file Form 982, and you may not have to pay taxes. This form became popular for us during the recession. It eliminated the otherwise taxable amount for cancellation of debt. Unfortunately, we still see lots of cancelled debt in 2016. That’s... continue reading →
