Small Business - Corporate Transparency Act - New Reporting Requirement Millions of small businesses are formed within the United States each year as corporations, limited liability companies, or other corporate structures. These businesses play an essential and legitimate economic role. Small businesses are a backbone of the U.S. economy, accounting for a large share of [...]
Don’t Get Zapped $591 Per Day!! Avoid $591 per day Penalty - Corporate Transparency Act Are you an owner of a limited liability company (LLC) or a corporation or a limited liability partnership? If not, you can skip this article. However, if you do have an ownership interest, you should keep reading. You must take [...]
Owe Back Business Taxes in Virginia? Owing back business taxes to the Commonwealth of Virginia can be a daunting and stressful experience for any business owner. The complexities of tax law, coupled with the aggressive collection tactics employed by the Virginia Department of Taxation, make this a particularly challenging issue to navigate alone. This is where [...]
Hire a Fairfax, VA IRS Defense Attorney When You Owe Back Taxes Owing back taxes to the Internal Revenue Service (IRS) can be an overwhelming and stressful experience. The complexities of tax law, coupled with the intimidating power of the IRS, make navigating this issue particularly challenging. For residents of Fairfax, VA, hiring a specialized [...]
This is a blurb from the Experian web site as of 2/27/2024 How a Tax Lien Can Affect Your Chances of Getting New Credit Tax liens may not appear on your credit report, but they're public records, so they can still affect your ability to get approved for credit. That's because a tax lien indicates [...]
2021 Tax Brackets, based on Taxable Income It's never too early to start thinking about your next tax return. For most Americans, that'll be your federal tax return for the 2021 tax year — which, by the way, will be due on April 18, 2022 (April 19 for residents of Maine and Massachusetts). The tax [...]
September 11, 2021, is the twentieth anniversary of the horrific terrorist attack on several targets in the United States that killed almost 3,000 people. A year after that attack, September 11 was made a national day of remembrance and mourning, known as Patriot Day, to honor the memory of those who were killed in the [...]
Are you named as the executor of someone’s estate? Do you expect to be a beneficiary of someone’s estate? If so, keep reading. A woman died in December 2003, leaving her estate to her brother, who was also the executor. He transferred all the estate’s property to himself, except for $50,000 he gave to his [...]
When it comes to deducting unreimbursed business expenses on your tax return, if you are a “starving artist,” you get a special tax break that other “regular” employees don’t. Prior to 2018, employees could deduct unreimbursed business expenses in the Miscellaneous Itemized Expense section on Schedule A, subject to the 2%-of-adjusted-gross-income threshold. The 2017 tax [...]
The COVID-19 pandemic made the past year quite difficult for everyone as we all struggled with significant changes in our daily lives. Learning how to work and attend school remotely. Not getting to dine out with family and friends. Not getting to visit and hug loved-ones, be they parents in nursing homes or our grandchildren [...]
Vehicle mileage expenses comprise one of the major expense deductions on many businesses’ tax returns. The US Tax Code and regulations require the expenses claimed be reasonable and necessary for the production of income. In addition, the Code and regulations require the taxpayer substantiate the expenditures by adequate records. The taxpayer can meet the “adequate [...]
During the past year many people whose work hours and income were reduced may have been tempted to start trading stocks as a way to make money. With the market going up after the brief downturn at the beginning of the COVID-19 pandemic, making money in the stock market looked like easy pickin’s. How hard [...]
In November 2020, the IRS debuted new options designed to help Americans settle back taxes. These options are welcome and important and can help Americans protect their homes and finances. They do not, however, reduce most Americans' need for the assistance of an IRS attorney. Keep reading now to learn how an IRS attorney in [...]
If you have not filed tax returns for the year, you may be in for some administrative trouble. Maybe you are unable to pay, or perhaps your finance team made a mistake. Either way, it is essential to contact a qualified tax attorney to help you tackle this issue! If this sounds like the state [...]
When you consult a lawyer about your employment lawsuit, two things will go on: 1. You will evaluate the lawyer to decide whether this is the person that you want to represent you. 2. The lawyer will evaluate you and your case to decide whether he or she wants to represent you. Here is how [...]
