What You Need to Know About Tax Liens and Levies

Failure to pay federal income tax can have serious repercussions. Not only will the IRS likely charge you fines and interest on the unpaid balance, but the IRS may also enforce collection with a tax levy or tax lien. Let's review what a tax lien and tax levy is, how they work, and what you can do if faced with one.

 What is a tax lien? 

A tax lien is a federal government lawsuit a...

The truth about Form 1099-MISC and 1099-NEC: When to issue and what happens if you don't!

You may have heard the following myths:

• "I only have a couple 1099's so I don't have to file",
• "My vendors won't provide info so I can't file" or
• "If I don't issue a 1099, the IRS will just disallow the deduction if I don't file".

These are myths and simply are not true!

Here are the facts you need to know:

Join KLSM CPA Firm, as we partner with the Small Business Expo to offer a FREE webinar on November 7, 2019 entitled, Protecting Your Business: An Accounting, Tax and Fraud Perspective. During this webinar we will cover the topics above and much more to help you protect your business. Don't wait until, the webinar is sold out...

Have you received a letter from the IRS? Do you owe back taxes? Stop your panicking! On this week's episode, we posted a short video that explains exactly what you need to do when you can't pay your taxes. Watch and Listen to the episode onYouTube: https://youtu.be/om-k64jlktc

The Internal Revenue Service announced that the nation's Tax Filing Season will begin on Monday, January 28, 2019. Additionally, Tax refunds will go out, despite the government shutdown.

This is a friendly reminder that this year's filing deadline for issuing 1099's is January 31, 2018. Now is a good time to get your books up to date and identify who will need a Form 1099. Don't wait until the last minute!

• Do you or your business need to file a 1099? Generally, a 1099-MISC should be issued to any individual or entity paid $600 or more for nonemployee compensation, rent, prizes, awards and other types of income...

The life of a small business owner is typically very hectic as they are constantly juggling, customers, employees, and business operations. Although the former aspects of the business are very important, business owners must also manage their credit score. Here are a few tips to help protect your business credit rating:

1. Limit your credit usage
2. Manage your companies financial ratios
3. Pay bills on time
4. Avoid closing accounts
5. Establish trade lines with y...