Petitioning the IRS, Beyoncé Style
You have the right to disagree with the IRS, and superstar performer and business mogul Beyoncé Knowles-Carter is serving up some high-profile proof. Knowles-Carter is contesting nearly $2.7 million in IRS taxes and penalties that were recently accessed by the IRS. The Notice of Deficiency claims she still owes $805,850.00 for 2018 and $1,442,747.00 for […]
Inflation and Your Small Business
The U.S. Chamber of Commerce reports that one in three small business owners consider inflation their top concern right now. Inflation worries have driven small business optimism about the future to record lows, adds the National Federation of Independent Business. In response, 67% have raised prices, 41% have decreased staff, and 39% have taken out […]
Business Structure Myths Vs. Facts
Whether you’re new to entrepreneurship or you’ve been in business for years with a full staff and profitable company behind you, the need to evaluate (or re-evaluate) your business structure regularly will never disappear. The two main reasons: taxes and liabilities (sometimes the two go hand-in-hand). Many businesses start as sole proprietorships because the structure […]
Uncle Sam Just Scored a Mysterious $7B Tax Gift
LinkedIn: Only a handful of known billionaires could be responsible, but there are no obvious suspects. Was it tax planning at its worst or its most brilliant? In one single day this past February, the U.S. Treasury recorded a deposit of $7 billion in the category of estate and gift taxes, the highest collection of […]
New IRS Warnings on Employee Retention Credit
Just when you thought COVID-era tax breaks were in the past, you get a call from a “tax advisor” who tells you that you may have overlooked a beneficial Employee Retention Credit (ERC) opportunity. But don’t worry, it’s not too late! For an upfront fee or a fee contingent on the amount of the refund, […]
Are Texas Business Inventory Tax Changes Ahead?
We’ll soon find out if Texas lawmakers are on board with lowering the state’s notable inventory tax bill for small businesses. Texas lawmakers are contemplating a record-breaking budget surplus of nearly $33 billion. Most agree that tax cuts are in order—but now they must decide where those cuts should be focused. (Of course, they’re at […]
Don’t Leave R&D Tax Breaks on the Table
If you’re a business owner, there’s no doubt you’ve spent time and money creating better processes, materials, or solutions for your customers. Those activities can lead to big tax breaks, but the IRS won’t go out of its way to spell that out for you. For whatever reason, research and development (R&D) tax breaks are […]
Who Elects Married Filing Separately & Why?
Should you elect married filing separately on your tax returns? The truth is only about 2% of married couples do so. For a select few, however, the election can be quite beneficial. Most married couples can and should file jointly. The IRS itself states that “in almost all instances, if you file separate returns, you […]
Responding to an IRS Letter
The IRS just made it easier to respond to a handful of tax notices online, which presents an excellent opportunity to review what a letter from the IRS could mean and how you should respond to each. Hint: You should always give your CPA a heads-up before responding. The IRS still relies heavily on U.S. […]
Awaiting a Tax Refund in 2023?
If you got used to receiving a tax refund in recent years, don’t hold your breath for the same this tax season. While the IRS is better staffed and equipped this year for prompt refunds, pandemic benefits that sweetened the deal have now expired. CBS News reports that the average tax refund in 2022 (for […]