BAD NEWS: The Corporate Transparency Act requires you to file more government paperwork. The paperwork is not a tax return! It is a Beneficial Ownership Information Report (“BOI”). Your BOI Report has to be electronically filed with the United States Financial Crimes Enforcement Network. If you don’t file it, you face a $ 500-a-day Civil Penalty. You also could face criminal charges and imprisonment for up to two…
Make Your New Year’s Resolution Failproof – Solve Your Debt or Tax Problem. Are you one of the millions of people who make New Year’s Resolutions? According to a survey conducted in October 2023, Forbes reported the number 2 top resolution was improved finances for 38% of the people surveyed. (Number 1 was improved fitness.) Are you also one of the millions who wind up breaking those resolutions? If so, I’m not…
I hear from taxpayers who have not filed tax returns for years who don’t think they have anything to worry about because they haven’t heard from the IRS. THINK AGAIN - CLEARLY! In March 2023, the Department of Justice announced that Jerry Christopher Wade pled guilty to tax evasion. In February 2020, the IRS announced it was stepping up efforts against people who had not filed one or more tax returns. What did Wade do? From…
Owe the IRS? Most people don't know that after the IRS sends you a letter to pay and you don't pay them, it automatically has a lien on all of your property regardless of whether it is real estate (for example your home) or personal property (for example your car). Not only that, but it also has a lien on your right to property, such as money left by a relative in their will to you. (26 U.S.C. §6321) This is what is…
It is no wonder so many Americans dread the April 15th tax filing deadline. The U.S. tax code already contains more words than the Bible, and hundreds of pages of new rules and regulations are often added. It is common for many people to put off filing their taxes until the last possible minute because of so much complexity. However, taking that approach can create problems and more stress and potentially land you in hot…
If you are running a small business, you have something that digs into your pocket every year, it’s the IRS. Unfortunately, you don’t get to choose whether the IRS can do so. By law you have to pay taxes and you have to file reports - tax returns - at specific times of the year. The IRS wants to know what you are doing, how much you are earning, and most importantly how much you are paying in taxes. Because some people cheat…
Opening the mailbox and finding a letter from the IRS is frightening, but what happens next can be even scarier. The IRS wields incredible power, and if they claim you owe additional taxes, they have many different options for forcing you to pay. When the IRS claims you owe additional money, they will act quickly, and that could leave you reeling and trying hard to preserve the money you need to pay your bills, feed your…
The old saying that nothing is certain in life except death and taxes has never been truer or more frightening than now. In the current environment, nothing will get your heart racing quite as fast as opening the mailbox and finding a letter from the IRS saying you owe money or are being audited. When the IRS comes calling, you might think that there is nothing you can do. You may worry that you will have to liquidate your…
Tax season can be stressful, especially for small business owners or freelancers who might owe taxes at the end of the year. It can be overwhelming to look at the tax debt you owe from the profits you have made. Our law firm focuses on tax resolution and helping people who owe the IRS or State of Indiana $10,000 or more. We’ve seen small business owners and freelancers get blindsided every year by a huge tax bill. That nasty…
It is hard to beat the freedom and flexibility of being a small business owner or freelancing and gig work. When you work for yourself, you are the boss. You can set your own hours, turn your home into an office, and even ditch going into “the office” and the daily commute. That’s great, but there is one thing small business owners, freelancers, and gig people usually forget. Compared to their corporate counterparts,…