Taxing agencies, the states and the IRS, are firing off Notices of tax deficiencies with reckless abandon. They typically include penalties and interest. Sometimes the Notices are for a legitimate reason, but other times they simply require some additional documents or clarification to be resolved, even though they request money, not supporting documentation.
The Notices need to be taken seriously and responded to, but they are not necessarily cause for concern. Our experience is that they have little relationship to what tax returns are selected for examination.
08/05/2019
By: Gary Grottke, Quality Back Office LLC
Every January, business owners chase contractors for W-9s they should have collected months ago. The…
The one report every business owner should see weekly: a 13-week cash flow forecast built…
Third-quarter estimates are due September 15. Most business owners pay last year's number divided by…
Separate LLCs only protect you if the money stays separate. What happens when one entity…
Most extended business returns aren't a tax strategy. The books weren't ready in March. What…
Somewhere between your first hire and your first million, the finance question changes. It stops…