HOW BOOKKEEPING AND THE CHOICE BETWEEN CASH AND ACCRUAL METHODS OF ACCOUNTING CAN DRAMATICALLY IMPACT THE OUTCOME OF A SMALL BUSINESS TAX COLLECTION CASE

To some business owners, the accounting part of their business is the last thing they want to deal with.  “Leave that to the accountant or bookkeeper and let me get to work” is the sentiment I get from a lot of small business owners. Many business owners just don’t have […]

WHAT IS AN IRS TAX LIEN AND HOW DOES IT AFFECT ME?

An IRS tax lien is a legal claim on your property for the amount owed. An IRS tax lien is also the legal right to collect on the amount owed. An IRS Tax lien starts when a tax is assessed and you don’t pay it. For example, if you file […]

Identity Theft and the IRS: Beware of Identity Thieves Stealing “Your” Tax Refund

You’ve been overpaying your taxes all year long, saving money in your IRS ‘refund account’ with the expectation that you will get that big fat juicy refund early next year. You get some software and prepare your own return or hire a tax preparer exclaiming big money is waiting for […]

S Corporation Owners Beware: Exploring the Consequences of Paying S-Corp Shareholders Unreasonably Low Wages

If you are a shareholder in an S Corporation and you also work for that S Corporation, it is critical that that you pay yourself a reasonable wage. Many S Corporation owners take little or no compensation in the form of wages and, instead, disproportionately pay themselves in the form […]

Will The IRS Pursue Collection From My Spouse?

The answer to this question will depend on whether the liability is a joint liability or separate liability and whether you live in a community property state or not. If the IRS liability is a JOINT liability then YES, the IRS may levy both your and your spouse’s wages, assets, […]