Contact Time Central Time
Phone Number (319) 367-3699
Contact Email [email protected]
Menu
Work With Us

Tag: IRS
IRS Updates and Notices

IRS Kraken Crackdown: Understanding IRS Letters 6174, 6174-A, and 6173

The world of cryptocurrency has gained immense popularity over the past few years, and with it, the Internal Revenue Service (IRS) has been taking steps to ensure that crypto transactions are properly reported and taxed. The latest case that highlights the IRS’s seriousness in the news, is the IRS going after exchanges to release user information successfully such as Coinbase. Last month (October 2023) the IRS was successful through legal actions at getting the cryptocurrency exchange Kraken to release user information relating to the tax years 2016-2020 on all users who had transacted over $20,000 ( This amount includes all
Finance

Affordable Tax Planning: How to Save Money and Reduce Your Tax Liability

Tax planning and preparation is a crucial aspect of running a small business. But for many small business owners, limited resources can make the process challenging. Without the proper guidance and expertise, small business owners may end up paying more in taxes than necessary or facing penalties for non-compliance. Fortunately, there are ways to handle tax planning and preparation even with limited resources. In this article, we’ll discuss some strategies that small business owners can use to optimize their tax planning and preparation process. Understand Your Tax Obligations The first step in handling tax planning and preparation is to understand
Finance

Don’t Get Fined: Small Business Tax Compliance Tips You Need to Know

As a small business owner, you have a lot on your plate. You’re responsible for running your business, managing employees, and serving customers, all while trying to turn a profit. Amidst all these responsibilities, it’s essential to stay compliant with tax laws. In this article, we’ll provide you with tax compliance tips to help you avoid fines and penalties. Understanding Tax Compliance Tax compliance refers to the practice of following tax laws and regulations. As a small business owner, it’s your responsibility to ensure that you comply with all applicable tax laws. Failure to comply can result in fines and
Finance

Reduce Your Audit Risk: Avoiding Red Flags for Small Business Owners

As a small business owner, the prospect of an audit can be daunting. The thought of an auditor poring over your financial records can be overwhelming, but it doesn’t have to be that way. With some preparation and planning, you can reduce your audit risk and avoid the red flags that often lead to an audit. Here are some tips and strategies for small business owners to avoid costly tax mistakes and reduce their audit risk. Keep Accurate Records One of the most important things you can do to reduce your audit risk is to keep accurate records. The IRS
Finance

The Unconventional Power of Hiring an Expert CPA for your Real Estate Business: Minimize Tax Liability, Maximize Growth, and Relieve Stress

Real estate is a lucrative industry with a vast array of opportunities for investment. From rental portfolios to flipping properties, there are numerous ways to make money in this industry. However, as with any business, it is essential to consider the benefits of hiring a Certified Public Accountant (CPA). While many people assume that CPAs are only necessary for tax purposes, their expertise goes far beyond this area. A CPA can offer invaluable insights into streamlining your business, reducing tax liabilities, and reducing stress, among other benefits. Reducing Tax Liability While it may seem obvious, reducing your tax liability is
Finance

Are You Making this Costly Mistake with W-9 Forms? Learn the Top Best Practices Now!

The Importance of Best Practices for the W-9 Form in the United States For many businesses in the United States, tax season can be a headache, particularly when it comes to managing the necessary paperwork. One of the most important forms required by the Internal Revenue Service (IRS) is the W-9 form, which is used to collect essential information about payees. This form is often seen as a time-consuming and cumbersome process by both payers and payees alike. However, with the proper processes and procedures in place, businesses can efficiently collect and manage W-9 forms and issue 1099s as needed,

How to Send Tax Documents Correctly to Avoid IRS Trouble

You have heard the horror stories about mail sent to the IRS that remains unanswered for months. Reportedly, the IRS has mountains of unanswered mail pieces in storage trailers, waiting for IRS employees to process them. Because the understaffed IRS is having so much trouble processing all the documents it receives, you need to protect yourself when you send an important tax filing due by a specific deadline. If you can file a document electronically, do so. The IRS deems such filings as filed on the date of the electronic postmark. If you must file a physical document with the