As we in previous blogs, a priority of helping taxpayers who come into our Richardson TX, tax office with business Payroll Tax Debt, is avoiding or minimizing the impact of the Trust Fund Recovery (TFRP). When the IRS makes a TFRP assessment against an individual, that individual
Read more →When businesses with Payroll Tax Debt come into our Richardson, TX tax office, one of my major priorities is avoiding the Trust Fund Recovery (TFRP) from being assessed against my clients. The TFRP is an assessment that the IRS makes against what it considers to be Responsible Persons and creates
Read more →When business owners come into our Richardson TX tax office with a payroll tax debt issue, it’s often more complex than a typical IRS 1040 tax debt problem. Payroll Tax Debt not only may involve risk at the corporate or LLC level, but both owners and possibly other
Read more →In the upcoming months, many small businesses will struggle to survive. In order to survive difficult times, business owners often need to make decisions on what they should and shouldn’t pay. Sometimes, it comes down to making decisions that have no good answers. For example, an employer
Read more →When my clients come to me and provide me their tax information, I sometimes see red flags pop out that I address with them before filing. This review helps to minimize any issues they might have with future IRS reviews/audits. However, I also have taxpayers who come
Read more →If you’ve owed the IRS over the past 10 years, while you may not have been lucky to have an IRS problem, in general, we’ve seen a much less aggressive IRS in collecting tax debt. As an Advocate for Taxpayers with IRS problems, I have found the IRS
Read more →In 2017, Congress passed The Tax Cuts and Jobs Act (TCJA), which was the largest piece of tax legislation that we’ve seen in three decades. The new law had an impact on almost all taxpayers who came to our Richardson, TX tax office, as well as taxpayers throughout the country. Most
Read more →Two weeks ago, I wrote that there are certain situations which permit the exclusion from Gross Income on a Taxpayer’s tax return, when they are the recipients of debt forgiveness that would typically be taxed. One of the options that permitted exclusion was for debt cancelled during insolvency. Today we’ll
Read more →In some case, entrepreneurs who work from home can write off a portion of their housing and utility expenses. That’s often a big question for our clients in our Richardson, TX tax office, who use part of their home in their business. If you qualify, it can have
Read more →As I wrote a week ago, in general, if you borrow money and you are legally obligated to repay that debt at a future date, and if that debt is forgiven in full or in part, the cancelled debt becomes taxable income to you. I also discussed
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