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Blog
Blog
What You Need to Know About Tax Liens and Levies
| Posted on January 29, 2021 at 2:55 PM |
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...
Read Full Post »Accounting, Tax and Fraud Tips to protect your business
| Posted on October 16, 2019 at 10:35 PM |
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...
Read Full Post »What to do when you can't pay your IRS tax bill
| Posted on September 2, 2019 at 6:35 PM |
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
2019 Tax Filing Season
| Posted on January 8, 2019 at 11:25 PM |
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.
Can I employ my child to work in my business?
| Posted on October 7, 2018 at 10:50 PM |
General rule: According to Texas labor laws it is illegal to employ a child under age 14 except under specific circumstances.
Exception: When a business is owned and operated by a parent or legal custodian, they may employ their own children at any age to work as long as the work is non-hazardous AND child works under the parent or custodian's direct supervision.
Rules:
1. The child must be an actual employee and work real hours
2. The child must be treated as any other employee (i....
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Reminder: 1099 Filing Deadline January 31, 2018
| Posted on January 3, 2018 at 6:25 PM |
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...
5 Tax Tips for the 2016 Filing Season
| Posted on December 27, 2016 at 9:00 AM |
1. Locate a Tax Professional
2. Get Organized - Request or obtain a tax organizer from your tax professional to help organize your receipts for the 2016 filing season.
3. Charity - If you plan on making a charitable contribution, be sure to give to an qualified 501(c)(3) on or before December 31, 2016 and obtain a donation letter.
4. Major life changes - Notify your tax professional of any major life changes such as getting married, having children, moving for a job, purchasing a house or goi...
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Need more time to pay your 2019 IRS tax bill?
| Posted on |
On March 17, 2020 Treasury Secretary Steven Mnuchin, announced that tax payments up to $1M for Individuals and up to $10M for Corporations can be deferred for 90 days. Additionally, it is important to note that Interest and penalties will not accrue during this time period. Eligibility for the deferral depends on timely filing of the individual and business tax returns.
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