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The IRS recently released its annual “Dirty Dozen” list of prevalent tax scams that business owners need to watch out for, ranging from phishing attempts and employee retention credit fraud to fake charities and abusive tax avoidance schemes. By being aware of these common scams and taking proactive measures, businesses can protect themselves from costly penalties, identity theft, and legal consequences
As a business owner, it’s crucial to maintain accurate financial records and comply with tax laws. A recent case serves as a stark reminder of
Deciding who should own the business car—yourself or your corporation—is a crucial decision for single-owner S corporations. This choice impacts insurance rates, tax deductions, and administrative complexity. Individual ownership may offer better insurance rates, but it complicates reimbursements and tax reporting.
Closing your sole proprietorship or single-member LLC? Understanding the tax implications is crucial. Selling your business assets triggers various tax considerations, including special rules for real estate, different tax treatment for various assets, and non-compete agreement payments taxed as ordinary income. Navigating these tax implications requires careful planning. We’re here to help at IRSProb.com
Did you know the IRS can charge you up to a 25% penalty for filing your tax return late? Many people don’t realize that you can avoid this hefty penalty by filing on time, even if you can’t pay the full amount you owe. At IRSProb.com, we’ve seen countless individuals save thousands by simply filing on time.
