The Internal Revenue Service (IRS) has made it clear that it is coming after anyone that took advantage of the Employee Retention Credit (ERC) during and after the COVID-19 pandemic. Although their goal is noble — to make sure tax cheats are not bilking the system —...
Business Tax
What do I do if I got an ERC disallowance letter from the IRS?
It seems that the mail these days holds two things: bills and marketing materials. For the truly unlucky, the mail may also contain a letter from the Internal Revenue Service (IRS). Although it may be tempting to ignore the letter or pretend it does not exist, a...
IRS takes aggressive approach during ERC audits: 3 things to know
The Internal Revenue Service (IRS) has made it clear that it will aggressively pursue those it claims “erroneously” attempt to take advantage of the Employee Retention Credit (ERC). As of March 15, the agency reported over 22,000 improper claims. #1: What is the ERC?...
Will state taxing authorities really come after my small business?
Small businesses form the backbone of the American economy, providing jobs, services, and innovation. Business owners must balance the perks that come with owning a small business with the downsides. One example: complex tax regulations. When businesses fall behind on...
The audit lottery: Do small businesses really draw the short straw?
Small businesses are often the lifeblood of the economy, yet they face unique challenges when it comes to taxes. The complexity of tax law, combined with the diverse nature of small business operations, can lead to errors or omissions that attract the attention of the...
Tax Compliance Caution for Small Businesses
Imagine pouring your heart and soul into building a small business from the ground up. You're clocking in long hours, juggling the challenges of managing a dedicated team, and constantly striving to satisfy your customers. Amidst this whirlwind of activity, there is...
New York finds business liable for $15 million in franchise taxes
Entrepreneurs can use various tax tools to their advantage. When done wisely, this can result in tax benefits and financial gain, but a misstep can result in serious consequences. In a recent example, business owners attempted to use a business entity to purchase...
Should I change residency to save on taxes before selling my business?
Truly successful entrepreneurs are more than just business savvy — they are financially savvy. They know how to build capital and invest wisely; they know when a move could signal a better market or financial reward. This later part, the potential for a move, has...
IRS targets small business owners hit by the pandemic
The COVID-19 pandemic hit businesses hard. In an effort to reduce the risk that the pandemic would result in business closures and bottom out our economy, the government approved various federal programs. These ranged from loans and funding opportunities to tax...
Why does the IRS care which business structure I chose?
Entrepreneurs have innovative ideas and a passion to get those ideas for inventions or services out into the public. When done wisely, this process can not only make the community a better place but can also lead to financial gain for the innovator behind the idea....