IRS Tax Scams
October 22nd, 2020 Brad Hennebert
With the October 15th extension deadline behind us, the IRS will soon turn its attention to collection efforts. If you’ve missed the filing deadline from April 15th (or July 15th in 2020 due to COVID-19), and the October 15th deadline, you could be subject to late penalties and interest. Don’t forget you owe the taxes […]
SALES TAX COLLECTION: WHAT SMALL BUSINESSES NEED TO KNOW
October 22nd, 2020 Brad Hennebert
The 2018 landmark case of South Dakota v. Wayfair established that state and local governments had the right to collect sales taxes from purchases made online, no matter where the seller was located. “Tax Defense Ohio, why is this important?” you may ask…. well, with the pandemic pushing more people to purchase online, the tax impacts on […]
Schedule C Losses Prime for Audit
October 12th, 2020 Brad Hennebert
The Treasury Inspector General of Tax Administration (TITGA) is the government tax watchdog. They perform annual audits of the IRS’s programs and operations. In a recent review of the “Tax Gap”, or the tax payment shortfall in relation to what is actually owed, the TITGA recommended the IRS look into taxpayers reporting Schedule C activity reflecting significant […]
New PPP Notice Gives Borrowers Transfer Guidelines And Procedures
October 5th, 2020 Alan Gassman (Taxloopholes.com Advisor)
The Paycheck Protection Program (“PPP”) was launched in April of 2020 to facilitate over 4.9 million loans totaling in excess of $521 billion, with a second round of funding for the program currently being negotiated in Congress. The vast majority of borrowers have properly obtained these loans and have managed to facilitate receiving complete or […]
