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S Corporations

Pursuant to the new tax law effective January 1, 2018,  the choice of business entity has become more important. Pass thru entities are potentially eligible for a new 20% deduction. An S corporation election might be an effective way of minimizing income taxes. We analyze small businesses to assist business owners in making the best

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Determining Reasonable Compensation

The concept of reasonable compensation has always been important in determining adequate compensation for the shareholder/employee of S corporations. The concept has taken on an additional importance with the passage of the new tax law effective January 1, 2018. We can help you determine a defensible calculation of reasonable compensation that can aid in the

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Tax Returns

If you have not filed your tax returns for multiple years, I can help prepare and get the returns filed and deal with the IRS and state taxing authorities. However, just as important is that you are compliant with your filing in the future. Compliance means that you file your returns in a timely basis

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Substitute For Return

If you don’t file a tax return, the IRS can file one for you based on what’s been reported to them by different payers. They basically include all of your income but don’t give you the full benefit of deductions. You then receive an inflated tax bill that includes overstated penalties and interest. You can

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Professional Practices

I do work for lawyers, dentists, doctors, veterinarians, chiropractors and many other professional practice businesses. It’s not unusual to fall behind in entity taxes, individual taxes and payroll taxes at the same time. A coordinated effort must be made to address all three when trying to resolve problems before things get out of hand. I

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Lost Refund

If you are due a refund but don’t file a return, the US Treasury can keep your money if you don’t file within 3 years of the filing deadline. Enough said.

Do I file a return this year?

The deadline to file your Form 1040 without extension is April 18 this year. You haven’t file a return for multiple years. You have a decision to make. Do I let it slide again this year? The odds of non discovery are not in your favor. The IRS is not the only organization that may

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Unpaid Taxes

Your parents are nearing retirement. Their house is paid for and they have accumulated other assets to aid in that retirement. They jointly owe income taxes for prior years or never filed a return. The IRS does not inquire as to unpaid taxes or unfilled returns. The years pass. They now receive social security and

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Private Collection of Taxes Owed

Pursuant to the Fast Act passed in December 2015, The IRS is once again allowing private collection companies to pursue collection of taxes owed. These companies must follow provisions of the Fair Debt Collection Practices act. If you don’t want to work with these collection companies, you must submit a request in writing to the

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Typical Profile – The Serial Defaulter

Taxpayer enters into installment agreement with the IRS. In order to stay in the program, taxpayer must be compliant in all future tax years. Compliant means that all future returns have to be filed and all taxes due for that year must be paid no later than the extended due date for filing the return.

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