Pros and Cons, Do you qualify for CNC?
If you have a financial hardship and lack the money to pay off your IRS or State tax debt, you may have your account put into a Currently Not Collectible, or CNC, status. There are Advantages and Disadvantages of CNC status. Advantages: Once your account is in CNC, all levies and garnishment is stopped....
IRS INSTALLMENT PLANS, WHICH ONE DO YOU NEED?
If you owe IRS taxes and cannot qualify for OIC and CNC. You can setup installment plans with IRS. Depending on how much the tax debt you have and how much you can offer to pay every month, there are different types of installments plan options....
What is Best Entity to Choose to Start a Business in US?
Decision about selecting the right business entity for your startup is never an easy task, as there are many options and every option has its own pros and cons. Selecting a business entity depends on your financial needs, your short term and long term business goals, risk and ability to grow....
Changes in US Taxation Laws for the year 2020 for Companies and Individuals
Taxes are one of the very few certainties in life with a very uncertain nature when it comes to changes. The new IRS released for the tax year 2020, updated the tax code which will affect how much you have to pay in income taxes when you file your return in 2021. The new taxation code......
What bookkeeping and tax preparation work to do during the year-end?
Closing your books appropriately is crucial for your business. Proper bookkeeping means accurate financials for the year and hence, accurate evaluation and analysis of your business’s financial performance! Here’s what you can do to prepare your books and taxes for the year-end:...