The failure of the new Congress and administration to fulfill on the pledge to repeal and replace the Affordable Care Act undoubtedly leaves many with “question mark” text bubbles dancing in their heads. Republicans in Washington say the issue is not dead, but for now, the existing law remains in place. Because of that, expertscontinue reading…
The possible effects of an audit on a small business
More often than not, experiences with the federal government’s tax collecting arm are not pleasant; either because the IRS believes that a small business owner is cheating Uncle Sam out of money, or business owners feel as if they are unfairly singled out because of their success. Either way, the effect of an audit is fairly straightforward.continue reading…
I’m a ‘responsible person.’ What might that mean re: Taxes?
Being a responsible person is a good thing. Of course, there are two sides to every coin and the same applies when using this term. In terms of the IRS, carrying the responsible person label in a role associated with a Minnesota business can mean significant headaches for you in the event of a dispute overcontinue reading…
You receive an audit notice: what could be the reason?
Getting an audit notice can be extremely stressful, especially if that audit could potentially result in some sort of liability. To the best of your knowledge, you and your accountant did everything accurately so you worry about why the IRS has asked for an audit. While sometimes an audit can be randomly triggered, in othercontinue reading…
In taxes, IRS gets first call on what’s a frivolous argument
What is silly? What is frivolous? To call the sky yellow on a clear day surely fits the bill. Someone might try to make an argument for yellow skies, but most people will write it off as nonsense. At best, it might be dismissed as that person’s opinion. In the legal context, courts don’t suffercontinue reading…