Posts by Rick Gossett

Are you and your business encountering trouble with the IRS? If you’re going through the standard IRS channels, but don’t feel like your ongoing tax problem is being resolved, you can get help from the Taxpayer Advocate Service. What is the Taxpayer Advocate Service? The Taxpayer Advocate Service is an independent program within the IRS.…

Many taxpayers pull all-nighters on April 14 and rush to the mailbox the next day to file their Form 1040 before the April 15 deadline. Many of those last minute filers believe that filing an extension will increase their risk of audit ­ therefore, the last minute scramble. Many of those taxpayers also file those…

Tax season is difficult enough in a normal year, but what are you supposed to do when the IRS comes knocking? What should you do to deal with an IRS audit? If you’re prepared and know what to expect, things will go more smoothly. Important Recommendations Above all else, there are three things you need…

The tax laws give preferential treatment to certain kinds of income and allow special deductions and credits for certain kinds of expenses. The alternative minimum tax attempts to ensure that anyone who benefits from these tax advantages will pay at least a minimum amount of tax. The alternative minimum tax is a separate tax computation…

Taxes are the kind of thing that tends to drive a business owner up a wall. With complex laws, strict enforcement agents, and constant changes, the tax code can easily trip up someone who spends most of their time focusing on creating a viable business. It’s important for you to maintain a sane approach to…

There are specific payment and reporting rules for federal income tax withholding, and the employee and employer’s portions of Social Security and Medicare or FICA taxes. As a general rule, the IRS requires employers to report their taxable wage payments and corresponding federal income tax withholding and FICA tax liabilities on a quarterly basis by…