A new year has ushered itself into our lives, and with it comes hope. Hope that this new year will be better than the last. Hope that this is the year we will take better care of ourselves.

The holiday season brings a time of deep reflection on everything we have in our lives and how very blessed we are.

What happens when a taxpayer receives a decision or determination from the Internal Revenue Service and disagrees with it? Can it be appealed? Short answer: YES! Long answer: well, it depends on the circumstances…

When you read the title of this blog, I bet you thought, “Morgan, what in the world are you alluding to???” Hang with me, and you’ll understand… 

It’s the End of Another Business Year It’s almost the close of another year and that means it is time to start preparing the records of your business for the year end.

The end of a marriage is never an easy time… it is often fraught with disagreements about assets, money, children, and who feels who is owed more at the end. It’s never easy.

Picture this scenario: you are newly married, enjoying your first year of marital bliss, and come tax time, you proudly sign your first income tax return as a couple.

As part of our blog series focusing on marital tax situation woes, we want to review how an unsuspecting, “innocent” spouse can be protected from a tax consequence on a jointly filed income tax return.

Starry-eyed brides and grooms are typically all-consumed with the upcoming nuptials: who can and can’t be sat together, which distant cousin will be offended if they aren’t asked to be a part of the bridal party, and which caterer’s chicken meal option will taste the least like rubber?

As we all exhale following the October 16th deadline (except for those of you with ongoing extensions), you would think it would be a time of year when we kick back, relax, maybe indulge in a little retail therapy, and put our office alarms on snooze through the end of the year.

Do you or your client have past-due income or payroll tax returns that still need to be submitted? Are there balances already recorded on an individual or business IRS tax account that you have shied away from addressing?

Let me start by confirming the rumor: yes, it is true that the IRS and most State tax agencies will consider forgiving, or as it’s referred to in the tax world, “abating,” penalties if you owe past-due income tax, payroll taxes, or sales tax.

Any business owner will tell you that there are definitely a lot of perks to owning your own business: set your own hours, benefit directly from the time and attention you put into a business, and create your own income

We have all heard a reference to the famous quote made by Benjamin Franklin about death and taxes. The accurate quote is: “Our new Constitution is now established, and has an appearance that promises permanency; but in this world, nothing can be said to be certain, except death and taxes.”

So, you or your client have accrued past-due income taxes or past-due employment withholding tax for their business. It is entirely understandable, given all we have endured over the last few years.