Tax Planning Strategies for Financial Success
Tax planning is the overall topic of our recent podcast with The Shift Spot, a peer advisory community of fellow business owners who are passionate about making radical shifts in their businesses and lives. Tax planning is the selection of legal options to minimize or eliminate taxes. Tax planning includes optimizing the structure of transactions […]
Divorce and Taxes: How to Protect Yourself
Divorce and taxes are the important subject of our live event with Pacific Cascade Legal, a premier family law firm in Oregon and Washington. We discuss how divorce impacts joint tax liability, when there might be relief granted for separation of joint liability, and other important tax considerations when navigating divorce from your spouse. […]
Guide to IRS Statute of Limitations (CSED)
IRS Statute of Limitations and the Collection Statute Expiration Date (CSED) The collection power of the IRS is restricted by a statute of limitations on taxes. This powerful restriction gives the IRS up to 10 years to collect a tax. Once the 10-year period expires, the tax is no longer enforceable and it simply goes […]
How to Avoid IRS Trouble
The thought of IRS trouble, “red flags” and audits are enough to worry any business owner. In this podcast, we talk about how to avoid IRS tax problems, and what to do if they arise. In the podcast, we cover a variety of topics including: Organizing your business for tax preparation Tax calendar […]
IRS Hardship Program: Currently Not Collectible
We regularly meet with clients of our accounting firm who owe taxes to the IRS that they cannot afford to pay due to a financial hardship. Sometimes it is a tax bill for one year. Frequently it is a tax bill for multiple years. The IRS offers a number of solutions that provide tax relief […]
Statistics on Federal Tax Liens in Alpharetta, GA
This is the first in our series of reports analyzing federal tax liens on Georgia businesses. Along with tax levies and garnishments, federal tax liens are one of the most powerful weapons available to the IRS in its efforts to collect back taxes. As of 2022 there were more than 15 million taxpayers nationwide in […]
ERTC: How to Get the Employee Retention Tax Credit – Updated as of 9/14/2023
Important ERTC Update as of September 14, 2023 Amid rising concerns about a flood of improper Employee Retention Credit (ERC) claims, the IRS ordered an immediate moratorium through at least the end of the 2023 year on processing new ERTC claims for the pandemic-era relief program to protect honest small business owners from scams. The […]
Reasonable Compensation, Payroll and Distributions for an S Corp Owner
Many small businesses are formed as S corporations. S corps have been around for many years. Their popularity has a lot to do with the fact that s corporations offer both tax savings and a high degree of liability protection in the event of a lawsuit. While S corps are very popular, the issue of […]
Opportunity Zone: Defer or Eliminate Capital Gains
The Qualified Opportunity Zone Program has been around since 2017. It is a valuable tax planning strategy that is available to taxpayers even if they do not own a business. The program provides tax benefits to long term investors in communities called Qualified Opportunity Zones. These are geographic areas that need improvement or development, such […]
What is a Cost Segregation Study?
A cost segregation study is a strategic tax savings tool that allows companies and individuals who have purchased, constructed, expanded, or remodeled any kind of real estate for commercial or residential use to increase cash flow by accelerating depreciation deductions and deferring federal and state income taxes. Typically, real estate is depreciated over a straight-line […]