When it comes to taxes, you know the rules we all have to follow are boundless. And when you have a business, go ahead and factor in twice the amount of rules that need to be tended to.

When it comes to taxes, you know the rules we all have to follow are boundless. And when you have a business, go ahead and factor in twice the amount of rules that need to be tended to.

There is a huge misconception that taxpayers do not have rights when dealing with the IRS. A taxpayer has to do as they are told, they have no rights, and if they pay too much, they won’t get the overpayment back. This is simply NOT true.

The Golden Lion Tax Solutions team believes that we live in the best dang country in the world: the United States of America! Nowhere else do we have the freedom to pursue anything we can imagine than here.

The Employee Retention Credit, or ERC for short, is a refundable tax credit offered to businesses that retained and continued to pay their employees despite the severe impacts felt during the COVID-19 pandemic.

This is a popular topic for business owners and one that could have a significant impact on the business in the future. Why? Primarily because it could cost the business a LOT of money if a worker or workers (even worse) are paid and taxed incorrectly. 

In a previous blog, we discussed Reasonable Compensation Analysis Reports and briefly touched on what reasonable compensation is. With the IRS increasing its manpower, the agency will be flexing its muscle once more in ways that haven’t been seen in the last three years.

With the IRS announcing they will be resuming pre-Covid collection levels this month, it is essential to know the different options available to the IRS to forcibly collect on an outstanding tax liability.

There have been whispers of innocent spouse circulating throughout the tax world. But what exactly is an innocent spouse?

When working with the IRS, one can get lost in the alphabet soup of the references tossed about as easily as a baseball on a little league field... it’s a little all over the place.

So you file a personal income tax return and there’s a tax balance due that you can’t pay. Now what? The IRS or State records the tax debt on your account, and seemingly, overnight, the total balance owed begins to increase.

You’ve probably heard ads on the radio, scrolled passed ads online, or seen television commercials touting “the amazing, limited-time Fresh Start programs being offered by the IRS.”

Installment Agreements, more commonly referred to as Payment Plans by the States, are the most common resolution options taxpayers pursue to resolve their tax debt. 

If you are not an Offer in Compromise candidate, there are still ways to request a reduction in your tax debt. These requests are called Penalty Abatements with the IRS and Penalty Abatements or Waivers with the States.

When an individual or group decides to open a new business, it’s a very exciting time. The possibilities are limitless! Daydreams of swimming through dollar bills like Scrooge McDuck and throwing parties like Jay Gatsby in the Roaring Twenties come to mind.