If you owe the IRS money and you don’t pay it in full, there is a high likelihood it will file a Notice of Federal Tax Lien against you. An IRS lien destroys your credit. Once the lien is filed it is extremely difficult to get the IRS to release it. The best way to [...]

An IRS audit is painful. Even if your return is 100% accurate and the IRS compliments you on your diligence and honesty, it will require a lot of your time and cause you a lot of stress. But there are things you can do to minimize the pain and the stress. Here are our top [...]

Every self-employed person or small business owner should keep their books using a reputable accounting software package such as Quickbooks or Quickbooks Pro. But even if you keep your records electronically, you still must have a system for retaining and organizing your underlying accounting records. Here is how we recommend our clients keep their records. [...]

Once an assessment is made against you, your case gets sent to the IRS Collection Division. There are two types of collection agents taxpayers encounter in the IRS collection process: Automated Collection Distributors; and Local Revenue Agents. The Automated Collection System The Automated Collection System was developed in the early 1980′s to allow the IRS [...]

We generally recommend that our self-employed clients incorporate their businesses and hire themselves as employees. We do this for two reasons: Putting owner/operators on the payroll significantly reduces the chances of future tax problems; and The IRS Audits form Schedule “C” much more frequently than it Audits corporate returns. But even if you are not [...]

In the great majority of cases, we recommend that our small business clients do business either as an “S” Corporation or a Limited Liability Company because these two forms avoid double taxation and limit the personal liability of owners. There are occasions, however, when a C Corporation or Partnership form of doing business is appropriate. We [...]

The Best Way of Doing Business The Best Way to Prepare Schedule “C” of Form 1040 The Best Way to Organizing Your Tax Records The Best Way to Keep Track of Your Business Mileage The Best Way to Survive a Tax Audit The Best Way to Avoid a Tax Lien

How to Deal With an IRS Collection Notice IRS Last Known Address Rule Ignoring IRS Notices Makes Matters Worse IRS Collection Notices: How Serious is Yours? Taxpayer Rights and the IRS Collection Process What To Do If You Think the IRS is Wrong How to Deal With an IRS Auditor Why You Shouldn’t Handle an [...]

If you owe the IRS back taxes and/or haven’t filed your tax returns in several years, you are probably having a hard time sleeping at night. Either that or you’ve moved to Canada. Most people who are behind in their taxes truly want to get back in good standing with the IRS. Usually they don’t do [...]

Self-employed taxpayers and small business owners who have a history of disorganization and poor bookkeeping often feel like it would be impossible to get caught up. This is a defeatist attitude that is not grounded in reality. Getting Caught Up Only Appears Overwhelming When you don’t keep your books and records on a regular basis [...]