IRS auditing small businesses that have reported losses in several consecutive years

by Bill Houston | Aug 22, 2019 | Business Audits

Apparently the IRS is focusing on small businesses that have reported losses in 3 or more consecutive years. Letters have gone out for the 2017 tax year advising some taxpayers that their business is being reviewed to determine if their ‘business’ is...

IRS is now sending letters to taxpayers with virtual currency (Bitcoin) transactions

by Bill Houston | Aug 14, 2019 | Cryptocurrency, Uncategorized

As part of it’s outreach efforts, the IRS is sending letters to some clients with virtual currency transactions advising them of potential failure to report income and pay taxes resulting from currency transactions or advising that transactions may have been...

7 MAJOR TAX LAW CHANGES THAT WILL AFFECT MOST TAXPAYERS

by Bill Houston | Jan 21, 2019 | General Tax Info

WE REVIEWED THE NEW TAX LAW AND THINK WE HAVE LISTED THE CHANGES HERE THAT AFFECT MOST PEOPLE.  THIS IS NOT A COMPLETE LIST, JUST THE ITEMS THAT I THINK MOST PEOPLE WILL SEE.  OUR RATINGS REFER TO THE EFFECT ON TAX LIABILITY.  IF CHANGE COULD RAISE TAXES, IT IS POOR...

SMALL BUSINESS STARTUPS AND STARTUP EXPENSES

by Bill Houston | Jan 16, 2019 | Business Deductions

Starting up a business is exciting, but can be a confusing task.  There can be a number of traps that can result in extreme frustration down the road and could cost you money.  We help dozens of people setup a business or change their entity each year at very...

IRS CP504 Letter-Notice of Intent to Levy- What do you do?

by Bill Houston | Jan 3, 2019 | IRS Debt Resolution

The CP 504 letter is one of many form letters the IRS sends to taxpayers for common tax debt situations.  If you have received a CP 504 notice  (the notice number is shown in top right-hand corner along with tax year the notice refers to and the date the letter was...