For individuals who are dealing with tax debt, attempting to sort out or pay back taxes can be a frustrating, confusing and overall draining process. In cases where attempts to rectify tax debt issues go unresolved for too long, the Internal Revenue Service may take steps to levy an individual's personal assets, belongings and property.
Small business owners—how to avoid tax troubles: part II
In our last blog post, we began discussing actions that a small business owner may take that can put him or her at an increased risk of being audited by the Internal Revenue Service. We've already mentioned how misclassifying employees and failing to maintain organized and accurate business and financial records can land a business owner in hot water with the IRS. In this post, we'll discuss some other business and tax-related faux pas that may raise a red flag that a small business or business owner isn't tax-compliant.
Small business owners—how to avoid tax troubles
According to the Small Business Administration, as of 2010, there were nearly 28 million small businesses in the U.S. For the men and women who worked hard and sacrificed much to start, build and run a business of their own; the rewards are often plentiful. However, while small business owners are savvy when it comes to their specific trade or area of expertise, many lack the financial knowledge that is often required to ensure that a business is in compliance with federal and state tax laws.
