When You Receive a Notice from IRS About Information Returns That Don’t Match Their Records, What Should You Do?
The IRS is now notifying businesses, financial, and other payers that filed certain tax returns with information that doesn’t match up with the agency’s records. The IRS sends notices twice a year to persons who file information return forms that are missing a Taxpayer Identification Number (TIN), have the wrong name, or have a combination […]
14 factors to consider when choosing your business structure that no one speaks about.
Time and time again, you come across articles discussing the difference between each business structure. A strategy that works for one business might not work for your business, and some of the factors to consider include those listed below. At The Partner Plug, we believe everything needs to be looked at holistically. When you are […]
Tax Responsibilities of Small Business Owners
Small business owners have a wide range of tax obligations. Aside from their essential requirement to pay and file income tax returns, they are also required to manage payroll taxes if they have any employees. Depending on their business type and activities, there may also be a requirement to collect and report on state and […]
Credits versus Deductions
Some business expenses cannot be written off as deductions but instead claimed as tax credits. Tax credits are considered more valuable than a regular deduction as it reduces business income taxes dollar for dollar. Like deductions, tax credits are available only to the extent they are allowed in Congress. Business owners can decide whether to […]
This lucrative retirement planning solution just got saved from Biden’s proposed tax cuts
President Biden’s $1.75 trillion Build Back Better bill, which has been struggling to gain congressional approval, has been amended to retain a lucrative retirement account loophole that was initially planned to be eliminated. Democrat members of the House Ways and Means Committee decided in October to leave intact the so-called backdoor Roth IRA loophole to […]