A merger and acquisition (M&A) deal can result in tax obligations. A failure to prepare for these obligations can mean the deal is not as profitable as it should be. Proper planning before, after, and during negotiations can help to better ensure you make the most...
Business Tax
Three things to know as the IRS prepares to ramp up ERC audits
Lawmakers passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help get businesses through the worst of the pandemic. The Employee Retention Credit (ERC), part of this law, was aimed to do just what the name says — help small businesses keep their...
IRS Crackdown on Fraudulent ERC Claims
Filing tax returns is never easy. Add in business ownership and the rules get even more complex. Throw in a pandemic that led to tax changes to help businesses running and businessowners were left with a mess of tax laws that even some tax filing professionals were...
Prison for Failure to Withhold Payroll Taxes
Small business owners need to come up with a business plan, stay up to date on the workings of competitors, make sure their employees meet expectations, and make sure the business turns a profit. As if this was not enough, they also need to navigate various state and...
State sales nexus audits are on the rise: FAQs
State taxing authorities have had almost five years to navigate sales tax issues after the Supreme Court ruling in South Dakota v. Wayfair. In that case, the court essentially relaxed the rules on when a state can tax a business. In the past the government required a...
IRS goes after small business for payroll taxes: 3 lessons
The Department of Justice (DOJ) recently announced the acceptance of a plea deal with a small business owner from New York. The DOJ states the entrepreneur, who owned and served as the Chief Executive Officer (CEO) of two spas and related businesses failed to properly...
I made a mistake on my small business’ tax returns. What now?
You take a deep breath and relax. You finally finished your small business’ tax returns. They are filed and you can move on — then boom. It hits you. You realize you made a mistake. You may have a moment of fear where all the possible outcomes of that mistake flash...
Can small businesses still claim the Employee Retention Credit?
Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help businesses during the pandemic. The law included increased availability of employee retention credits, or tax credits to help small businesses keep their employees even during...
What happens when New York fails to pay contracts with nonprofits?
It is common for a nonprofit to get funding from government contracts. When it comes to those who operate in New York City, this may include contracts with the city itself. Unfortunately, the city is not always great about paying its bills. Scott Stringer, the former...
FinCEN cracks down on LLC ownership to find tax fraud
The federal government recently announced an attempt to crack down on the use of legal entities like limited liability companies (LLCs) and partnerships to engage in illegal activities like money laundering and tax fraud. The government aims to achieve this goal by...