Making the decision to close your business is not easy. Whether you have simply lost interest in running the business, have failed to find someone to sell it to, or are struggling financially due to lost revenue, there is a sequence of steps that must be followed once you choose…
When it comes to taxes, few things are worse than finding out that you’re on the hook for your spouse’s tax debt. Whether you weren’t aware that they owed back taxes and just found out upon receiving a notice from the IRS or received prior warning that money was owed…
In May of 2019, ProPublica published an article stating that the IRS audits wealthy people far less than it audits the tax returns of those who claim the Earned Income Tax Credit, or EITC. As a response to this, in 2020, Democrats in the House of Representatives called for additional…
Independent contractors often panic every April when it comes time to fill out their annual tax returns. Many haven’t set aside enough money to pay their taxes, nor have they made quarterly payments to the IRS, leaving them facing debts that are subject to both penalties and interest. The best…
The gig economy shows no signs of slowing down. As more and more people forego traditional employment to work as freelance writers, Uber drivers, Grubhub delivery people, or Shipt grocery shoppers, an entirely new class of workers – called gig workers, because they move from one small job to another…
Recently, the IRS announced a new Taxpayer Relief Initiative in response to the financial hardships that some individuals and businesses are undergoing due to the COVID-19 pandemic. Since millions of individual taxpayers are dealing with unemployment, and businesses are suffering from lowered revenue due to a lack of clients and…
In October 2020, the IRS announced that it will once again start sending out 500 series balance due notices to taxpayers who are delinquent. According to sources, there was a large backlog built up due to the COVID-19 pandemic, since they were unable to process payments and go through received…