News

The issue of back taxes can get out of hand quickly. When you find yourself owing taxes to the IRS and/or State, it’s easy to get overwhelmed with how you’re supposed to get it all fixed.  Here are a few tips:

When facing a tax debt, it’s important to explore all available options to resolve the issue. The first step: Don’t panic! Looking into different resolution options to determine which one would be the best fit for your specific situation is essential. Depending on the situation, you might be able to qualify for one of the following tax resolution options.  

During a mandatory review of an IRS storage facility in Ogden, Utah, the IRS personnel were unable to locate as many as 168 microfilm backup cartridges, which are used to store old tax records. Each microfilm cartridge holds up to 2,000 photographic images, leaving thousands of tax records unaccounted for. Not to mention, the other microfilm cartridges containing millions of individual and business tax records for fiscal year 2010 that have also been reported missing. Those of which were supposed to be shipped from Fresno, California to Kansas City, Missouri when the Fresno facility shut down in 2021.

On July 21, 2023, the IRS released a memorandum from the IRS Office of Chief Counsel that says employers who were faced with supply chain disruptions during the COVID-19 pandemic but were not ordered to shut down are not eligible for the IRS Employee Retention Credit.  

Being audited can be downright terrifying for most people. It is a fear we all have, and for good reason. The IRS doesn’t exactly “play nice” when it comes to audits. And while we cannot stop audits from happening, we can understand how they work and how to prepare for them.

If you were to do a quick internet search on the Employee Retention Credit you might find yourself with more questions than answers. Trying to navigate all the changes, eligibility criteria, and how this credit affects small business can feel overwhelming! So, let’s talk about everything you need to know about the Employee Retention Credit (ERC), also known as the Employee Retention Tax Credit (ERTC).

We’ve been getting a lot of questions about this, so we thought we’d make this episode to answer some of them for you.

The IRS has released their 2022 Delinquent Collection Activities statistics.  

The IRS has recently announced that the millions of unprocessed tax returns that had accumulated since the COVID-19 Pandemic have officially been cleared. The IRS additionally has announced that certain collections notices which were paused last year will gradually resume.

Celebrities – they’re just like us! Even the stars find themselves in back-tax trouble now and again. Who’s in the news recently for debts owed to Uncle Sam? Let’s take a look: