Recordkeeping is a task that few people enjoy, whether you are doing it for yourself or for your business. Yet maintaining documentation of financial transactions is critical not just for the health of your company, but to protect yourself in the event of an audit. Source documents create a paper trail that documents a financialcontinue reading…
What Is a Notice of Deficiency?
There are few things that are more disconcerting than receiving correspondence from the Internal Revenue Service (IRS). Even if you are diligent about paying your taxes, getting a letter from the IRS can be scary. This is particularly true when the IRS sends you a notice of deficiency to inform you that you owe taxes.continue reading…
What is the IRS dispute resolution process for businesses?
If you want to dispute your tax bill as a small or medium-sized business, start with the IRS Independent Office of Appeals. This agency strives to make an impartial decision about your tax issues. Review the process of filing an appeal for business taxes with the IRS. When to request an appeal If you receive a lettercontinue reading…
Your Self-employed Tax Obligations
Self-employment affords you many freedoms that you could not enjoy while working for someone else. You have the ability to create your own work schedule, and you do not have to answer to an unreasonable employer who neither understands nor appreciates you. However, the freedom of self-employment does not relieve you from your obligation tocontinue reading…
Options for paying outstanding business taxes
As a business owner in Minnesota, you may find that it is all too easy to fall behind on paying your business taxes, leaving you with an outstanding balance that you have to take care of. The first step toward repayment of your outstanding tax balances may be filing a financial statement with the Minnesota Departmentcontinue reading…
