Business Taxes

The Traps Associated with Single Member LLCs and Payroll Taxes

A common problem facing business owners with more than one employee are the risks associated with not paying their payroll taxes.  One quarter turns into 8 or more quarters of not filing payroll returns nor paying payroll taxes withheld from employees’ paychecks.  Business owners who have formed single member LLCs generally file a Schedule...

Payroll Taxes: Don’t Rob Peter to Pay Paul

What options does the taxpayer(s) have to resolve the issue of unpaid payroll taxes. If the taxpayer(s) feel they are not responsible, they can challenge the matter before the IRS from the investigation level through the appeals level either on their own or with representation. Restructure or reorganize the business to reduce the taxpayer(s)...

IRS PPP Program Changes

The Stunning IRS Ruling That May Bankrupt Small Businesses That Took PPP Loans

The Paycheck Protection Program rolled out with great fanfare to help save small businesses during the coronavirus pandemic. But something the IRS just did could decimate much of that benefit. Full credit to: BRUCE WILLEY, JD, CPA | American Tax & Business Planning May 8, 2020 The IRS just did something that stunned me. It pulled the rug...