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Starting in 2010, the IRS added the new small business health care credit. Unfortunately, many small businesses did not take advantage of the credit, either because they were unaware or found it too cumbersome to figure out. Only an 170,300 small businesses filed for the credit in 2010 out of an estimated 4 million potential businesses. Read More »
For individuals and businesses that need help with tax issues and do not know where to turn have a voice within the IRS. The Taxpayer Advocate Service (TAS) is an independent organization within the IRS that was designed to assist taxpayers with financial hardships and issues they have with the IRS system. The service is free and available to any eligible taxpayer. Read More »
Small business owners, with the exception of bookkeepers and accountants, rarely go into their industry because they enjoying calculating numbers. Knowing how to commute the ledger portion of their business is a necessity but often not within their expertise. Although businesses can and often do hire out their bookkeeping and accountant needs, learning the basics can help make the difference between success and failure. Read More »
With all the different tax forms and issues revolving around small businesses, it can get confusing. The IRS has put together some great publications that explain the various forms and their uses. The information is free and can usually be downloaded in PDF form or you can read it online using the HTML version. There are a few publications that can be of specific interest to small businesses and the tax professionals who work with them. Read More »
In 2009, the IRS set forth new standards for all paid tax return preparers. The initiative includes a Preparer Tax Identification Number (PTIN), a testing process, continued education and compliance to tax and ethical standards. The new testing will need to be completed for many tax return preparers to continue to do business after December 31, 2013. Read More »
