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17Nov2017

Why are Americans Underpaying Their Estimated Taxes?

According to the Internal Revenue Service (“IRS”), there has been an increase in the number of penalties assessed for underpayment of estimated taxes. Between 2010 and 2015, the number of taxes owed to the IRS increased from $101 billion to $161 billion. In 2010, 7.2 million filers were penalized for underpaying their estimated tax payments;
  • 17 Nov, 2017
  • suzette blackwell
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01Nov2017

IRS Plans to Change Audit Procedures of Partnerships

The Internal Revenue Service (“IRS”) reissued proposed regulations that will substantially change the way it examines partnerships and LLCs treated as partnerships. The regulations govern the assessment and collection of partnership taxes, and are effective for partnership tax years beginning on or after January 1, 2018. While the number of partnership audits by the IRS
  • 1 Nov, 2017
  • suzette blackwell
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06Sep2017

IRS Forgiveness: Settle Tax Debts for Less Than You Owe

With tax season gone, it is quite possible that you owe Uncle Sam more than you can pay. Like any other creditor, the IRS will sometimes allow you to settle your debts for less than you owe, also known as an offer in compromise. With an offer in compromise, you can reduce a mountain of
  • 6 Sep, 2017
  • Karina Torres
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30Aug2017

Urgent Warning About Ransomware Email Scam Issued By IRS

Our law office often receives calls from panicked clients that they received a threatening phone call from the IRS to collect tax debt.  Many times these calls turn out to be Spyware – bogus attempts to trick taxpayers into giving them personal financial information used for identity theft. IRS just issued an urgent alert about
  • 30 Aug, 2017
  • Karina Torres
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08Aug2017

Picnics, Flowers & Fruit: Enjoy These Tax-Free Benefits

Job well done! Let’s have a picnic. Tax regulations allow employees to receive certain tax-free de minimis fringe benefits. Examples of de minimis fringe benefits include occasional cocktail parties, group meals, or picnics for employees and their guests; birthday or holiday gifts of property (not cash) with a low fair market value; occasional theater or sporting event tickets; coffee, doughnuts,
  • 8 Aug, 2017
  • Karina Torres
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04Aug2017

Taking the Next Step: Why Your LLC Needs an Operating Agreement

When you form an LLC, you need to draft articles of organization that comply with the state’s LLC act and then file the articles with the appropriate state office. However, the articles of incorporation are broadly worded and likely don’t address members’ rights and responsibilities. Therefore, it is essential to consider the extra step of
  • 4 Aug, 2017
  • Karina Torres
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30Jul2017

Tax Reform Will Hit Affluent Americans the Hardest

Americans earning between $149,400 and $307,900 stand to lose the most as a result of tax reform according to a new study done by the Tax Policy Center (“the Center”). The Center predicts that one-third of nearly 19 million households within that income bracket will see their tax bill increase by $3,000-$4,000 a year. Overall,
  • 30 Jul, 2017
  • Karina Torres
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26Jul2017

Payroll Taxes – Beware the Pitfalls of Avoidance (Part 2)

The IRS has become aggressive in its effort to collect unpaid payroll taxes. Payroll taxes are the taxes paid on the wages and salaries of employees. They are used to finance social insurance programs, such as Social Security and Medicare. An employer is responsible for paying half of payroll taxes (7.65%) while the other half
  • 26 Jul, 2017
  • Karina Torres
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16Jun2017

Audit Proof Your Business Deduction for Entertainment Expenses

Nearly every business can utilize the business deduction for meal and entertainment expenses. Wining and dining clients is a common long-standing tradition used to cultivate business. Sharing a meal with someone away from the office can create a relaxed and intimate setting that lends itself to fostering personal connections that can then lead to business
  • 16 Jun, 2017
  • Karina Torres
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26Apr2017

President Trump Signs Executive Order Targeting H-1B Visas

On April 18, 2017, President trump signed the “Buy American, Hire American” Executive Order on the premise that the H-1B program is taking away jobs from American workers. H-1B visa workers do not take jobs away from U.S. workers and the program does not drive down wages, but rather is filling gaps in America’s workforce. The
  • 26 Apr, 2017
  • Karina Torres
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