Small Business Archives - Page 5 of 8 - John R. Dundon II, Enrolled Agent

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Small Business

24 Jun Financial Statements: Compilation Vs. Review (SSARS) No. 19

Posted at 00:00h in Accounting Method, Net Operating Loss, NOL, Self Employ, Small Business, Sub-chapter S, Tax Abuse, Tax Fraud, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Yesterday I had the pleasure of attending a tax conference sponsored by the Public Accountant Society of Colorado. This particular topic presented by Dr. Pat Seaton of the University of Northern Colorado caught my attention. The following is a compilation of my notes from this...

24 Jun IRS Centralized Insolvency Operation

Posted at 00:00h in Back Taxes Owed, Bankruptcy, Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Centralized Insolvency, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Penalty and Interest Abatement, Non-filed Tax Returns, Offer In Compromise, Paying Taxes, Self Employ, Small Business, Sole Proprietor, Sub-chapter S, Tax Guidance & Preparation, Tax Relief

Call 800-913-9358 to reach the Centralized Insolvency Operation. Hours are 7 a.m. to 10 p.m. eastern time. If the IRS is a creditor in a bankruptcy case, and you determine that IRS was not originally listed as a creditor, notification of the filing should be sent...

22 Jun Sale Leaseback

Posted at 00:00h in Asset Classification, Capital Gain, Capital Loss, Cost Basis, Cost Segregation, Entity Classification, Estate Tax, Family, Gift Tax, Self Employ, Small Business, Sole Proprietor, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

From a tax perspective the fundamental issue is whether a legitimate business purpose exists for the formation of a distinct entity to do a sale leaseback. If one exists and this is pursued all elements of the transaction should meet an arms length standard and...

21 Jun Business Ownership Succession Planning

Posted at 00:00h in Retirement, Self Employ, Small Business, Sole Proprietor, Stock Options, Sub-chapter S, Tax Guidance & Preparation

Consideration 1: Selling your business interest outright. When you sell your business interest to a family member or someone else, you receive cash (or assets you can convert to cash) that can be used to maintain your lifestyle or pay your estate taxes. You choose when to sell—now, at your...

20 Jun How to Account for Net Operating Loss when Merging Entities

Posted at 00:00h in Net Operating Loss, NOL, Small Business, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

You can merge both a profitable entity with an entity that has a Net Operating Loss assuming that both entities have common ownership or sufficient overlap and a limited history of owner shifts. The Net Operating Loss of the dissolved entity can be utilized for...

16 Jun How to Properly Close Down Your Business

Posted at 00:00h in Appeals & Audit Resolution, Asset Classification, Back Taxes Owed, Debt, Disallowed Expenses, Distributions, Entity Classification, IRS Collections, IRS Enforcement, IRS Levy, IRS Lien, Net Operating Loss, NOL, Paying Taxes, Self Employ, Small Business, Sole Proprietor, Stock Options, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Closing down your business is hard and heart breaking and if you are at the point that you are actually reading this post then people have probably been nagging you for money and you are at the end of your rope. You worked hard to...

10 Jun Small Business Health Insurance Credits-Patient Protection-Affordable Care Act 2010

Posted at 00:00h in Business Expense, Disallowed Expenses, Health Care Tax Credit, Health Insurance, Self Employ, Small Business, Sub-chapter S, Tax Credit, Tax Deductible Expenses, Tax Relief

The Tax Credit for Employee Health Insurance Expenses of Small Employers is part of the Patient Protection and Affordable Care Act which was signed into law in March of 2010. The Act makes a credit available to small employers who pay at least 50% of...

01 Jun How to Get a ‘Fresh Start’ with the IRS

Posted at 00:00h in Alternative Minimum Tax (AMT), Amended Tax Return, Appeals & Audit Resolution, Back Taxes Owed, Business Expense, Colorado Department of Revenue, Disallowed Expenses, Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Non-filed Tax Returns, Paying Taxes, Payroll Tax Problems, Rental Real Estate, Self Employ, Small Business, Tax Problems & Requests, Tax Relief

According to IR-2011-20 published on Feb. 24, 2011, in its latest effort to help struggling taxpayers, the Internal Revenue Service announced a series of new steps to help people get a fresh start with their tax liabilities. The goal is to help individuals and small businesses...

03 Dec IRS Helps Small Employers Claim New Health Care Tax Credit; Forms and Additional Guidance Now Available on Small Business Health Care Tax Credit

Posted at 00:00h in Health Care Tax Credit, Small Business

The Internal Revenue Service today released final guidance for small employers eligible to claim the new small business health care tax credit for the 2010 tax year. Today’s release includes a one-page form and instructions small employers will use to claim the credit for the...

01 Dec How to Prepare a Request for an Appeal of an IRS Examination – IRS Form 12203

Posted at 00:00h in Amended Tax Return, Appeals & Audit Resolution, Colorado Department of Revenue, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Self Employ, Small Business, Social Security Tax, Statutory Notice of Deficiency, Sub-chapter S, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

If you decide you want to present your dispute to IRS Appeals, you will need to prepare a request for Appeals and mail it to the office that sent you the decision letter. There are essentially 2 types of requests For Appealing an Examination 1. Small...